April 22, 2024


General Line

AM Ideal Revises Outlooks to Favourable for CNO Fiscal Group, Inc. and Its Lifestyle/Wellness Subsidiaries

OLDWICK, N.J.–(Enterprise WIRE)–Jan 28, 2021–

AM Best has revised the outlooks to beneficial from steady and affirmed the Economical Power Rating (FSR) of A- (Outstanding) and the Very long-Term Issuer Credit score Rankings (Very long-Expression ICR) of “a-” of the life/health insurance coverage subsidiaries of CNO Economical Team, Inc. (headquartered in Carmel, IN) [NYSE: CNO]. These subsidiaries are referred to collectively as CNO Economic Team (CNO). Concurrently, AM Most effective has revised the outlook to favourable from steady and affirmed the Extensive-Term ICR of “bbb-” and the Extensive-Time period Situation Credit history Scores (Extended-Expression IR) of CNO Monetary Group, Inc. (See beneath for a in-depth listing of the firms and Prolonged-Term IRs.)

The rankings reflect CNO’s equilibrium sheet power, which AM Best categorizes as incredibly strong, as properly as its enough running general performance, neutral company profile and appropriate enterprise threat management (ERM).

The change in outlooks replicate the group’s favorable developments and complete amount of earnings. The adjust in outlooks also replicate superior core traits on rates and financial investment revenue. Moreover, the group’s 2018 lengthy-expression care (LTC) transaction is predicted to minimize volatility in earnings going forward, also contributing to beneficial running efficiency energy.

The equilibrium sheet proceeds to clearly show optimistic indications as AM Ideal considers CNO’s equilibrium sheet strength to be pretty potent, supported by a extremely sturdy amount of possibility modified capitalization, as calculated by Best’s Funds Adequacy Ratio (BCAR), a high high quality financial commitment portfolio and a incredibly excellent liquidity profile.

When the degree of competition is large across the merchandise established supplied by the core organizations, CNO maintains a robust situation inside of its marketplace niches.

The company profile is supported by a well-diversified array of retirement, life and accident/overall health merchandise, and CNO marketplaces as a result of a wide set of distribution channels, like direct to consumer, profession agents and worksite advertising. CNO has been in a position to mitigate its LTC enterprise chance partly via a co-insurance policies arrangement in 2018 with a hugely rated reinsurer.

CNO has a formal ERM software that encourages a sturdy chance society and governance, ongoing willpower and hazard identification and common reporting with the group’s senior administration and board of directors.

The FSR of A- (Outstanding) and the Prolonged-Term ICRs of “a-” have been affirmed with the outlooks revised to beneficial from stable for the pursuing key everyday living/overall health subsidiaries of CNO Fiscal Group, Inc.:

  • Bankers Daily life and Casualty Firm
  • Colonial Penn Daily life Insurance policies Enterprise
  • Bankers Conseco Everyday living Insurance policy Company
  • Washington Countrywide Insurance policies Business

The pursuing Extensive-Phrase IRs have been affirmed with the outlook revised to optimistic from steady:

CNO Economical Group, Inc.—
— “bbb-” on $500 million 5.25% senior unsecured notes, owing 2025
— “bbb-” on $500 million 5.25% senior unsecured notes, owing 2029
— “bb+” on $150 million 5.125% subordinated debentures, owing 2060

This press launch relates to Credit rating Scores that have been revealed on AM Best’s website. For all rating facts relating to the launch and pertinent disclosures, together with specifics of the business responsible for issuing each of the particular person ratings referenced in this launch, please see AM Best’s The latest Rating Activity world wide web page. For extra data with regards to the use and restrictions of Credit rating Ranking views, remember to check out Tutorial to Best’s Credit history Rankings. For info on the suitable media use of Best’s Credit Rankings and AM Ideal push releases, please watch Guide for Media – Good Use of Best’s Credit score Scores and AM Best Rating Motion Press Releases.

AM Best is a world wide credit history score agency, information publisher and data analytics company specializing in the insurance plan marketplace. Headquartered in the United States, the organization does enterprise in over 100 international locations with regional workplaces in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Metropolis. For much more information and facts, check out www.ambest.com.

Copyright © 2021 by A.M. Ideal Ranking Services, Inc. and/or its affiliate marketers. ALL Rights RESERVED.

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PUB: 01/28/2021 03:48 PM/DISC: 01/28/2021 03:48 PM