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[Pages:1]RATINGS

For over 165 years, Phoenix has been helping people protect their families and provide for the income they will need in retirement. And, as needs change, we are right there with new solutions.

Phoenix's life insurance and annuities are designed to address of range of concerns like providing predictable and lasting retirement income, preparing for the high cost of long term care, protecting families in the event of a death, and leaving a legacy when the time comes.

In 2016, Phoenix became a wholly owned subsidiary of Nassau Re and serves as its U.S. life insurance and annuity platform. Nassau Re contributed significant new equity capital that increased our financial strength and liquidity.

We know ratings are an important consideration, but they represent only one way to evaluate a company's financial condition. Consumers should also consider key insurance company metrics.

CURRENT RATINGS

?A.M. Best affirmed its ratings of our life insurance subsidiaries and maintained a stable outlook on March 29, 2018. A.M. Best said it expects a general improvement in our operating performance over the medium-term.

?S&P upgraded PLIC'sTM and PHL Variable'sTM ratings to BB on August 25, 2017 and assigned a stable outlook. These actions reflect a favorable view of the progress Phoenix has made on our business and financial plans.

FINANCIAL STRENGTH RATINGS

Agency Rating

Outlook

Most Recent Action

A.M. Best

B

Stable

3/29/2018

S&P

BB

Stable

8/25/2017

Ranking

7th of 14 ratings levels

12th of 22 ratings levels

These company ratings apply to Phoenix Life Insurance Company and PHL Variable Insurance Company. In some cases these ratings apply to our other life insurance subsidiaries. Ratings are current as of March 29, 2018. Ratings are a third-party measure of an insurer's claims-paying ability. They do not indicate or guarantee any Phoenix Variable Annuity or Phoenix Variable Universal portfolio's credit rating or performance.

PHOENIX METRICS AT A GLANCE

PHOENIX'S STRENGTH1 Total Statutory Assets of $18.5 billion

TOTAL GAAP INVESTED ASSETS1 $15.7 Billion

Total Statutory Reserves and Other Liabilities of $17.8 billion Statutory Surplus & Asset Valuation Reserve (AVR) of $804.0 million Solvency Ratio of 103.6%

PHOENIX'S SIZE2 $81.6 billion of Gross Life Insurance in Force $5.3 billion of Annuity Funds Under Management that includes both fixed and variable annuities sold over our long history Approximately 365,000 life insurance policies and annuity contracts in force Established selling agreements with Independent Marketing Organizations representing approximately 18,900 independent producers

Limited partnerships & 4% other investments

Bonds 74%

Cash & cash equivalents 2%

Available-for-sale

1%

equity securities

Policy Loans

15%

Mortgage loans

1%

Other

1%

Short-term investments ................
................

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