A.M. Best and Morningstar DBRS affirm
Foresters financial strength ratings
TORONTO, Oct. 3, 2024
/PRNewswire/ - Foresters Financial™ (Foresters), a leading global
life insurer committed to empowering its members and their families
to do more of the good they want to do, today announced that
independent rating agency A.M. Best Company has affirmed The
Independent Order of Foresters (IOF) Financial Strength Rating
(FSR) of "A" (Excellent) with a stable outlook. A.M. Best Company
also affirmed an issuer credit rating (ICR) of "a+" for the entity.
Foresters Financial has maintained an Excellent A.M. Best financial
strength rating for 24 consecutive years1. Foresters
Financial is the trade name for The Independent Order of Foresters
(IOF).
In addition, Morningstar DBRS also confirmed the FSR and Issuer
rating of IOF at "A" and its Subordinated Debt rating at A (low)
with a stable trend2.
"The strong ratings from A.M. Best and Morningstar DBRS
highlight the strong financial foundation at Foresters and the
ability of Foresters to fulfill its obligations to our members,"
stated Alvin Sharma, Global Chief
Financial Officer of Foresters Financial. "We are proud to have
continued to sustain an Excellent rating from A.M. Best for 24
straight years, reflective of the financial stability of the
organization."
Foresters had total assets of US $12.8
billion and a surplus of US $1.5
billion as of December 31,
2023, with 2.6 million certificates and contracts that are
active or "in force" 3,4. Foresters solvency ratios are
well above local requirements in all jurisdictions in which it
operates.
For more information about A.M. Best Company's ratings,
visit ambest.com.
For more information about Morningstar DBRS ratings,
visit dbrsmorningstar.com.
About Foresters Financial
Financial security and living your purpose
Foresters Financial has helped people protect their family's
financial future for 150 years. But we've also gone beyond that,
giving our members opportunities to do more for their health,
communities and the causes they care about most. Foresters is an
intrinsically purpose-driven organization working to enrich family
and community well-being. Alongside offering life insurance in the
US and Canada and life insurance
and savings solutions in the UK, Foresters partners with members to
help them do more of the good they want to do.
We've been a dedicated group of community builders since 1874
and today, sustainability, environmental consciousness and social
responsibility are central to delivering our purpose. That
commitment has continually led us to provide meaningful lifelong
benefits5 to our members, like Foresters Care™ grants
that bring communities together, Competitive
Scholarships6 to help create a brighter future for young
leaders and others that support a world where more good happens.
Together, we're making a difference while inspiring others and new
generations to give back. Foresters Financial is the trade name for
The Independent Order of Foresters, the oldest non-denominational
fraternal benefit society. For 24 straight years, The Independent
Order of Foresters has received an "A" (Excellent) rating from A.M.
Best.
____________
|
1
|
The A.M. Best rating
assigned on September 6, 2024, reflects the overall strength and
claims-paying ability of The Independent Order of Foresters (IOF)
but does not apply to the performance of any non-IOF-issued
products. An "A" (Excellent) rating is assigned to companies that
have a strong ability to meet their ongoing obligations to
policyholders and have, on balance, excellent balance sheet
strength, operating performance, and business profile when compared
to the standards established by A.M. Best Company. A.M. Best
assigns ratings from A++ to F; A++, and A+ being superior ratings
and A and A- being excellent ratings. See ambest.com for our latest
rating.
|
|
2
|
Morningstar DBRS
Confirms Credit Ratings on The Independent Order of Foresters at
"A"; Trends Remain Stable, July 9, 2024.
|
|
3
|
This surplus
represents excess funds above the amount required as legal reserves
for insurance and annuity certificates in force and provides
additional assurances to our members for our long-term financial
strength.
|
|
4
|
All figures are
presented in USD. The figures are based on consolidated financial
results prepared in Canadian dollars as at December 31, 2023, with
assets and liabilities converted into USD using the spot exchange
rate of 1.3243. Refer to the IOF Consolidated Financial Statements
for further information. Financial strength refers to the overall
health of The Independent Order of Foresters. It does not refer to
nor represent the performance of any particular investment or
insurance product. All investing involves risk, including the risk
that you can lose money.
|
|
5
|
Foresters Financial
member benefits are non-contractual, subject to benefit-specific
eligibility requirements, definitions, and limitations, and may be
changed or canceled without notice or are no longer
available.
|
|
6
|
The Competitive
Scholarship benefit is administered by International Scholarship
and Tuition Services, Inc. (ISTS).
|
Foresters Financial, Foresters, Foresters Care, Foresters
Moments, Foresters Renew, Foresters Member Discounts, Foresters Go,
the Foresters Go logo and Helping Is Who We Are are trade names and
trademarks of The Independent Order of Foresters (a fraternal
benefit society, 789 Don Mills Rd, Toronto, Ontario, Canada M3C 1T9) and its
subsidiaries.
423947US (9/24)
View original content to download
multimedia:https://www.prnewswire.com/news-releases/foresters-financial-maintains-its-a-excellent-am-best-and-a-dbrs-financial-strength-ratings-302267114.html
SOURCE The Independent Order of Foresters