{"id":781096,"date":"2023-08-30T14:49:02","date_gmt":"2023-08-30T18:49:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/"},"modified":"2023-08-30T14:49:02","modified_gmt":"2023-08-30T18:49:02","slug":"am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/","title":{"rendered":"AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries<\/b><\/p>\n<p>OLDWICK, N.J.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<b>AM Best <\/b>has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of \u201ca+\u201d (Excellent) of the key life\/health subsidiaries of Globe Life Inc. (Globe Life) (headquartered in McKinney, TX) [NYSE: GL]. Concurrently, AM Best has affirmed the Long-Term ICR of \u201cbbb+\u201d (Good) of Globe Life. AM Best also has affirmed the Short- and Long-Term Issue Credit Ratings (Short-Term IR; Long-Term IR) on the debt and the indicative Long-Term IRs on the securities of Globe Life. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings.)<\/p>\n<p>\nThe ratings reflect Globe Life\u2019s balance sheet strength, which AM Best assesses as strong, as well as its very strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).<\/p>\n<p>\nGlobe Life\u2019s risk-based capital is assessed within the strong category, as measured by Best\u2019s Capital Adequacy Ratio (BCAR). On a statutory basis, year-end capital &amp; surplus increased, but was hampered by continued dividend payments to Globe Life. Surplus growth was also slowed by the share repurchase program. Globe Life\u2019s investment portfolio, which is managed on a consolidated basis, is primarily comprised of public, investment grade bonds with an increasing allocation to Schedule BA assets in the form of limited partnerships. Globe Life\u2019s higher allocation to Class 2 bonds accounts for more than half of its bond portfolio, making Globe Life more susceptible to credit downgrades. Financial leverage and coverage ratios remain within tolerance for its current ratings.<\/p>\n<p>\nGlobe Life has consistently reported strong earnings and return on equity, steady premium income and favorable investment income, which supports the group\u2019s operating performance assessment. In 2022, earnings rebounded from 2021, and are back to historical levels. This is mostly attributable to higher premium volumes and reduced mortality experience. The group\u2019s health segment also contributed to positive earnings.<\/p>\n<p>\nGlobe Life is geographically diversified with a robust product offering that includes life and supplemental health insurance products for middle class and retired individuals. Globe Life\u2019s products are offered through agents and direct-to-consumer. Most agents are exclusive to Globe Life and sell relatively low risk products. Additionally, Globe Life continues to expand its formalized ERM program, and AM Best believes that the group\u2019s ERM program is appropriate given its risk profile.<\/p>\n<p>\nThe FSR of A (Excellent) and the Long-Term ICRs of \u201ca+\u201d (Excellent) have been affirmed with stable outlooks for the following life\/health subsidiaries of Globe Life Inc.:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAmerican Income Life Insurance Company<\/p>\n<\/li>\n<li>\nGlobe Life and Accident Insurance Company<\/p>\n<\/li>\n<li>\nLiberty National Life Insurance Company<\/p>\n<\/li>\n<li>\nUnited American Insurance Company<\/p>\n<\/li>\n<li>\nGlobe Life Insurance Company of New York<\/p>\n<\/li>\n<li>\nNational Income Life Insurance Company<\/p>\n<\/li>\n<li>\nFamily Heritage Life Insurance Company<\/p>\n<\/li>\n<\/ul>\n<p>\nThe following Short-Term IR has been affirmed:<\/p>\n<p>\nGlobe Life Inc. \u2014<br \/>\n<br \/>\u2014 AMB-1 (Outstanding) on commercial paper<\/p>\n<p>\nThe following Long-Term IRs have been affirmed with stable outlooks:<\/p>\n<p>\nGlobe Life Inc. \u2014<br \/>\n<br \/>\u2014 \u201cbbb+\u201d (Good) on $550 million 4.55% senior unsecured notes, due 2028<br \/>\n<br \/>\u2014 \u201cbbb+\u201d (Good) on $400 million 2.15% senior unsecured, due 2030<br \/>\n<br \/>\u2014 \u201cbbb-\u201d (Good) on $325 million 4.25% junior subordinated debentures, due 2061<\/p>\n<p>\nThe following indicative Long-Term IRs available under the shelf registration have been affirmed with stable outlooks:<\/p>\n<p>\nGlobe Life Inc. \u2014<br \/>\n<br \/>\u2014 \u201cbbb+\u201d (Good) on senior unsecured debt<br \/>\n<br \/>\u2014 \u201cbbb\u201d (Good) on subordinated debt<br \/>\n<br \/>\u2014 \u201cbbb-\u201d (Good) on preferred stock<\/p>\n<p><b>This press release relates to Credit Ratings that have been published on AM Best\u2019s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best\u2019s <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=53546858&amp;newsitemid=20230830692301&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=dc06c2b705971a429eefa6d8423fa89a\">Recent Rating Activity<\/a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1624&amp;esheet=53546858&amp;newsitemid=20230830692301&amp;lan=en-US&amp;anchor=Guide+to+Best%27s+Credit+Ratings&amp;index=2&amp;md5=afb72a891a3e086b044250f6326c720d\">Guide to Best&#8217;s Credit Ratings<\/a>. For information on the proper use of Best\u2019s Credit Ratings, Best\u2019s Performance Assessments, Best\u2019s Preliminary Credit Assessments and AM Best press releases, please view <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ambest.com%2Fratings%2Fguidetouse.pdf&amp;esheet=53546858&amp;newsitemid=20230830692301&amp;lan=en-US&amp;anchor=Guide+to+Proper+Use+of+Best%26%238217%3Bs+Ratings+%26amp%3B+Assessments&amp;index=3&amp;md5=01e439875fa7c3c3d31a7a4da2010911\">Guide to Proper Use of Best\u2019s Ratings &amp; Assessments<\/a>.<\/b><\/p>\n<p><b>AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=53546858&amp;newsitemid=20230830692301&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=bfb0f867a0393ff3f7ca8dff4262ed09\">www.ambest.com<\/a>.<\/b><\/p>\n<p class=\"bwalignc\"><b>Copyright \u00a9 2023 by A.M. Best Rating Services, Inc. and\/or its affiliates. ALL RIGHTS RESERVED.<\/b><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230830692301r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230830692301\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230830692301\/en\/<\/a><\/span><\/p>\n<p><b>Brent DeAngelis<br \/>\n<br \/>Financial Analyst<br \/>\n<\/b><br \/><b>+1 908 882 1730<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:brent.deangelis@ambest.com\">brent.deangelis@ambest.com<\/a><\/p>\n<p><b>Jacqalene Lentz<br \/>\n<\/b><br \/><b>Director<br \/>\n<\/b><br \/><b>+1 908 882 2011<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:jacqalene.lentz@ambest.com\">jacqalene.lentz@ambest.com<\/a><\/p>\n<p><b>Christopher Sharkey<br \/>\n<\/b><br \/><b>Associate Director, Public Relations<br \/>\n<\/b><br \/><b>+1 908 882 2310<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:christopher.sharkey@ambest.com\">christopher.sharkey@ambest.com<\/a><\/p>\n<p><b>Al Slavin<br \/>\n<\/b><br \/><b>Senior Public Relations Specialist<br \/>\n<\/b><br \/><b>+1 908 882 2318<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:al.slavin@ambest.com\">al.slavin@ambest.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Europe United States North America New Jersey<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Insurance Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230830692301\/en\/828829\/3\/AM_Best_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries OLDWICK, N.J.&#8211;(BUSINESS WIRE)&#8211;AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of \u201ca+\u201d (Excellent) of the key life\/health subsidiaries of Globe Life Inc. (Globe Life) (headquartered in McKinney, TX) [NYSE: GL]. Concurrently, AM Best has affirmed the Long-Term ICR of \u201cbbb+\u201d (Good) of Globe Life. AM Best also has affirmed the Short- and Long-Term Issue Credit Ratings (Short-Term IR; Long-Term IR) on the debt and the indicative Long-Term IRs on the securities of Globe Life. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings.) The ratings &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-781096","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries OLDWICK, N.J.&#8211;(BUSINESS WIRE)&#8211;AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of \u201ca+\u201d (Excellent) of the key life\/health subsidiaries of Globe Life Inc. (Globe Life) (headquartered in McKinney, TX) [NYSE: GL]. Concurrently, AM Best has affirmed the Long-Term ICR of \u201cbbb+\u201d (Good) of Globe Life. AM Best also has affirmed the Short- and Long-Term Issue Credit Ratings (Short-Term IR; Long-Term IR) on the debt and the indicative Long-Term IRs on the securities of Globe Life. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings.) 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(Globe Life) (headquartered in McKinney, TX) [NYSE: GL]. Concurrently, AM Best has affirmed the Long-Term ICR of \u201cbbb+\u201d (Good) of Globe Life. AM Best also has affirmed the Short- and Long-Term Issue Credit Ratings (Short-Term IR; Long-Term IR) on the debt and the indicative Long-Term IRs on the securities of Globe Life. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings.) The ratings &hellip; Continue reading \"AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/","og_site_name":"Market Newsdesk","article_published_time":"2023-08-30T18:49:02+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230830692301r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries","datePublished":"2023-08-30T18:49:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/"},"wordCount":810,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230830692301r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-affirms-credit-ratings-of-globe-life-inc-and-its-subsidiaries-2\/","name":"AM Best Affirms Credit Ratings of Globe Life Inc. and Its Subsidiaries - 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