Legal & General America is financially strong, fiscally responsible and committed to the business practices that will allow us to keep our promises to you. Keeping life insurance affordable, protecting your retirement, and providing high quality, efficient customer service are just the fundamentals for us.
The Legal & General America operating companies are among the most financially sound life insurers. Our investment portfolio is conservatively positioned and prudently managed. It's highly liquid and well diversified with approximately 95% investment grade corporate bonds and very highly rated structured securities.1
That's the number of policy owners counting on us to help provide financial security for the people they have so carefully chosen to protect.1
Legal & General America is a top five provider of term life insurance in the US, issuing more than $53 billion in new coverage in 2017. We also issued approximately $717 million in new annuity contracts in 2017 to over 21,500 annuitants.2
Legal & General America is growing; our life insurance in force is over $703 billion.1
Another testament to our financial strength, the Legal & General America operating companies had nearly $5 billion in assets at year-end 2017.3
The capitalization level of a company is particularly meaningful because it measures a company's solvency. It assesses the level of a company's assets available to pay future liabilities; such as current and future policyholder benefits. On this basis, we are particularly strong. The Pure Capital Ratio measures the cushion a company has against a decline in the value of its assets. Our Pure Capital Ratio was 28.7%, more than double the industry average of 11.8%.4
A.M. Best's financial strength rating is an independent opinion of an insurer's overall financial strength and ability to meet its ongoing insurance policy and contract obligations. It is based on a comprehensive quantitative and qualitative evaluation of the company's balance sheet strength, operating performance and business profile. In its November 2017 press release, A.M. Best reaffirmed the A+ (Superior) financial strength rating for Banner Life Insurance Company and William Penn Life Insurance Company of New York. A.M. Best noted our “strong competitive position in the US term marketplace” and “solid operating performance” on both “a US GAAP and International Financial Reporting Standard basis.”
Standard & Poor's has been rating the overall financial strength of insurance companies since 1971; it's one of the largest global rating organizations in the world. The Standard & Poor's review dated July 2017 reaffirmed the AA- (Very Strong) rating we share with our parent company, assessing our operations as "core" to Legal & General Group.
In June 2017, Fitch Ratings reaffirmed the Insurer Financial Strength (IFS) ratings for Banner and William Penn, with ratings of AA- (Very Strong). The ratings reflect L&G's "strong capitalisation, operational scale and market position as one of the leading UK life insurers."
A COMDEX score is a composite of all the financial strength ratings a company has received. Not many life companies have a score as high as ours.