Delaware Life Insurance Co. Ratings Raised To 'A-' From 'BBB+' On Successful Business And Capital Improvement Strategy
- Delaware Life has successfully executed its business growth strategy while managing capital strength.
- We raised our issuer credit and financial strength ratings on Delaware Life to 'A-' from 'BBB+'.
- The stable outlook reflects our expectation that the company will keep its capital position at the 99.95% confidence level of our capital adequacy model, while balancing growth and maintaining prudent dividend policies.
TORONTO (S&P Global Ratings) Dec. 11, 2024—S&P Global Ratings today said that it raised its issuer credit and financial strength ratings on Delaware Life Insurance Co. (Delaware Life or DLIC) to 'A-' from 'BBB+'. The outlook is stable.
The rating action reflects the company's continued progress and solid growth in its fixed and fixed-indexed annuity businesses, aided by strong demand for retirement products driven by higher interest rates and favorable demographic trends, consistent with industry. Our view of DLIC's competitive position as satisfactory is supported by the company's top-10 market position in the highly competitive U.S. fixed deferred rate annuity market, growing in-force business, stable operating performance, and geographic diversification. The company also has earnings diversity from its fee-based income, generated from its legacy and new variable annuity products.
Related Criteria
- Criteria | Insurance | General: Insurer Risk-Based Capital Adequacy--Methodology And Assumptions, Nov. 15, 2023
- General Criteria: Hybrid Capital: Methodology And Assumptions, March 2, 2022
- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
- Criteria | Insurance | General: Insurers Rating Methodology, July 1, 2019
- General Criteria: Group Rating Methodology, July 1, 2019
- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.spglobal.com/ratings for further information. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.spglobal.com/ratings.
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Global-scale credit rating(s) issued by S&P Global Ratings' affiliates based in the following jurisdictions [To read more, visit Endorsement of Credit Ratings] have been endorsed into the EU and/or the UK in accordance with the relevant CRA regulations. Note: Endorsements for U.S. Public Finance global-scale credit ratings are done per request. To review the endorsement status by credit rating, visit the spglobal.com/ratings website and search for the rated entity.
| Primary Credit Analyst: | Harshit Maheshwari, CFA, Toronto (1) 416-507-3279; harshit.maheshwari@spglobal.com |
| Secondary Contact: | Neil R Stein, New York + 1 (212) 438 5906; neil.stein@spglobal.com |
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