Fraternal life insurance company Foresters Financial has announced that it has been able to maintain its high “A” (Excellent) ratings from both AM Best and DBRS Morningstar.
Specifically, AM Best affirmed the Financial Strength Rating (FSR) of The Independent Order of Foresters (IOF) as “A” (Excellent), with a stable outlook. The ratings agency also revealed that the IOF also had an issuer credit rating (ICR) of “a+”.
Meanwhile, DBRS Morningstar confirmed that IOF had an FSR and issuer rating of “A”, and an A (low) Subordinated Debt rating, with a stable trend.
Foresters Financial is the trade name of IOF.
“The strong ratings from AM Best and DBRS Morningstar are testament to Foresters financial strength and the ability of Foresters to fulfill its obligations to its members,” commented Foresters Financial global chief financial officer Alvin Sharma. “We are proud to have maintained an Excellent rating from AM Best for 22 consecutive years which is reflective of the financial stability of the organization.”
Sharma added that Foresters is the “oldest non-denominational fraternal benefit society,” but it continues to redefine the life insurance model built on its foundation of financial strength and stability.
As of December 31, 2021, Foresters maintains total assets of US$14.8 billion, liability of US$13.3 billion, and a surplus of $1.6 billion. Its in-force certificates have grown to over 2.8 million in Canada, the US, and the UK.
In 2020, Foresters Financial entered a merger with Canada Protection Plan, another leading life and health insurance company in Canada.
