FCSLA Life receives an “Excellent” rating from A.M. Best
FCSLA Life is proud to announce that the organization has received a high rating amid one of the most challenging and financially adverse times in our nation’s history. A.M. Best Rating Service—a forward-looking, independent, and objective insurer’s rating service—reaffirmed FCSLA Life’s A- rating or “Excellent” on its life insurance products and services during the past year.
The primary objective of A.M. Best’s Credit Ratings is to provide an independent opinion of the insurance company’s ability to meet its ongoing insurance policy and contract obligations. The rating assignment is derived from an in-depth evaluation of a company’s balance sheet strength, operating performance and business profile, as compared with A.M. Best’s quantitative and qualitative standards.
The organization expressed enthusiasm about announcing this news following National Life Insurance Awareness Month (September 2020), which is a national awareness effort to help educate consumers about life insurance benefits and how it can protect families due to the death of a key provider. Furthermore, the COVID-19 pandemic has led to an increase in consumers’ interest in life insurance, which further validates the importance of this news, as it relates to the industry and consumer interest at-large.
Currently, independent life insurance consultants remark that FCSLA Life’s A- rating from A.M. Best is almost unprecedented and reflects the association’s historically strong performance and capital position. Furthermore, they offered additional commentary about the rating service, “…Very few companies achieve such a high rating from A.M. Best, but this is exceptional for smaller companies and fraternals.”
In 2019, FCSLA Life achieved strong financial and fraternal results, with a significant 38% increase in combined life and annuity premiums. FCSLA Life National President and CEO, Cynthia M. Maleski, shares, “Our balance sheet strength, enhanced operation performance, expanded business profile, key innovations, process improvements, technology enhancements, and advanced enterprise risk management programs collectively earned us our high-rating with A.M. Best. All of these drivers demonstrate our adaptability, strength, and agility despite the adversity that has come from these difficult times.”