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AM Best Upgrades Credit Ratings of Investors Heritage Life Insurance Company

·3-min read

AM Best has upgraded the Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb" from "bbb-" of Investors Heritage Life Insurance Company (IHLIC) (Frankfort, KY), which is a subsidiary of Aquarian Investors Heritage Holdings LLC (Aquarian). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

The ratings reflect IHLIC’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrades recognize the improved capital position of the company on both an absolute and risk-adjusted basis. This was driven by capital contributions in 2019 and 2020 of $31 million and $35 million, respectively. While risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), has been volatile over the past few years, AM Best expects it to stabilize as the company is expected to continue supporting the business through future earnings and capital contributions. While the year-end 2019 BCAR score was adequate, it has improved with the 2020 capital contribution.

The company is writing business at a measured pace, offering competitive, but not overly aggressive rates on deferred annuities. IHLIC is also reducing its geographic concentration and improving product diversification with the introduction of a fixed deferred annuity product and a pre-need/final expense product. Additionally, AM Best notes that the company maintains an appropriate ERM framework and performs ongoing sensitivity testing.

This press release relates to Credit Ratings that have been published on AM Best’s 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’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Bruno Caron
Associate Director
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