A.M. Best and Morningstar DBRS affirm Foresters financial strength ratings
TORONTO, Oct. 3, 2024 /PRNewswire/ – Foresters Financial™ (Foresters), a leading global life insurer committed to empowering its members and their families to do more of the good they want to do, today announced that independent rating agency A.M. Best Company has affirmed The Independent Order of Foresters (IOF) Financial Strength Rating (FSR) of “A” (Excellent) with a stable outlook. A.M. Best Company also affirmed an issuer credit rating (ICR) of “a+” for the entity. Foresters Financial has maintained an Excellent A.M. Best financial strength rating for 24 consecutive years1. Foresters Financial is the trade name for The Independent Order of Foresters (IOF).
In addition, Morningstar DBRS also confirmed the FSR and Issuer rating of IOF at “A” and its Subordinated Debt rating at A (low) with a stable trend2.
“The strong ratings from A.M. Best and Morningstar DBRS highlight the strong financial foundation at Foresters and the ability of Foresters to fulfill its obligations to our members,” stated Alvin Sharma, Global Chief Financial Officer of Foresters Financial. “We are proud to have continued to sustain an Excellent rating from A.M. Best for 24 straight years, reflective of the financial stability of the organization.”
Foresters had total assets of US $12.8 billion and a surplus of US $1.5 billion as of December 31, 2023, with 2.6 million certificates and contracts that are active or “in force” 3,4. Foresters solvency ratios are well above local requirements in all jurisdictions in which it operates.
For more information about A.M. Best Company’s ratings, visit ambest.com.
For more information about Morningstar DBRS ratings, visit dbrsmorningstar.com.
About Foresters Financial
Financial security and living your purpose
Foresters Financial has helped people protect their family’s financial future for 150 years. But we’ve also gone beyond that, giving our members opportunities to do more for their health, communities and the causes they care about most. Foresters is an intrinsically purpose-driven organization working to enrich family and community well-being. Alongside offering life insurance in the US and Canada and life insurance and savings solutions in the UK, Foresters partners with members to help them do more of the good they want to do.
We’ve been a dedicated group of community builders since 1874 and today, sustainability, environmental consciousness and social responsibility are central to delivering our purpose. That commitment has continually led us to provide meaningful lifelong benefits5 to our members, like Foresters Care™ grants that bring communities together, Competitive Scholarships6 to help create a brighter future for young leaders and others that support a world where more good happens. Together, we’re making a difference while inspiring others and new generations to give back. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 24 straight years, The Independent Order of Foresters has received an “A” (Excellent) rating from A.M. Best.
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1
The A.M. Best rating assigned on September 6, 2024, reflects the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) but does not apply to the performance of any non-IOF-issued products. An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance, and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F; A++, and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest rating.
2
Morningstar DBRS Confirms Credit Ratings on The Independent Order of Foresters at “A”; Trends Remain Stable, July 9, 2024.
3
This surplus represents excess funds above the amount required as legal reserves for insurance and annuity certificates in force and provides additional assurances to our members for our long-term financial strength.
4
All figures are presented in USD. The figures are based on consolidated financial results prepared in Canadian dollars as at December 31, 2023, with assets and liabilities converted into USD using the spot exchange rate of 1.3243. Refer to the IOF Consolidated Financial Statements for further information. Financial strength refers to the overall health of The Independent Order of Foresters. It does not refer to nor represent the performance of any particular investment or insurance product. All investing involves risk, including the risk that you can lose money.
5
Foresters Financial member benefits are non-contractual, subject to benefit-specific eligibility requirements, definitions, and limitations, and may be changed or canceled without notice or are no longer available.
6
The Competitive Scholarship benefit is administered by International Scholarship and Tuition Services, Inc. (ISTS).
Foresters Financial, Foresters, Foresters Care, Foresters Moments, Foresters Renew, Foresters Member Discounts, Foresters Go, the Foresters Go logo and Helping Is Who We Are are trade names and trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Rd, Toronto, Ontario, Canada M3C 1T9) and its subsidiaries.
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SOURCE The Independent Order of Foresters
