Foresters Financial maintains its "A" (Excellent) AM Best rating

AM Best and DBRS Morningstar affirm Foresters financial strength ratings 

TORONTO, Aug. 18, 2021 /CNW/ - Foresters Financial™ (Foresters), the fraternal life insurer redefining the life insurance industry, today announced that independent rating agency A.M. Best Company(1) has affirmed The Independent Order of Foresters (IOF) Financial Strength Rating (FSR) of "A" (Excellent) with a stable outlook(2). A.M. Best Company also affirmed an issuer credit rating (ICR) of "a+" for the entity. In addition, DBRS Morningstar(3) confirmed its "A" FSR and Issuer rating and an A (low) Subordinated Debt rating for IOF with a stable trend. Foresters Financial is the trade name for The Independent Order of Foresters.

"The strong independent ratings from AM Best and DBRS Morningstar are testament to Foresters financial strength, stability and the ability of Foresters to fulfill its ongoing insurance obligations to its members," said Alvin Sharma, Global Chief Financial Officer, Foresters Financial. "We are proud to have maintained an Excellent rating from AM Best for 21 consecutive years. As the oldest non-denominational fraternal benefit society, Foresters is redefining the life insurance model built on that foundation of financial strength and stability."

Foresters maintains total assets of $18 billion (CAD) as of December 31, 2020(4) and surplus of $2 billion(5), while in-force certificates and contracts have grown to more than 2.5 million in Canada and the U.S. Foresters solvency ratios, including its industry leading Canadian regulatory LICAT ratio, 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 DBRS Morningstar's ratings, visit dbrsmorningstar.com.

Life Insurance with a Larger Purpose

Foresters goal is to develop innovative member benefits, products, and service offerings that promote a lifetime of well-being, and align with Foresters fraternal purpose to enrich the lives of families and their communities. That's life insurance with a larger purpose.

Bringing a better, new normal to everyday North American families, Foresters offers a suite of unique member benefits and is redefining the conventional life insurance model. Member benefits(6) include opportunities for scholarships, orphan benefits, community volunteer grants, Wills and other legal documents, Lifelong Learning, MemberDeals, and more.

About Foresters Financial
Foresters Financial is redefining the life insurance and individual savings industry across the U.S., Canada and UK by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored plans to prospective and current members. Dedicated to its members' well-being, Foresters offers a suite of member benefits, redefining the conventional life insurance model and bringing improved financial security and overall wellness to everyday North American families. Foresters recently merged with Canada Protection Plan to become a leading life insurance distributor in Canada. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 21 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best.

For information purposes only.

™Foresters Financial, Foresters, and Helping Is Who We Are are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Rd, Toronto, Canada M3C 1T9) and its subsidiaries.  

Canada Protection Plan is a trademark of Canada Protection Plan Inc.

1. The A.M. Best ratings assigned on July 29, 2021 reflect overall strength and claims-paying ability of The Independent Order of Foresters (IOF). 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. In assigning the ratings for IOF, A.M. Best stated that the rating outlook is "stable", which means it is unlikely to change in the near future. See ambest.com for our latest ratings.
2. Financial strength refers to the overall financial 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.
3. DBRS Morningstar Confirms Ratings on The Independent Order of Foresters at 'A,' Stable Trends, August 6, 2021
4. Consolidated Financial Statements of The Independent Order of Foresters Year ended December 31, 2020
5. 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.
6. Description of member benefits that you may receive assumes you are a Foresters member. Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice or are no longer available.

SOURCE The Independent Order of Foresters

Oliver Ormrod, [email protected]

Related Links

https://www.foresters.com/en-ca