Banner/William Penn – Financial Strength Ratings Reaffirmed

Legal & General America continues to back our market-leading competitive position and solid operating performance with exceptional financial strength ratings from three of the world’s top ratings agencies.

Standard & Poor’s ‘AA-‘ (Very Strong) Financial Strength Rating
The Standard & Poor’s review dated July 20, 2016, reaffirmed the AA- (Very Strong) rating we share with our parent company. Assessing our operations as “core” to Legal & General Group, the review says L&G Group has a “very strong competitive position as a leading annuity, protection, savings, and asset management solutions provider in the U.K., which is one of the more developed life insurance markets in Europe.” The S&P report also credits L&G’s “very strong capital adequacy and strong ability to source capital and liquidity” as one of the factors supporting the review.

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A.M. Best ‘A+’ (Superior) Financial Strength Rating

On August 26, 2016, A.M. Best reaffirmed the financial strength rating of A+ (Superior) financial strength rating and issuer credit ratings of aa- for Banner Life Insurance Company and William Penn Life Insurance Company of New York. The outlook for all ratings is stable. The rating affirmations “reflect LGA’s strong competitive position in the U.S. term life marketplace, where it currently ranks eighth, as measured by term life annualized new business premiums for 2015.”

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Fitch Ratings ‘AA-‘ Financial Strength Rating
On July 14, 2016, Fitch Ratings affirmed the Insurer Financial Strength (IFS) ratings of Legal & General Group Plc’s (L&G) core rated operating entities, Legal & General Assurance Society Ltd, Banner Life Insurance Company and William Penn Life Insurance Company of New York, at ‘AA-‘. The ratings reflect L&G’s “strong capitalization, operational scale, and market position as one of the leading UK life insurers.” Legal & General America’s “core status reflects their long ownership by L&G; their importance to L&G’s growth strategy; and the diversification benefit for L&G between mortality risk in LGA and the longevity risk in the UK business.”

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