AM Best affirms GBU Life ratings of A- and adds positive outlook
22 Julio 2024 - 1:00PM
GBU Financial Life (GBU Life) is pleased to announce that AM Best
has revised its outlook to positive from stable and affirmed the
Financial Strength Rating of A- (Excellent) and the Long-Term
Issuer Credit Rating of “A-“ (Excellent) for GBU Life. This
recognition reflects GBU Life's dedication to financial stability
and security for its members.
Bill Hunt, CEO of GBU Life, expressed his thoughts on this
achievement: "At GBU Life, our primary focus has always been to
provide our members with the highest level of financial security,
along with sound, conservative opportunities to grow, protect and
distribute their wealth. This positive outlook from AM Best
independently attests to GBU Life’s stronger commitment to
excellence and reinforces our premier position as a trusted
provider of quality life insurance and annuity solutions for our
members."
GBU Life's success can be attributed to its strong balance
sheet, robust operating performance and effective enterprise
risk management (ERM) practices. The company's expansion of its
geographic footprint, product offerings and overall market
presence has contributed to its long-term improvement and
alignment with major industry peers.
With significant growth in recent years in total assets, capital
and surplus, membership count and distribution channels, GBU
Life continues to advance its position in the market. The company's
strong balance sheet is supported by adequate risk-adjusted
capitalization and conservative reserving practices, ensuring
the security of its members' investments.
GBU Life's commitment to financial security is further
demonstrated through its strong operating performance,
evidenced by above-average investment yields and rapid net premium
growth. The company's ERM program is assessed as appropriate,
reflecting its formalized processes and structures to manage
risks effectively.
GBU’s financial strength is the foundation of its ability to
expand the diverse ways its members serve their communities through
fraternal activities that appeal to all generations.
As GBU Life looks towards the future, it remains dedicated to
upholding its reputation for excellence and providing its members
with the highest level of financial security and stability.
About AM Best
Founded in 1899, AM Best is the world's first credit rating
agency. It began with the founder working out of a one-room office
in New York City and grew to become the largest credit rating
agency in the world, specializing in the insurance industry.
About GBU Financial Life
Based in Pittsburgh, Pennsylvania, GBU Financial Life (GBU Life)
is a member-owned, fraternal benefit society founded in 1892 to
help members secure their futures, build their legacies and
impact their communities. Today, GBU Life members still share the
same goals– offering financial protection and giving back to
people and causes that matter most to them. As a member-owned
company, GBU Life keeps its operating costs low. That
translates into competitively priced life insurance, generous
annuity rates and stable investment returns members can count
on. Day to day and in the long term, GBU Life’s focus remains
squarely on maintaining the exceptional financial health that
inspires trust and confidence among its members.
Jennifer Stockdale
GBU Life
412-884-9813
jennifer.stockdale@gbu.org