AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Church Life Insurance Corporation (Church Life) (New York, NY). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect Church Life’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Church Life has provided the clergy and lay employees of The Episcopal Church with life and annuity products for nearly 100 years, operating in a niche that has remained loyal to the company over the long-term. The company in recent years has maintained the strongest level of risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), while producing profitable statutory operating results, less the occasional non-recurring outlier event. Church Life is licensed o