CARMEL, Ind., Aug. 26, 2015 /PRNewswire/ -- A.M. Best Company, the global rating agency for the insurance industry, has upgraded the financial strength rating of CNO Financial Group and its subsidiaries from B++ (Good) to A- (Excellent).
CNO Financial Group is the holding company for several national life and health insurers including Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company.
A.M. Best stated that "the ratings upgrades reflect the continuing growth trends in CNO Financial's risk-adjusted capitalization and favorable operating earnings. In addition, A.M. Best acknowledges the company's execution of its strategic business plan, which included exiting/de-emphasizing non-core product lines through divestiture and reinsurance, as well as a recapitalization of its debt structure. CNO Financial's favorable operating results have been attributable to the growth in revenue in its life/health insurance subsidiaries, as well as its ongoing expense management."
"We are very pleased that A.M. Best recognizes CNO's financial strength, stability of earnings, and the high quality of our business model," said Ed Bonach, CEO of CNO. "This upgrade represents another significant milestone for the company, and is the result of our focused execution and ability to reduce the risk profile of the company, while achieving profitable growth."
A.M. Best ratings are based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile. For more information, refer to the A.M. Best press release.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) is a holding company. Our insurance subsidiaries – principally Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company – primarily serve middle-income pre-retiree and retired Americans by helping them protect against financial adversity and provide for a more secure retirement. For more information, visit CNO online at www.CNOinc.com.
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SOURCE CNO Financial Group, Inc.