Life Insurance Rating – Reliance Standard Life Insurance Company

On September 14,2020, A.M. Best Corp. announced that it has affirmed its superior financial strength score (FSR) for Reliance Standard Life Insurance Company and FirstReliance Life Insurance Company (collectively First Reliance). The rating is A (superior).

First Reliance, a leading independent provider of health and life insurance, was founded in 1937 and is based in New York. It serves its customers across the country and is ranked first among independent insurers in terms of sales volume in North America. At the end of the third quarter of fiscal year 2020, First Reliance had $4.6 billion in revenue and earned revenues of approximately $3.2 billion.

Reliance Standard Life Insurance Company, a division of First Reliance, provides a full range of individual and group insurance products, including general, whole life, variable life, term life, and annuities. Reliance’s offerings include the most comprehensive, affordable, and flexible options for meeting each individual’s unique needs. Its products are designed to provide financial protection, flexibility, and control to policyholders.

As an independent, innovative, and financially sound company, First Insurance has become an important player in the insurance industry by providing a wide range of products and services to meet customers’ needs. In addition, First Insurance provides competitive pricing, a customer-friendly service, and competitive advantages to its customers. In addition, the company employs a risk management process, including investment management, that supports overall customer satisfaction.

Reliance’s insurance business is based on the philosophy that life insurance should provide an adequate source of income for policyholders who need it most and should not be used to invest or liquidate additional assets. While the company considers its insurance business a sound business that will generate strong annual earnings, First Insurance believes that the long-term health and financial stability of its existing policyholder base is dependent upon its ability to attract new customers and retain current policyholders.

According to a recent survey, the majority of Policyholders at RelianceStandard are satisfied with the quality of the products and services offered by the company. This survey, conducted by market, determined that First Reliance customers are satisfied with the premium payments and policies available to them.

The following key elements were evaluated for determining RelianceStandard’s financial strength as determined by A.M Best: total revenue, gross premium revenue, cost effectiveness, profitability, policyholder satisfaction, and financial strength. {including, total assets, risk profile, and claims experience. Based upon this information, A.M Best determined that RelianceStandard is a strong, stable, financially healthy company that is positioned to continue to benefit from a stable, profitable market. Additionally, RelianceStandard is a well-positioned company in the overall insurance marketplace and has the potential to remain a highly profitable organization.

RelianceStandard expects to continue to build upon its excellent financial strengths as it enters into the next phase of its growth as a strong, independent insurer, as it expands its service offerings, increases its level of financial effectiveness and focuses on the most attractive areas of the insurance industry. Its long-term strategy is to become a top, dependable and respected insurer in the rapidly evolving insurance marketplace, while maintaining its strong financial health.

First Reliance believes that building upon its financial strength will lead to continued profitability, improved customer service, better financial position and an increased level of service to its policyholders. As a result of its financial stability, First Insurance’s ability to invest in new products and services that complement the company’s existing products and services and to retain and attract new policyholders remains strong.

According to a recent study by A.M Best, policyholders at RelianceStandard generally have lower levels of mortality risk and higher levels of satisfaction with their current policies compared to policyholders in other leading life insurance companies. Although these findings may seem encouraging to a company that has just begun to provide policies, they do not indicate that there are any fundamental barriers to the company’s continued success.

While premium increases may be required, it is important to realize that the premiums are expected to remain flat in the near future as the business transitions from a small company with limited resources to one that is focused on expanding and improving its financial strength. There are no major policy actions anticipated that will negatively impact the overall financial health of the company.

One challenge facing First Reliance Standard is to sustain its financial health as it increases its levels of financial effectiveness. It is important to maintain a strong balance between the development of new products and services and the maintenance of its policyholder base. When this step is taken, the company’s profit potential is expected to be sustainable for many years to come.