Overview
These last few years have shown the importance of financial strength, organizational stability and expertise.
The Standard was founded in 1906 and our fiscally prudent management approach has helped us navigate through periods of significant volatility to ensure we can keep our financial commitments and grow profitably. This approach is built on the strength of our disciplined financial practices, sound investment strategies, unique mix of high-performing businesses, strong products and services and deep expertise.
Our company remains focused on meeting the challenges ahead and taking advantage of opportunities as they arise, all while providing the best possible experience for our customers.
Dan McMillan, President and CEO
Standard Insurance Company
Financial Strength Ratings
Standard & Poor's | A+ | (Strong) | 5th of 20 ratings |
Moody's | A1 | (Good) | 5th of 21 ratings |
A.M. Best* | A | (Excellent) | 3rd of 13 ratings |
As of Feb. 28, 2023
* Rating includes The Standard Life Insurance Company of New York
Financial Strength Ratings
In the July 2022 issue of Best’s Review, A.M. Best Company recognized Standard Insurance Company for maintaining a financial strength rating of “A” or higher each year since 1928, the first year of A.M. Best’s ratings. The Standard was honored to be among one of only eight life and health insurers to achieve an “A” rating or higher for each of the past 94 years. Given rapidly evolving markets, changing customer needs and challenging economic times, we are proud of this longstanding track record of financial strength.
Portfolio
Bond Portfolio
Our bond portfolio is strong. Our strategy is to maintain a diversified portfolio of high-quality, fixed-maturity securities to keep us well-protected should any industries experience difficulties. As of Dec. 31, 2022, we have:
- A $13.14 billion portfolio
- An average portfolio credit quality rating of “A” as measured by Standard & Poor’s
Commercial Mortgage Loan Portfolio
Our commercial mortgage loans have consistently provided a superior balance of risk and return. We offer small commercial mortgage loans to borrowers who want a fixed rate over time, and we rigorously underwrite every commercial mortgage loan we make. The quality of our commercial mortgage loan portfolio is excellent. As of Dec. 31, 2022, we have:
- A $8.83 billion portfolio (on approximately 5,700 loans)
- An average loan size of approximately $1.5 million
Balance Sheet as of Dec. 31, 2022
Assets | $38.20 billion |
---|---|
Fixed Maturity Securities A- or Higher BBB- to BBB+ BB- to BB+ B+ or Lower | 57.0% of cash and investments 63.7% 31.2% 3.4% 1.7% |
Commercial Mortgage Loans | 38.3% of cash and investments |
Real Estate and Other Invested Assets | 2.0% of cash and investments |
Cash and Cash Equivalents | 2.7% of cash and investments |
Portfolio Yields Fixed Maturity Securities Commercial Mortgage | 3.98% 4.57% |
Capital and surplus of the insurance subsidiaries was in excess of 425% of the Company Action Level Risk-Based Capital required by regulators. |