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KBRA Assigns Insurance Financial Strength Rating to The Baltimore Life Insurance Company


NEW YORK, October 29, 2020—Kroll Bond Rating Agency (KBRA) assigned an insurance financial strength rating (IFSR) of A- with a Stable Outlook to The Baltimore Life Insurance Company (Baltimore Life).

The ratings reflect Baltimore Life’s consistent operating profitability, a solid balance sheet, diversified distribution, and a balanced reserve mix emphasizing lower-risk products. Baltimore Life has generally reported favorable earnings over the last decade with ordinary life insurance and individual annuities driving statutory profitability in a balanced manner. It holds no financial leverage, utilizes reinsurance prudently, and holds no-lapse universal life reserves. KRBA also noted that the company’s risk-based capital (RBC) ratio is sound despite being lower than the industry levels. Its invested asset portfolio is externally managed, consists of primarily fixed income instruments, and has generally outperformed industry averages from a net investment yield perspective. Baltimore deploys both a career agency system and independent marketing organizations to reach its target middle-income market; and is a member of the Federal Home Loan Bank of Atlanta, which serves as backup liquidity. Finally, Baltimore Life’s mutual holding company (MHC) structure allows for flexibility - compared to a pure mutual company - with greater access to the capital markets through the intermediate holding company and an enhanced ability to acquire insurers via sponsored demutualization or MHC merger.

Finally, due to its conservative investment posture, the impact of the pandemic on Baltimore Life’s investment portfolio has been manageable. The company maintained operations with minimal disruptions during COVID-19.

About Baltimore Life
Established in 1882, The Baltimore Life Insurance Company has served seven generations of policyholders; and today, insures more than 300,000 individuals, families and businesses in communities across America. Baltimore Life is licensed in 49 states and the District of Columbia. For more information, please visit or call 1.800.628.5433.

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