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  • A.M. Best Affirms Credit Ratings of Members of Brighthouse Insurance Group; Assigns Issuer Credit Ratings to Holding Companies

    August 29, 2017 by Best's News Service

    FOR IMMEDIATE RELEASE

    NEW YORK – AUGUST 23, 2017
    A.M. Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Brighthouse Life Insurance Company (Wilmington, DE), the largest operating entity for the group, New England Life Insurance Company (Boston, MA), and Brighthouse Life Insurance Company of NY (New York, NY), the New York marketing arm. These entities are collectively referred to as Brighthouse and are operating insurance subsidiaries of Brighthouse Financial, Inc. (Brighthouse Financial) (headquartered in Charlotte, NC) [Nasdaq:BHF], a holding company formed in 2016. The outlook of these Credit Ratings (rating) is stable.

    Concurrently, A.M. Best has assigned a Long-Term ICR of “bbb+” to Brighthouse Financial and a Long-Term Issue Credit Rating (Long-Term IR) to its recently issued $1.5 billion of 3.7% senior unsecured notes due 2027, and $1.5 billion of 4.7% senior unsecured notes due 2047. The outlook assigned to these ratings is stable.

    A.M. Best also has assigned a Long-Term ICR of “bbb+” to Brighthouse Holdings, LLC, Brighthouse Financial’s intermediate holding company, and a Long-Term IR of “bbb-” to its $50 million of fixed rate cumulative preferred units, Series A. The outlook assigned to these ratings is stable.

    The ratings of Brighthouse reflect its adequate level of risk-adjusted capitalization, existing credit risk profile, demonstrated ability to access the capital markets and successful spin-off from MetLife, Inc. (MetLife) on Aug. 4, 2017. The company began trading on the Nasdaq on Aug. 7, 2017. A.M. Best notes that MetLife maintains approximately 19.2% ownership of Brighthouse Financial, but expects to continue to reduce its ownership position as soon as practicable, but in no event later than five years after the completion of the spin-off. Brighthouse will also continue to maintain several management agreements over the next couple years with MetLife, including the management of investment of the assets comprising the general account portfolio of its insurance company subsidiaries, to ensure a successful transition as a stand-alone public company. Post separation, Brighthouse remains among the largest life/annuity insurance carriers in the industry, with over $200 billion of assets. A.M. Best also believes that Brighthouse maintains a strong risk-management program, similar to that of MetLife, which is essential for the management of its elevated insurance and investment risk exposures.

    While Brighthouse currently maintains an adequate level of risk-adjusted capitalization for its insurance and investment risks, capital and surplus will also be more exposed to the implementation of the company’s revised hedging program. While the company is protected from larger-tail risk scenarios, the current level of excess capital may be impacted negatively by a continuous moderate decline of interest rates and equity markets over the medium to longer term. In addition, capital and surplus has been impacted in recent periods by significant charges taken in the variable annuity due to changes in modeling and actuarial assumptions. While the company has reduced some of the risk in its product portfolio by ceasing the marketing of Universal Life with Secondary Guarantees and variable annuities with guaranteed minimum income benefits, Brighthouse’s future operating performance is correlated highly to the equity markets and the level of interest rates. A.M. Best notes that a significant portion of its fixed annuity account values remains at the guaranteed minimum interest rate, which heightens the risk of spread compression if interest rates remain low. A.M. Best will continue to monitor the company’s ability to execute as a newly formed publicly traded company, including its ability to build its new brand, effectively manage its elevated expense structure that is the result of the separation from MetLife, and its ability to add new distribution channels and life insurance product offerings to balance its annuity business, which currently represents approximately 90% of sales.

    The following Long-Term IR has been affirmed, with a stable outlook:

    MetLife Institutional Funding I, LLC — “a+” program rating

    — “a+” rating on the notes issued hereunder

    The following Long-Term IR has been withdrawn:

    MetLife Institutional Funding II, LLC — “a+” program rating

    This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

    A.M. Best is the world’s oldest and most authoritative insurance rating and information source.

     

    European Union Disclosures
    A.M. Best – Europe Rating Services Limited (AMBERS), a subsidiary of A.M. Best Rating Services, Inc., is an External Credit Assessment Institution (ECAI) in the European Union (EU). Therefore, credit ratings issued and endorsed by AMBERS may be used for regulatory purposes in the EU as per Directive 2006/48/EC.

    Australian Disclosures
    A.M. Best Asia-Pacific Limited (AMBAP), Australian Registered Body Number (ARBN No.150375287), is a limited liability company incorporated and domiciled in Hong Kong. AMBAP is a wholesale Australian Financial Services (AFS) Licence holder (AFS No. 411055) under the Corporations Act 2001. Credit ratings emanating from AMBAP are not intended for and must not be distributed to any person in Australia other than a wholesale client as defined in Chapter 7 of the Corporations Act. AMBAP does not authorize its Credit Ratings to be disseminated by a third-party in a manner that could reasonably be regarded as being intended to influence a retail client in making a decision in relation to a particular product or class of financial product. AMBAP Credit Ratings are intended for wholesale clients only, as defined.

    Credit Ratings determined and disseminated by AMBAP are the opinion of AMBAP only and not any specific credit analyst. AMBAP Credit Ratings are statements of opinion and not statements of fact. They are not recommendations to buy, hold or sell any securities or any other form of financial product, including insurance policies and are not a recommendation to be used to make investment /purchasing decisions.

    Important Notice: A.M. Best’s Credit Ratings are independent and objective opinions, not statements of fact. A.M. Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. A.M. Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. For additional information regarding the use and limitations of credit rating opinions, as well as the rating process, information requirements and other rating related terms and definitions, please view Understanding Best’s Credit Ratings.

    A.M. Best receives compensation for rating related services provided to organizations that it rates. A.M. Best does not offer consulting or advisory services.

    Originally Posted at AM Best on August 23, 2017 by Best's News Service.

    Categories: Industry Articles
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