October 18, 2023
Foresters Financial maintains its “A” (Excellent) AM Best and “A” DBRS Financial Strength ratings
AM Best and DBRS Morningstar affirm Foresters financial strength ratings
(Toronto, ON, October 18, 2023) – Foresters Financial™ (Foresters), the fraternal life insurer redefining the life insurance industry, today announced that independent rating agency A.M. Best Company has affirmed The Independent Order of Foresters (IOF) Financial Strength Rating (FSR) of “A” (Excellent) with a stable outlook. A.M. Best Company also affirmed an issuer credit rating (ICR) of “a+” for the entity. Foresters Financial has maintained an Excellent A.M. Best financial strength rating for 23 consecutive years1.
In addition, DBRS Morningstar also confirmed its “A” FSR and Issuer rating and an “A” (low) Subordinated Debt rating for IOF with a stable trend2.
“Foresters is committed to maintaining our strong financial foundation and fulfilling our obligations to our members,” said Alvin Sharma, Global Chief Financial Officer, Foresters Financial. “These strong ratings from AM Best and DBRS Morningstar evidence the financial stability of the organization. We are very proud to have maintained an Excellent rating from AM Best for 23 consecutive years.”
Foresters maintains total assets of $12.2 billion (USD), liabilities of $10.6 billion and a surplus of $1.5 billion as of December 31, 2022, while in-force certificates and contracts have grown to more than 2.7 million in Canada, the US, and the UK3,4. Foresters solvency ratios are well above local requirements in all jurisdictions in which it operates. Foresters Financial is the trade name for The Independent Order of Foresters.
For more information about A.M. Best Company's ratings, visit ambest.com.
For more information about DBRS Morningstar’s ratings, visit dbrsmorningstar.com.
Life Insurance with a Larger Purpose
Bringing a better, new normal to everyday families, Foresters offers a suite of unique member benefits5 and is redefining the conventional life insurance model. Member benefits include Foresters Go™6 opportunities for scholarships, orphan benefits, community volunteer grants, document preparation services for creating wills and other legal documents, Lifelong Learning, MemberDeals, and more.
About Foresters Financial
Foresters Financial is redefining the life insurance and individual savings industry across the United States, Canada and United Kingdom by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized processes that make it easy to get life insurance without traditional medical exams (insurability depends on answers to medical and other application questions and underwriting searches and review). State-of-the-art mobile tools help agents deliver tailored plans to prospective and current members. Dedicated to its members’ well-being, Foresters offers a suite of member benefits and is redefining the conventional life insurance model, bringing improved financial security and overall wellness to everyday families. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 23 straight years, The Independent Order of Foresters has received an “A” (Excellent) rating from A.M. Best.
1 The A.M. Best rating assigned on August 17, 2023, reflects the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) but does not apply to the performance of any non-IOF-issued products. An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance, and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F; A++, and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest rating.
3 This surplus represents excess funds above the amount required as legal reserves for insurance and annuity certificates in force and provides additional assurances to our members for our long-term financial strength.
4 All figures are presented in USD. The figures are based on consolidated financial results prepared in Canadian dollars as of December 31, 2022 and converted into USD using the Bloomberg spot exchange rate of 1.3554.
5 Foresters Financial member benefits are non-contractual, subject to benefit-specific eligibility requirements, definitions, and limitations, and may be changed or canceled without notice or are no longer available.
6 Foresters Go is provided by The Independent Order of Foresters and is operated by dacadoo AG.
Foresters Financial, Foresters, Helping Is Who We Are, Foresters Care, Foresters Moments, Foresters Renew, Foresters Go, and the Foresters Go logo are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, ON, Canada M3C 1T9) and its subsidiaries.
422554 US (10/23)
For more information:
Melanie Gaskin
Senior Manager, Communications, Foresters Financial