Gleaner Life Insurance Society’s A- Ratings Reaffirmed

gleaner-life-insurance-society-via-fb-12-2-20

Adrian, MI – Ratings agencies A.M. Best and Kroll Bond Rating Agency (KBRA) both reaffirmed Gleaner Life Insurance Society’s annual ratings of A- (“Excellent” and “Stable,” respectively), the companies announced this month.

The strong ratings came despite enormous challenges faced in 2020 by life insurance companies in general due to low interest rates and the COVID-19 pandemic.

“It is only through the outstanding teamwork and effort displayed throughout the 2020 pandemic ‘opportunities’ that this result could have been achieved, in a year when some rating agencies had the whole life insurance industry on a ‘Negative’ outlook,” Gleaner Life President and CEO Kevin Marti stated. “The support of our dedicated independent agents was critical to getting the continued growth in both life insurance and annuity new business premiums in 2020, following up on sizeable increases achieved in 2018 and 2019.”

Gleaner achieved the “A- (Excellent)” rating from A.M. Best for the 13th year in a row and earned the “A-/Stable” from KBRA for the fourth consecutive year.

KBRA stated, “the rating reflects Gleaner’s conservative balance sheet, stable net operating gains, and sizable de-risking effort across its guaranteed annuity products. … More recently the Society has exhibited strong life insurance premium growth, both first year and renewals, which is anticipated to continue through 2021. KBRA believes that Gleaner employs disciplined product pricing and crediting rate practices on current products.”

In addition to improving its balance sheet through annuity reinsurance and life insurance reserve strengthening initiatives, the Society completed a successful conversion/update of its administrative system late in 2020.

As the pandemic continues into 2021, the Society looks ahead to adapting with a new electronic application process and a new indexed whole life series of solutions as some of its goals for the coming year.

Founded in 1894, Gleaner Life Insurance Society is a nationally recognized not-for-profit fraternal benefit society. Gleaner assists its members in achieving their financial security goals through a broad range of life insurance and annuity financial solutions. As a fraternal organization, Gleaner provides volunteer opportunities and supports outreach programs, which make a difference in the lives of members and the communities where they live, work and serve.

Tune into our local and state newscasts, anytime day or night, for this story and more.

#wlenradio #wlennews #lenaweenews

*Media courtesy of Gleaner Life Insurance Society*