AM Best, the world's oldest insurance rating and information source, recently affirmed The Union Labor Life Insurance Company's Financial Strength (FSR) rating of A- (Excellent) and the Long-Term Issuer Credit (ICR) rating of a-. The outlook for both the FSR and ICR remain stable. Union Labor Life is a subsidiary of Ullico Inc.
"The favorable ratings from AM Best reflect the strength of our balance sheet and consistent operating profitability. At a time when the industry as a whole has been downgraded, our balance sheet is withstanding the most rigorous stress testing," said David Barra, Senior Vice President and Chief Financial Officer at Ullico.
From its beginning, Union Labor Life has achieved lasting impacts. Nearly 100 years ago, when access to affordable insurance products was unavailable to unions, the company was founded to provide financial security to the labor movement's members and their families. By providing essential insurance, Union Labor Life has helped to create a new level of security for America's working men and women.
"We're committed to meeting the needs of the labor community for the long-term," said Stephanie Whalen, President of The Union Labor Life Insurance Company. "More than 2 million union members are covered by our life insurance offerings, and 40 group life policyholders have been with us for more than 50 years."
"Despite the COVID-19 pandemic, Ullico continues to report strong financial performance and demonstrate why it is the leader in providing insurance and investment products to the American labor movement," said Edward M. Smith, President and CEO of Ullico.