AM Best has assigned a Financial Strength Rating of A++ (Superior) and a Long-Term Issuer Credit Rating of “aa+” (Superior) to Park Avenue Life Insurance Company (PALIC) (Wilmington, DE). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect PALIC’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management (ERM).

The ratings also reflect implicit support from PALIC’s parent company, Guardian Life Insurance Company of America (Guardian) (New York, NY). PALIC is not actively writing new business but the company is licensed in 48 states and the District of Columbia, and it has access to a well-diversified product portfolio and a strong distribution network to fuel new business. The companies are backed by an experienced management team with strong industry expertise. PALIC is expected to continue Guardian’s strategic growth objectives in the U.S. individual annuity and life insurance markets, where the group has focused traditionally on diversifying profitable growth with its core participating whole life insurance and annuity products. PALIC is expected to rely on its parent for services as it expands its business profile. The company is projecting earnings strain in the short term as it incurs additional general expenses and direct commissions; however, this is partially mitigated by use of reinsurance, and over the medium term, earnings are projected to contribute measurably toward overall enterprise earnings.

PALIC’s risk-adjusted capitalization is assessed at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR); however, overall balance sheet metrics are projected to strengthen under Guardian's capital and business plans. Liquidity is considered adequate to fund anticipated short-term obligations of the current blocks of business held on the company’s balance sheet. Additionally, AM Best anticipates that the parent company, at its discretion, will aid in maintaining the risk-adjusted capital and liquidity targets of PALIC if needed.

PALIC historically has had nominal market share in competitive markets, which exposes the company to some execution risk related to increasing business operations. However, the execution risk is mitigated at PALIC is fully integrated with Guardian’s underwriting, investment, reinsurance strategy and other ERM capabilities. AM Best will monitor PALIC’s future capitalization against its growth initiatives, and its strategic importance and overall earnings contribution to Guardian.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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