OLDWICK, NJ–(BUSINESS WIRE)–
am the best has confirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent). EyeMed insurance company (EIC) (Phoenix, AZ). The outlook of these credit ratings (ratings) is Stable. EIC, along with EyeMed Vision Care, LLCare the North America-based companies of EssilorLuxottica, the ultimate parent company.
The ratings reflect EIC’s balance sheet strength, which AM Best rates as very strong, as well as the company’s reasonable operational performance, neutral business profile and risk management. The ratings take into account EIC’s strategic importance to EssilorLuxottica as well as the comprehensive operational support provided by the parent company.
The ratings also reflect EIC’s risk-adjusted capitalization at very strong levels, as measured by Best’s capital adequacy ratio (BCAR). The company’s assessment of its balance sheet strength is supported by a highly liquid investment portfolio and solid liquidity measures. The ratings also take into account the company’s reliance on reinsurance programs and history of dividend payments.
EIC reported consistently positive operating performance through 2021 and the second half of 2022. Based on its five-year average return on equity, EIC continues to outperform its peer group. Additionally, the company continues to experience strong premium growth, reflecting its positive brand awareness and affiliation EyeMed Vision Care, LLC, as well as its ultimate parent. The ratings also reflect the company’s established market presence and solid overall market share in the eye care space. EIC is strategically important to EssilorLuxottica’s vertically integrated business model as the main insurer. The ratings are also enhanced by EIC’s ultimate parent company, EssilorLuxottica, a global market leader with a widespread and well-established footprint and an overall favorable credit history supporting its insurance operations.
This press release relates to ratings published on AM Best’s website. All ratings information relating to the press release and relevant disclosures, including details of the issuing authority for each rating referenced in this press release, can be found at AM Best Last review activity site. For more information on the use and limitations of rating opinions, see Best Credit Ratings Guide. Information on the proper use of Best’s credit ratings, Best’s performance reviews, Best’s preliminary credit rating and AM Best’s press releases can be found here Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global rating agency, news publisher and data analytics provider specializing in the insurance industry. headquarters in The United Statesthe company operates in over 100 countries and has regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.
Copyright © 2023 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
src=”https://cts.businesswire.com/ct/CT?id=bwnewssty=20230125005603r1sid=acqr8distro=nxlang=en” style=”width:0;height:0″ />
View source version on businesswire.com: https://www.businesswire.com/news/home/20230125005603/en/
Jennifer Asamoah
Senior Financial Analyst
+1 908.439.2200, extension 5203
[email protected]
Christopher Sharkey
manager, public relations
+1 908.439.2200, extension 5159
[email protected]
Joseph ZazzaraMBA
director
+1 908.439.2200, extension 5797
[email protected]
Al Slawin
Senior Specialist in Public Relations
+1 908.439.2200, extension 5098
[email protected]
Source: AM Best
