AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of Standard Insurance Company (Portland, OR) and its affiliate, The Standard Life Insurance Company of New York (White Plains, NY), together referred to as Standard Insurance Group (The Standard). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of StanCorp Financial Group, Inc. (StanCorp) (Portland, OR), the intermediate holding company of The Standard. In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Pacific Guardian Life Insurance Company, Limited (Pacific Guardian) (Honolulu, HI). Lastly, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of American Heritage Life Insurance Company (American Heritage) (Jacksonville, FL) The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect The Standard’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). Additional considerations for the rating include its strategic role to the parent company Meiji Yasuda Life Insurance Company (Meiji Yasuda).

The strong balance sheet strength assessment for The Standard is supported by a strong level of risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as positive liquidity and financial flexibility metrics. Capital and surplus continue to increase year over year despite increasing dividend payments to Meiji Yasuda, primarily driven by favorable operating earnings. The strong operating performance assessment is supported further by The Standard’s well-diversified, consistent and disciplined premium growth. The group maintains a conservative investment portfolio with a large allocation to mortgages and fixed income securities, generating stable investment returns annually. The Standard’s favorable business profile is supported by strong market positions in its core product lines where AM Best has observed increasing product and geographic spreads. The group’s ERM program is appropriate exhibiting a well-developed framework and a group risk appetite statement that aligns with Meiji Yasuda.

The ratings of Pacific Guardian reflect its balance sheet strength, which AM Best assesses as very strong as well as its adequate operating performance, limited business profile and appropriate ERM. The strategic importance of Pacific Guardian to its parent company, Meiji Yasuda, was also considered as part of the ratings.

Pacific Guardian’s very strong balance sheet assessment is supported by very strong risk-adjusted capital, as measured by BCAR. While BCAR scores have declined in recent years based on the strategic risk associated with multiyear guaranteed annuity (MYGA) products, the assessment is supported further by adequate internal and external liquidity measures. The company’s investment portfolio has a high allocation to commercial mortgage loans in Hawaii and the Pacific Northwest, which are considered less-liquid investments. However, investment income has more than offset underwriting volatility in each of the last three years and through the first half of 2026, which has led to Pacific Guardian reporting consistent profitability. While product and geographic concentration have been reduced in recent years, those concentrations are the primary driver of the limited business profile assessment. The ERM program for Pacific Guardian is well developed with appropriate governance, a developed framework and risk appetite statement that aligns with the group. AM Best acknowledges the large individual annuity transaction between Pacific Guardian and The Standard announced in May 2026. The ratings include a prospective look at the transfer of business over the near term.

The ratings of American Heritage reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate ERM. Additionally, the strategic importance of American Heritage to its parent company, Meiji Yasuda, was also considered as part of the ratings. American Heritage’s very strong balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization, as measured by BCAR. Since being acquired by StanCorp in 2025, investments have shifted toward a higher allocation to commercial mortgage loans, aligning with the investment strategy of the group. Operations remained strong through 2025 and beat expectations that were set at the time of the acquisition. The ERM program aligns with The Standard and is assessed as appropriate.

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261112831710/en/