Insurance ratings provider A.M. Best has upgraded The Hartford Financial Services Group’s credit and debt ratings, which it said reflects reduced risk from variable annuities.
The Hartford has less risk from variable annuities following the sale of its Japanese annuity unit last year, according to A.M. Best, which increased the Stag’s issuer credit rating from “bbb+” to “a-“
A.M. Best also upgraded the financial strength from “excellent” to “superior” and credit rating from “aa-“ to “a+” for subsidiary Hartford Fire Insurance Co. and its own subsidiaries and affiliates, which are known as the Hartford Insurance Pool. However, it revised the pool’s outlook from “positive” to “stable.”
It issued a similar upgrade for Hartford Life (from “bbb-“ to “bbb), but also lowered its outlook to “stable.”
