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AM Best Withdraws Credit Ratings of Equitable Financial Life and Annuity Company
[March 30, 2023]

AM Best Withdraws Credit Ratings of Equitable Financial Life and Annuity Company

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of Equitable Financial Life and Annuity Company (EFLA). The outlook of the Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings at the request of the company to no longer participate in AM Best's interactive rating process.

The ratings reflect EFLA's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.

EFLA's capital and surplus growth has been deteriorating continuously over the past several years, but shown significant improvement over the past two years from enhanced net investment income and improved mortality experience. The company has continued to receive additional significant capital infusions over the past five years to further support its capital position and overall operations. Overall profitability has been on a steady decline until 2022 due to the run-off nature of EFLA's business. The company's liabilities consist principally of whole life fixed premium interest-sensitive and 10-year, 15-year and 20-year level term life insurance products.

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 pertinen 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

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