AM Best Affirms Credit Ratings of OneMain Holdings, Inc.’s Insurance Subsidiaries

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb” (Good) of American Health and Life Insurance Company (AHLIC) and Triton Insurance Company (Triton) (both domiciled in Fort Worth, TX). Both companies are wholly owned subsidiaries of OneMain Holdings, Inc. (OneMain) [NYSE: OMF] (headquartered in Evansville, IN). The outlook of these Credit Ratings (ratings) is stable.

The ratings of AHLIC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of AHLIC also reflect drag from the parent company, OneMain, a consumer finance company, which has considerable financial leverage within AM Best’s measurement. AHLIC and Triton are dependent on OneMain as a primary distribution source, and both insurance companies continue to have significant concentration in credit insurance products. AHLIC also provides term life insurance, which adds some diversity to its relatively narrow portfolio of products. AHLIC continues to maintain the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and generates consistent, favorable operating performance relative to peers and industry benchmarks.

The ratings of Triton 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. Triton’s ratings also reflect drag from OneMain. Triton maintains the strongest level of risk-adjusted capitalization, as measured by BCAR, and has reported strong operating results in recent years.

In addition, AM Best considers AHLIC and Triton’s financial constraints in terms of dividends in the ratings, as these constraints may stress risk-adjusted capitalization in the future. Both companies continued to pay dividends in 2024, while managing target capital levels.

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.

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