AM Best


AM Best Upgrades Credit Ratings of Insurance Subsidiaries of OneMain Holdings, Inc.


CONTACTS:

Kate Steffanelli
Senior Financial Analyst — L/H
+1 908 439 2200, ext. 5063
kate.steffanelli@ambest.com

Janet Hernandez
Senior Financial Analyst — P/C
+1 908 439 2200, ext. 5767
janet.hernandez@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - DECEMBER 05, 2019 02:36 PM (EST)
AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” from “bbb-” of American Health and Life Insurance Company (AHLIC) (Fort Worth, TX) and Triton Insurance Company (Triton) (Fort Worth, TX). Both companies are wholly owned subsidiaries of OneMain Holdings, Inc. (OneMain) [NYSE:OMF] (formerly Springleaf Holdings, Inc.). The outlook of these Credit Ratings (ratings) is stable.

The ratings upgrades for AHLIC and Triton reflect the improved risk profile of OneMain. However, the companies are dependent on OneMain as a primary distribution source and both continue to have significant concentration in credit insurance products.

The ratings of AHLIC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The company continues to maintain the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and generate consistent, favorable operating performance relative to peers and industry benchmarks. AM Best notes that AHLIC began marketing term life business in a number of states in the early part of 2019, which should add some diversity to its narrow portfolio of products.

The ratings of Triton reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate ERM. Additionally, Triton has reported historically strong operating results, although recent trends show volatility in operating expenses and premium volume. In addition, AM Best considered Triton’s future financial constraints in terms of underwriting performance trends and dividends in the ratings, as these constraints may stress risk-adjusted capitalization needed to support growth.

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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data provider specialising in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.


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