Pittsburgh, PA, July 22, 2024 (GLOBE NEWSWIRE) — GBU Financial Life (GBU Life) is pleased to announce that AM Best has revised its outlook to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “A-“ (Excellent) for GBU Life. This recognition reflects GBU Life’s dedication to financial stability and security for its members.
Bill Hunt, CEO of GBU Life, expressed his thoughts on this achievement: “At GBU Life, our primary focus has always been to provide our members with the highest level of financial security, along with sound, conservative opportunities to grow, protect and distribute their wealth. This positive outlook from AM Best independently attests to GBU Life’s stronger commitment to excellence and reinforces our premier position as a trusted provider of quality life insurance and annuity solutions for our members.”
GBU Life’s success can be attributed to its strong balance sheet, robust operating performance and effective enterprise risk management (ERM) practices. The company’s expansion of its geographic footprint, product offerings and overall market presence has contributed to its long-term improvement and alignment with major industry peers.
With significant growth in recent years in total assets, capital and surplus, membership count and distribution channels, GBU Life continues to advance its position in the market. The company’s strong balance sheet is supported by adequate risk-adjusted capitalization and conservative reserving practices, ensuring the security of its members’ investments.
GBU Life’s commitment to financial security is further demonstrated through its strong operating performance, evidenced by above-average investment yields and rapid net premium growth. The company’s ERM program is assessed as appropriate, reflecting its formalized processes and structures to manage risks effectively.
GBU’s financial strength is the foundation of its ability to expand the diverse ways its members serve their communities through fraternal activities that appeal to all generations.
As GBU Life looks towards the future, it remains dedicated to upholding its reputation for excellence and providing its members with the highest level of financial security and stability.
About AM Best
Founded in 1899, AM Best is the world’s first credit rating agency. It began with the founder working out of a one-room office in New York City and grew to become the largest credit rating agency in the world, specializing in the insurance industry.
About GBU Financial Life
Based in Pittsburgh, Pennsylvania, GBU Financial Life (GBU Life) is a member-owned, fraternal benefit society founded in 1892 to help members secure their futures, build their legacies and impact their communities. Today, GBU Life members still share the same goals– offering financial protection and giving back to people and causes that matter most to them. As a member-owned company, GBU Life keeps its operating costs low. That translates into competitively priced life insurance, generous annuity rates and stable investment returns members can count on. Day to day and in the long term, GBU Life’s focus remains squarely on maintaining the exceptional financial health that inspires trust and confidence among its members.