Foresters Financial maintains its "A" (Excellent) AM Best and DBRS rating

Published: Sep. 20, 2022 at 7:15 AM MDT

AM Best and DBRS Morningstar affirm Foresters financial strength ratings 

TORONTO, Sept. 20, 2022 /PRNewswire/ - Foresters Financial™ (Foresters), the fraternal life insurer today announced that independent rating agency A.M. Best Company [1]  has affirmed The Independent Order of Foresters (IOF) Financial Strength Rating (FSR) of "A" (Excellent) with a stable outlook [2] . A.M. Best Company also affirmed an issuer credit rating (ICR) of "a+" for the entity.

Forresters Financial Logo (CNW Group/The Independent Order of Foresters)
Forresters Financial Logo (CNW Group/The Independent Order of Foresters)(PRNewswire)

In addition, DBRS Morningstar [3] also confirmed its "A" FSR and Issuer rating and an A (low) Subordinated Debt rating for IOF with a stable trend.

"The strong ratings from AM Best and DBRS Morningstar are testament to Foresters financial strength and the ability of Foresters to fulfill its obligations to its members," said Alvin Sharma, Global Chief Financial Officer, Foresters Financial. "We are proud to have maintained an Excellent rating from AM Best for 22 consecutive years which is reflective of the financial stability of the organization. As the oldest non-denominational fraternal benefit society, Foresters is redefining the life insurance model built on that foundation of financial strength and stability."

Foresters maintains total assets of $14.8 billion (US), liabilities of $13.3 billion and a surplus of $1.6 billion as of December 31, 2021 [4] [5] while in-force certificates and contracts have grown to more than 2.8 million in Canada, the US, and the UK. Foresters solvency ratios are well above local requirements in all jurisdictions in which it operates. Foresters Financial is the trade name for The Independent Order of Foresters.

For more information about A.M. Best Company's ratings, visit ambest.com.

For more information about DBRS Morningstar's ratings, visit dbrsmorningstar.com.

Life Insurance with a Larger Purpose

Foresters goal is to develop innovative member benefits, products, and service offerings that promote a lifetime of well-being, and align with Foresters fraternal purpose to enrich the lives of families and their communities. That's life insurance with a larger purpose.

Bringing a better, new normal to everyday North American families, Foresters offers a suite of unique member benefits and is redefining the conventional life insurance model. Member benefits [6] include opportunities for scholarships, orphan benefits, community volunteer grants, document preparation service to prepare wills [7], Lifelong Learning, MemberDeals, and more.

About Foresters Financial

Foresters Financial is redefining the life insurance and individual savings industry across the U.S., Canada, and UK by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized sales processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored insurance protection to members. Dedicated to its members' well-being, Foresters offers a suite of member benefits and is redefining the conventional life insurance model, bringing improved financial security and overall wellness to everyday North American families. Foresters joined forces with Canada Protection Plan in 2020 to add being a leading life insurance distributor to its Canadian business. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 22 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best. [5]

For information purposes only.

Foresters Financial, Foresters, Helping Is Who We Are, Foresters Care, Foresters Go and the Foresters Go logo are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, ON, Canada M3C 1T9) and its subsidiaries.

Underwritten by The Independent Order of Foresters.

Canada Protection Plan is a trademark of Canada Protection Plan Inc.

1.

The A.M. Best ratings assigned on August 4, 2022, reflect overall strength and claims-paying ability of The Independent Order of Foresters
(IOF). An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and
have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established
by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. In
assigning the ratings for IOF, A.M. Best stated that the rating outlook is "stable," which means it is unlikely to change in the near future. See
ambest.com for our latest ratings.

2.

Financial strength refers to the overall financial health of The Independent Order of Foresters. It does not refer to nor represent the
performance of any particular investment or insurance product.

3.

 DBRS Morningstar Confirms Ratings on The Independent Order of Foresters at 'A,' Stable Trends, August 4, 2022

4.

This surplus represents excess funds above the amount required as legal reserves for insurance and annuity certificates in force and provides
additional assurances to our members for our long-term financial strength.

5.

Consolidated Financial Statements of The Independent Order of Foresters Year ended December 31, 2021. Amounts based on consolidated
financial results prepared in Canadian dollars as of December 31, 2021, and converted into USD using the Bank of Canada annual average
exchange rate of 1.2535.

6.

Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and
may be changed or cancelled without notice or are no longer available.

7.

LawAssure is provided by Epoq, Inc. Epoq is an independent service provider and is not affiliated with Foresters. LawAssure is not a legal
service or legal advice and is not a substitute for legal advice or services of a licensed attorney. Foresters Financial, their employees and life
insurance representatives, do not provide, on Foresters behalf, legal, estate or tax advice. Some features not available in Louisiana.

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SOURCE The Independent Order of Foresters

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