OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa” (Superior) from “aa-” (Superior) and affirmed the Financial Strength Rating of A+ (Superior) of Prudential Retirement Insurance and Annuity Company (PRIAC), headquartered in Newark, NJ. The outlook assigned to the Credit Ratings (ratings) is stable.
The ratings reflect PRIAC’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management.
The rating actions reflect full rating enhancement as a group member of the lead rating unit, Canada Life Assurance Company. PRIAC is considered critical to the group’s strategy and will be fully integrated into the group’s management operations with full support of the parent company.
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