AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Midland National Life Insurance Company (Midland National) and North American Company for Life and Health Insurance (North American) (both domiciled in West Des Moines, IA). In addition, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of Sammons Financial Group, Inc. (Delaware). In addition, AM Best has affirmed the Long-Term ICR of “aa-” (Superior) of Sammons Financial Group Global Funding. The outlook of these Credit Ratings (ratings) is stable. Sammons Financial Group, Inc. is an intermediate holding company for Midland National and North American, and is indirectly owned by Sammons Enterprises, Inc. Midland National and North American are the group’s key life/health insurance subsidiaries and jointly referred to as Sammons Financial Group (SFG). (See below for a detailed listing of the Long-Term IRs).
The ratings reflect SFG’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
SFG has a very strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which supports the group’s diverse asset allocations while maintaining high levels of liquidity. These liquidity levels benefit from the group’s employee stock ownership plan structure and enterprise holdings. The group’s overall balance sheet strength is supported through liquid cash and investments, access to the Federal Home Loan Bank, and affiliated surplus notes held by the parent company, with funding supported through access to the capital marketplace, providing additional financial flexibility. The investment portfolio is conservatively managed and produces high levels of investment income, with a significant portion of invested assets in investment-grade bonds and a risk profile that is in line with the industry average.
SFG continues its process of diversifying its investment management allocation away from Guggenheim Asset Management, consistent with plans over the past several years; however, given the size of the portfolio it is expected to take years to complete. In addition, while SFG maintains very strong balance sheet metrics, AM Best notes that risk-adjusted capital increasingly relies on significant affiliated offshore and onshore reinsurance support.
SFG’s operating earnings remain favorable, driven by solid investment returns and continued strong sales, although sales were lower compared with the prior year due to competitive pressures and broader industry trends. It benefits from an increase in fee-based products constituting a larger portion of assets under management (AUM) and assets under administration (AUA), as well as growth in its Wealth Management business. In general, the group has seen its AUM increase along with positive earnings in its core business segments. The group also has benefited from an increase in registered index-linked annuity and its pension risk transfer business, which has helped diversify its book of business.
SFG continues to benefit from its diverse distribution platform, which includes personal producing agents, independent marketing organizations, the registered investment adviser channel, broker/dealers and banks, as well as credit unions. Product offerings, in its core lines of business, have a favorable market position. SFG also maintains an ERM program that is commensurate with its risk profile.
The following Long-Term IRs have been affirmed with stable outlooks:
Sammons Financial Group, Inc.:
- “a-” (Excellent) on $500 million 4.75% senior unsecured notes, due 2032
- “a-” (Excellent) on $850 million 3.35% senior unsecured notes, due 2031
- “a-” (Excellent) on $200 million 7% senior unsecured notes, due 2043
- “a-” (Excellent) on $500 million 4.45% senior unsecured notes, due 2027
- “a-” (Excellent) on $750 million 6.875% senior unsecured notes, due 2034
- “a-” (Excellent) on $750 million 5.95% senior unsecured notes, due 2036
Sammons Financial Group Global Funding — “aa-” (Superior) program rating
- “aa-” (Superior) on all outstanding notes issued under the program
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.
Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260903145220/en/
Media gallery
