Press Release|Insurance

KBRA Affirms Rating for Gleaner Life Insurance Society

19 Jan 2024   |   New York


KBRA affirms the A- insurance financial strength rating (IFSR) for Gleaner Life Insurance Society (“Gleaner” or “the Society”). The Outlook is Stable.

The rating reflects Gleaner's conservative balance sheet, historically stable operating results, disciplined product pricing and crediting rate practices, and its diverse asset portfolio. The Society has shifted its strategy to focus more heavily on profitability which has caused a shift in sales tactics towards favoring annuities over life insurance products. KBRA believes that Gleaner continues to employ disciplined product pricing and crediting rate practices on current products and actively adjusts rates to maintain favorable spreads.

Factors balancing these strengths are vulnerability to surrenders and declining membership trends. Gleaner remains exposed to potential spread compression as its portfolio is concentrated in interest sensitive products and remains susceptible to surrenders in the current rate environment. This risk is partially offset by the fact that approximately 94% of Gleaner’s annuity portfolio, net of the reinsurance arrangement, is within the surrender charge period. While membership has exhibited a declining trend, Gleaner views product innovation and sales expansion as keys to drive sustainable membership growth.

To access rating and relevant documents, click here.

Click here to view the report.



Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1002973

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