The rating reflects Modern Woodmen of America’s (“Modern Woodmen”, or “the Society”) very strong risk-adjusted capitalization, high-quality capital, strong liquidity, and stable operating performance. Surplus increased to a record $3.10 billion at June 30, 2026, while the year-end 2025 company action level (CAL) risk-based capital (RBC) ratio was approximately 535%. The Society carries no surplus notes or capital market debt. Its core fixed income portfolio remains high quality, with approximately 96% of rated securities classified as investment grade. Operating earnings remain resilient, supported by higher portfolio yields and increased net investment income, while life insurance in force increased to approximately $46.4 billion amid stronger life production. Modern Woodmen’s established career agency distribution platform and mature risk management practices are additional strengths supporting the rating.
Balancing these strengths are the Society’s continued…
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