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ELCO Mutual Receives Financial Strength Rating Upgrade From KBRA

Aug 09, 2023 | 1 MIN READ

This action is the IL-based life/annuity company’s second upgrade from a rating agency in six weeks.


ELCO Mutual Life & Annuity (ELCO) has been upgraded to BBB by Kroll Bond Rating Agency (KBRA). This rating, in KBRA’s opinion, is assigned to an insurance operating company whose financial condition is good and reflects the company’s ability to meet its policyholder obligations. KBRA highlighted ELCO’s formalization, continuous refinement, and maturation of its corporate governance, enterprise risk management, and strategic
and financial planning processes in support of its decision. In addition, they noted the favorable risk-adjusted capital trends and consistent earnings as key credit considerations.

We are pleased to receive a BBB rating from KBRA. This upgrade recognizes management’s successful execution of the company’s key strategic initiatives, the value of ELCO’s agent partnerships, and the exceptional customer service provided by our experienced staff. The attainment of this rating is a testament to the dedicated, talented team at ELCO.

- David Bruce, President & CEO

This is the second positive rating action ELCO has received in 2023, having been upgraded to B++ by A.M. Best on June 28th.
ELCO is an industry leader in sales of Medicaid Compliant Annuities as well as providing life and annuity products for retirement and estate planning. A mutual company serving customers for over 77 years, ELCO will continue to cultivate, nurture, and enhance long-standing relationships with insurance professionals and policyholders by being a trusted partner providing tailored solutions to achieve financial goals.

 
ELCO Mutual and its representatives are not legal or certified tax professionals. For tax and/or legal advice, please contact a licensed professional. ELCO Mutual contracts with independent licensed insurance producers and does not guarantee nor certify them as financial planners. Not insured by the FDIC or associated with any government program or agency. Annuities are not associated with a bank. Withdrawals taken from annuities before the age of 59 1/2 are subject to the IRS's 10% excise tax. Individual Retirement Accounts (IRAs) cannot be opened past the age in which Required Minimum Distributions (RMDS) begin. Dividends are declared by the company's board of directors and are not guaranteed. When purchasing a single premium whole life policy, please note that the policy is a Modified Endowment Contract (MEC). Any distributions taken by the owner may be taxable (including from the accelerated death benefit rider). Death benefits for life insurance contracts are contingent on any due premiums being paid. The information on this website is intended for informational and educational purposes only and is not intended to provide investment advice or a recommendation. Clients seeking advice should consult a licensed professional. All life insurance policies and annuities are underwritten and issued by ELCO Mutual Life and Annuity. Also known as ELCO Mutual Life and Annuity Company in Florida. Policy Forms: Platinum Eagle: (ICC19-SPL-19), Golden Eagle: (ICC19-WLP-19), Silver Eagle: (ICC19-FE19, ICC21-GBWL21, ICC19-MWL19, ICC21-GIWL21m ICC21-SPLR21), Preneed: (PNMPSI20, PNMPGI20, PNSPL20), DFD: (DFD21, DFD0113), Presidio Plus: (ICC21-TSPL21), Guardian Eagle Single Premium: (ICC19-MYGA[term length]-19), Guardian Eagle Flexible Premium: (ICC16-FPA16), and Immediate Annuities: (SPIA11 and ICC17-AIFXB17). Policy forms may vary by state.