Major Rating Factors: Fair quality investment portfolio (4.6 on a scale of 0 to 10). Good overall results on stability tests (6.3) based on steady enrollment growth, averaging 6% over the past five years. Rating is significantly influenced by the strong financial results of UnitedHealth Group Incorporated. Excellent profitability (7.2) despite a decline in earnings during 2021.
Other Rating Factors: Excellent overall capitalization (9.1) based on good current risk-adjusted capital (severe loss scenario) despite some fluctuation in capital levels. Excellent liquidity (7.0) with ample operational cash flow and liquid investments.
Principal Lines of Business: --
Licensed in: TX
Principal Enrollment Breakdown: --