Major Rating Factors: Weak profitability index (1.9 on a scale of 0 to 10) with operating losses during 2018 and 2019. Average return on equity over the last five years has been poor at -67.4%. Good overall results on stability tests (5.5) despite excessive capital growth during 2021. Rating is significantly influenced by the strong financial results of Independence Health Group Inc. Excellent capitalization (10.0) based on good current risk-adjusted capital (severe loss scenario) reflecting significant improvement over results in 2018.
Other Rating Factors: Excellent quality investment portfolio (9.9) containing no exposure to mortgages, junk bonds, or unaffiliated stocks. Excellent liquidity (7.1) with ample operational cash flow and liquid investments.
Principal Lines of Business: --
Licensed in: FL
Principal Enrollment Breakdown: --