E
PHL VARIABLE INS CO
Rating Date
December 2023
NAIC
Classification
Risk Adjusted
Capital Ratio #1
Risk Adjusted
Capital Ratio #2
Total
Assets
Capital
Net
Premiums
Net
Income
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Major Rating Factors: Poor capitalization (0.5 on a scale of 0 to 10) based on weak risk adjusted capital (moderate loss scenario). Low quality investment portfolio (0.8) containing large holdings of BBB rated bonds in addition to junk bond exposure equal to 94% of capital. Weak profitability (1.9). Excellent expense controls. Return on equity has been low, averaging -13.6%.
Other Rating Factors: Weak overall results on stability tests (0.5) including weak risk adjusted capital in prior years and negative cash flow from operations for 2022. Excellent Liquidity (10.0).
Stability Factors: C - Past results on our Risk-Adjusted Capital tests. F - Negative cash flow. I - Past results on our Investment Safety Index. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: --
Licensed in: All states except ME, NY
Investments
Invested Assets
Cash
CMO & Structured Securities
Other Investment Grade Bonds
Non-Investment Grade Bonds
Common & Preferred Stock
Mortgages in Good Standing
Non-Performing Mortgages
Real Estate
Other Investments
Investments in Affiliates
Corporate Info
Group Affiliation
Nassau Reinsurance Group Holdings LP
Investment Rating
--
Company Address
One American Row
Hartford, CT 6103
Phone Number
(860) 403-5000
NAIC Number
93548
Largest Affiliates
D
East Greenbush, NY - L&A
D
Hartford, CT - L&A
D
Overland Park, KS - L&A
Weiss Ratings