Financial
Financial strength and backing for the future
Financial strength and backing for the future
Financial strength
Part of the Constellation Insurance family of companies
- Maintaining a strong balance sheet
- Practicing disciplined financial management
- Taking a long-term approach to deliver on our commitments
- Earning strong ratings from independent rating agencies
Balance sheet strength
Our financial strength allows us to fulfill our commitment to our policyholders now and for generations to come.
12/31/22
$2.69B
$1.93B
$34.7B
Assets under management3
$2.52B
Total GAAP equity excluding AOCI4
1 Consolidated statutory surplus and AVR (without duplication) of all insurance entities + Constellation Insurance, Inc. cash and investable assets
2 AuguStar Life Insurance Company (in 2022, The Ohio National Life Insurance Company)
3 Non-GAAP financial measure. Represents GAAP assets in addition to financial assets managed by Constellation.
4 Accumulated other comprehensive income
Revenue, assets and investments
12/31/2022
The following figures are for Constellation Insurance, Inc.:
OPERATING REVENUE
| 56.0% | Life insurance |
| 30.0% | Annuities |
| 12.0% | Latin America |
| 2.0% | Other |
DOMESTIC INVESTED ASSETS
| 43.6% | Public corporates |
| 14.5% | Private placements |
| 13.0% | Mortgage loans |
| 12.0% | Municipals |
| 11.7% | Structured product |
| 3.2% | Cash |
| 2.0% | Other |
INVESTMENT PORTFOLIO BOND QUALITY
| 57.1% | NAIC* 1 A1 to AAA |
| 39.6% | NAIC 2 BBB- to BBB+ |
| 3.0% | NAIC 3 BB- to BB+ |
| 0.2% | NAIC 4 B- to B+ |
| 0.1% | NAIC 5 & 6 D to CCC+ |
Ratings
We consistently earn high marks for financial security and claims paying ability from independent rating analysts.
A.M. Best
Financial strength: A
Outlook: Stable
Issuer credit rating: a+
Fitch
Financial strength: A-
Outlook: Stable
Issuer default rating: BBB
Moody’s
Financial strength: Baa1
Outlook: Stable
Unsecured debt rating: Ba1
1 A.M. Best Company: “A,” its third-highest ranking out of 16 categories. Fitch: “A-,“ its seventh-highest ranking on a 21-part scale. Moody’s: “Baa1,” its eight-highest ranking on a 21-part scale. All ratings information is according to reports published on: ambest.com/ratings, fitchratings.com, and moodys.com/insurance. Ratings are accurate as of 8-2023.
Our investors and partners
Constellation Insurance founding investors and equal partners, Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan Board (Ontario Teachers’), are two of the largest long-term institutional investors in North America.
Together, they manage a total of more than C$649 billion in net assets, including over C$139 billion in private capital investments. (As of December 31, 2022)
