Financial Strength

Strength and Stability

Keeping our promises since 1851

Nassau Re is headquartered in Hartford, Connecticut, and has three primary insurance company operating subsidiaries, Nassau Life and Annuity Company, Nassau Life Insurance Company, and PHL Variable Insurance Company. These insurance companies were part of The Phoenix Companies, Inc., which Nassau Re acquired in 2016. Since then, Nassau Re has contributed significant new equity capital to improve financial strength and liquidity and acquired two additional insurance companies.

  • $77.4 B Gross Life Insurance In Force
  • $5.0 B Annuity Funds Under Management
  • 486,000 Policies and Contracts
  • 10,000 Licensed Agents
As of 12/31/18 and includes the combined results of
Nassau Life and Annuity Company, Nassau Life Insurance Company, PHL Variable Insurance Company,
Nassau Life Insurance Company of Texas and Nassau Life Insurance Company of Kansas.
Trading Floor

Rapid changes in the global markets and economy pose many challenges for individuals trying to plan for the future on their own. Our investment management team maintains a strong and well-diversified portfolio backing insurance claims and securing reliable retirement income.


$17.9 B Total GAAP Invested Assets

Our insurance companies’ investment portfolio is well diversified and liquid with below investment grade bonds remaining within the company’s target range of 6-10%, bond impairments below long-term averages and significant unrealized gains.

Category Allocation
Bonds 65%
Policy loans 13%
Assets of consolidated investment entities 12%
Limited partnerships & other investments 4%
Mortgage Loans 2%
Cash & cash equivalents 2%
Available-for-sale equity securities 1%
Fair value investments 1%
Short-term investments <1%
Derivative instruments <1%
As of 12/31/18 and includes the consolidated results of Nassau Re.
$18.6 B

Statutory

Assets

$17.7 B

Statutory Reserves &

Other Liabilities

$887.5 M

Statutory Surplus &

Asset Valuation Reserve

105.0%

Solvency

Ratio

As of 3/31/19 and includes the combined results of
Nassau Life and Annuity Company, Nassau Life Insurance Company, PHL Variable Insurance Company,
Nassau Life Insurance Company of Texas and Nassau Life Insurance Company of Kansas.
Solvency Ratio equals total statutory assets divided by total statutory liabilities for combined results of these five companies.

Ratings

AM Best upgraded its ratings of our life insurance subsidiaries and maintained a stable outlook on May 1, 2019. AM Best said it expects a general improvement in our operating performance over the medium-term.

S&P affirmed the rating for Nassau Life Insurance Company on June 27, 2019 and assigned a negative outlook.

AM Best S&P
Rating B+ BB
Outlook Stable Negative
Most Recent Action May 1, 2019 June 27, 2019
Ranking 6th of 13 ratings levels 12th of 22 ratings levels

AM Best ratings apply to all Nassau Re insurance subsidiaries: Nassau Life Insurance Company, PHL Variable Insurance Company, Nassau Life and Annuity Company, Nassau Life Insurance Company of Texas and Nassau Life Insurance Company of Kansas. S&P ratings apply to Nassau Life Insurance Company and PHL Variable Insurance Company. Ratings are current as of May 1, 2019. Ratings are a third-party measure of an insurer’s claims-paying ability. They do not indicate or guarantee any variable annuity or variable universal portfolio’s credit rating or performance.

Statutory Statements

Nassau Life Insurance Company

  NNY Q2 2019

  NNY Q1 2019

  NNY 2018

  PLIC 2017

  PLIC 2016

PHL Variable Insurance Company

  PHL Q2 2019

  PHL Q1 2019

  PHL 2018

  PHL 2017

  PHL 2016

Nassau Life and Annuity Company

  NLA Q2 2019

  NLA Q1 2019

  NLA 2018

  PLAC 2017

  PLAC 2016

Note: Nassau Life and Annuity Company was formerly named Phoenix Life and Annuity Company.
Nassau Life Insurance Company was formerly named Phoenix Life Insurance Company.