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.

  • $73.4 B Gross Life Insurance In Force
  • $5.2 B Annuity Funds Under Management
  • 473,000 Policies and Contracts
  • 17,500 Licensed Agents
As of 12/31/19 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.
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.


$19.8 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 62%
Assets of consolidated investment entities 17%
Policy loans 12%
Mortgage Loans 3%
Cash & cash equivalents 2%
Limited partnerships & other investments 2%
Available-for-sale equity securities <1%
Fair value investments <1%
Derivative instruments <1%
Short-term investments 0%
As of 12/31/19 and includes the consolidated results of Nassau Re.
$18.4 B

Statutory

Assets

$17.6 B

Statutory Reserves &

Other Liabilities

$770.7 M

Statutory Surplus &

Asset Valuation Reserve

104.4%

Solvency

Ratio

As of 12/31/19 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 core life insurance subsidiaries in May 2019 and revised its outlook in November as it monitors the impact of a pending acquisition.

Fitch assigned initial ratings in August 2019 and assigned a stable outlook.

AM Best Fitch
Rating B+ BB+
Outlook Negative Stable
Most Recent Action November 7, 2019 August 15, 2019
Ranking 6th of 13 ratings levels 11th of 19 ratings levels

AM Best ratings apply to: Nassau Life Insurance Company, Nassau Life and Annuity Company, Nassau Life Insurance Company of Texas and Nassau Life Insurance Company of Kansas. Fitch ratings apply to Nassau Life and Annuity Company and Nassau Life Insurance Company. Ratings are current as of November 7, 2019. Ratings are a third-party measure of an insurer’s claims-paying ability. Ratings refer only to the financial overview of the company and are not a recommendation of specific policy provisions, rates, or practices of the insurance company. 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 2019

  NNY 2018

  PLIC 2017

PHL Variable Insurance Company

  PHL 2019

  PHL 2018

  PHL 2017

Nassau Life and Annuity Company

  NLA 2019

  NLA 2018

  PLAC 2017

Nassau Life Insurance Company of Texas

  NTX 2019

  CLIC 2018

  CLIC 2017

Nassau Life Insurance Company of Kansas

  NKS 2019

  PYR 2018

  PYR 2017

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.
Nassau Life Insurance Company of Texas was formerly named Constitution Life Insurance Company.
Nassau Life Insurance Company of Kansas was formerly named The Pyramid Life Insurance Company.