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 (PHLVIC). 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.

  • $81.6 B Gross Life Insurance In Force
  • $5.3 B Annuity Funds Under Management
  • 365,000 Policies and Contracts
  • 10,000 Licensed Agents
As of December 31, 2017 and includes the combined results of
Nassau Life and Annuity Company, Nassau Life Insurance Company, and PHL Variable Insurance Company (PHLVIC)
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.


$15.7 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 74%
Policy loans 15%
Limited partnerships & other investments 4%
Cash & cash equivalents 2%
Available-for-sale equity securities 1%
Mortgage Loans 1%
Other 1%
Short-term investments <1%
Derivative instruments <1%
Fair value investments <1%
$18.5 B

Statutory

Assets

$17.8B

Statutory Reserves &

Other Liabilities

$804.0M

Statutory Surplus &

Asset Valuation Reserve

103.6%

Solvency

Ratio

As of June 30, 2018 and includes the combined results of
Nassau Life and Annuity Company, Nassau Life Insurance Company, and PHL Variable Insurance Company (PHLVIC).
Solvency Ratio equals total statutory assets divided by total statutory liabilities for combined results of these three companies.

Ratings

A.M. Best affirmed its ratings of our life insurance subsidiaries and maintained a stable outlook on March 29, 2018. A.M. Best said it expects a general improvement in our operating performance over the medium-term.

S&P upgraded ratings for Phoenix Life Insurance Company (now named Nassau Life Insurance Company) and PHL Variable to BB on August 25, 2017 and assigned a stable outlook. These actions reflect a favorable view of the progress Phoenix has made on our business and financial plans.

A.M. Best S&P
Rating B BB
Outlook Stable Stable
Most Recent Action March 29, 2018 August 25, 2017
Ranking 7th of 14 ratings levels 12th of 22 ratings levels

A.M. Best ratings apply to all Nassau Re insurance subsidiaries: Phoenix Life Insurance Company (now named Nassau Life Insurance Company), PHL Variable Insurance Company, Phoenix Life and Annuity Company (now named Nassau Life and Annuity Company), Constitution Life Insurance Company and The Pyramid Life Insurance Company. S&P ratings apply to Phoenix Life Insurance Company and PHL Variable Insurance Company. Ratings are current as of March 29, 2018. 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

  PLIC 2018 Q3

  PLIC 2018 Q2

  PLIC 2018 Q1

  PLIC 2017

  PLIC 2016

  PLIC 2015

PHL Variable Insurance Company

  PHLVIC 2018 Q3

  PHLVIC 2018 Q2

  PHLVIC 2018 Q1

  PHLVIC 2017

  PHLVIC 2016

  PHLVIC 2015

Nassau Life and Annuity Company

  NLA 2018 Q3

  PLAC 2018 Q2

  PLAC 2018 Q1

  PLAC 2017

  PLAC 2016

  PLAC 2015

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.