OKLAHOMA – Oklahoma Farm Bureau (OKFB) Insurance continues to prove its stability and efficiency. A.M. Best Rating Services Inc.*, a global credit rating service that specializes in insurance, upgraded OKFB’s Long-Term Issuer Credit Rating (Long-Term ICR) as bbb+ (Good) from a “bbb” and affirmed the Financial Strength Rating (FSR) of a B++. The outlook for the Long-Term ICR has been revised to stable from positive while the FSR outlook is stable. These Credit Ratings reflect OKFB’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
OKFB Insurance is the first U.S. company to get four full upgrades and two outlook changes in less than 10 years. The recent ratings prove OKFB’s long-standing stability and continued progress in the industry. In 2021, the company was impacted by four storms that tempered overall earnings and resulted in its combined ratio being modestly above break-even for the first time in eight years. Nevertheless, operating performance remains well-positioned within the adequate assessment range.
“I am extremely proud of the hard work and dedication of our company and the progress we have made in the past six years,” said Gary Buckner, executive vice president and general manager of OKFB Insurance. “We look forward to continued financial improvement so we can focus on providing insurance products and services that protect our friends and neighbors across the state.”
Past credit reports cited that OKFB Insurance management’s aggressive actions in overall risk management and exposure have resulted in consistent and stable operating results, which is the main driver to the rating upgrades and review in outlook performance.
For more information on A.M. Best Rating Services, Inc. Financial Strength Ratings methodology, visit www.ambest.com/home/ratings.aspx.
*Oklahoma Farm Bureau Insurance has no input in the rating methodologies used by A.M. Best Rating Services, Inc.
About Oklahoma Farm Bureau Insurance
Since 1946, OKFB Insurance has worked to protect Oklahomans from the risks they face every day, whether it be home, auto, life, commercial or farm & ranch. With agents in all 77 counties, we are ready to serve our neighbors at a moment’s notice and are committed to helping our 140,000+ member families to insure their future. To learn more, visit http://okfbinsurance.com.