AM Best Assigns Credit Ratings to Symphonix Health Insurance, Inc., a UnitedHealthcare Company
January 21 2020 - 3:31PM
Business Wire
AM Best has assigned a Financial Strength Rating of A
(Excellent) and a Long-Term Issuer Credit Rating of “a+” to
Symphonix Health Insurance, Inc. (Symphonix Health) (Schaumburg,
IL), a subsidiary of UnitedHealth Group Incorporated (UnitedHealth
Group) [NYSE: UNH]. The outlook assigned to these Credit Ratings
(ratings) is positive.
The ratings reflect Symphonix Health’s balance sheet strength,
which AM Best categorizes as strong, as well as its strong
operating performance, very favorable business profile and very
strong enterprise risk management. The rating reflects the
strategic role Symphonix Health plays in UnitedHealthcare’s
business strategy to offer a diverse product portfolio nationwide,
as well as the implicit and explicit support of its parent,
UnitedHealth Group.
Symphonix Health recently grew its product portfolio to
emphasize Special Need Plans across 11 states. AM Best expects the
company to contribute favorably to the enrollment, premium revenue
and operating earnings of the UnitedHealthcare operations of
UnitedHealth Group.
The positive outlook reflects the overall favorable operating
performance trend of the UnitedHealthcare’s core insurance
subsidiaries, including Symphonix Health.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see AM
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Guide to Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and AM Best press releases, please view Guide
for Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in New York, London,
Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more
information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Bridget Maehr Associate Director +1 908 439
2200, ext. 5321 bridget.maehr@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Sally Rosen Senior Director +1 908 439 2200,
ext. 5280 sally.rosen@ambest.com
Jim Peavy Director, Public Relations +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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