AM Best Affirmed OneAmerica Financial Credit Ratings
The ratings agency maintained a stable outlook for the Indianapolis-based insurance company.
Updated on Sept. 30, 2026 in Corporate Finance
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AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Rating of aa- for American United Life Insurance Company and The State Life Insurance Company. The firm also affirmed the Long-Term Issuer Credit Rating of a- for OneAmerica Financial Partners, Inc., maintaining a stable outlook.
Why it matters
The ratings reflect OneAmerica's balance sheet strength, consistent operating performance, and established enterprise risk management. These indicators highlight the financial stability of the insurer as it continues to focus on long-term growth within its core business lines.
OneAmerica maintains $600 million in senior unsecured notes, comprised of $200 million at a 7% rate maturing in 2033 and $400 million at a 4.25% rate maturing in 2050. These obligations are supported by current levels of risk-adjusted capital and earnings.
The players
OneAmerica Financial Partners, Inc.
This Indianapolis-based financial services company provides life insurance, annuities, and retirement solutions.
AM Best
This global credit rating agency specializes in the insurance industry and provides financial strength assessments.
Voya Financial Inc.
This retirement, investment, and insurance company acquired the recordkeeping business from OneAmerica in 2025.
The details
The evaluation by AM Best is based on OneAmerica's balance sheet strength, measured by the Best's Capital Adequacy Ratio, and its overall business profile. Following a record-setting performance in 2025 and the sale of its recordkeeping division to Voya Financial Inc., the company continues to leverage product margins and investment income to maintain profitability.
Timeline
OneAmerica achieved record earnings and sold its recordkeeping business in 2025.
AM Best affirmed the credit ratings on September 30, 2026.
The insurer continued its profitability and earnings momentum through 2026.
A portion of senior unsecured notes totaling $200 million will mature in 2033.
The remaining $400 million in senior unsecured notes are scheduled to mature in 2050.
Market Dynamics
The rating affirmation aligns with broader industry requirements where firms must demonstrate solvency through standardized metrics like Best's Capital Adequacy Ratio. This positioning reflects a competitive trend toward consolidating core insurance offerings while divesting ancillary administrative units.
The affirmation of stable credit ratings provides assurance to stakeholders and noteholders regarding the company's ability to manage its $600 million debt load. Investors holding senior unsecured notes can rely on the sustained financial outlook as the company works toward long-term maturity dates in 2033 and 2050.
The takeaway
OneAmerica's stable outlook highlights the success of its strategic shift toward core insurance lines following recent divestitures. The company remains focused on maintaining strong capital reserves to support long-term obligations through 2050.
Further reading
For additional context on institutional financial health, visit Corporate Finance.
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