AM Best Affirmed Credit Ratings for OneAmerica Group
Indianapolis-based OneAmerica maintains stable outlook as it shifts focus toward its core insurance business.
Updated on Sept. 30, 2026 in Corporate Finance
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AM Best affirmed the A+ Financial Strength Rating for core OneAmerica Group subsidiaries, citing robust balance sheet strength and high operating performance. The ratings outlook remains stable following a year where the company achieved record earnings.
Why it matters
The stable rating signals operational stability for the firm as it pivots toward its core lines following the 2025 divestiture of its recordkeeping unit to Voya Financial Inc.
AM Best affirmed an A+ Financial Strength Rating and aa- Long-Term Issuer Credit Rating for major units, reflecting the strength of the insurer's balance sheet. OneAmerica maintains $600 million in senior unsecured debt, including $200 million at 7% due in 2033 and $400 million at 4.25% due in 2050.
The players
OneAmerica Financial Partners, Inc.
An Indianapolis-based mutual insurance holding company providing life, disability, and retirement products.
AM Best
A global credit rating agency specializing in the insurance industry that evaluates balance sheet strength and operating performance.
Voya Financial Inc.
A retirement, investment, and insurance company that acquired OneAmerica's recordkeeping business in 2025.
The details
The ratings reflect OneAmerica's risk-adjusted capital position, measured by Best's Capital Adequacy Ratio, and its success in streamlining operations. Profitability is underpinned by consistent insurance experience, investment income, and ongoing transformation initiatives. These results follow the strategic divestment of the firm's recordkeeping business, allowing the company to concentrate resources on its core insurance products.
Timeline
September 30, 2026: AM Best affirmed OneAmerica credit ratings.
2025: OneAmerica achieved record earnings and sold its recordkeeping business.
2033: Maturity date for $200 million of 7% senior unsecured notes.
2050: Maturity date for $400 million of 4.25% senior unsecured notes.
Market Landscape
The affirmation of these credit ratings validates the firm's strategy of focusing on core insurance lines following the 2025 divestiture of its recordkeeping unit to Voya Financial. This shift aligns with broader industry trends where insurers are prioritizing capital efficiency over scale in non-core administrative segments.
Operators dealing with OneAmerica should note the stable credit outlook as a sign of continued financial health for long-term insurance and benefits contracts. Monitor future quarterly disclosures for any shifts in investment income as the company executes its growth plan for core businesses.
The takeaway
Maintaining a stable outlook after a major divestiture signals that the company's core margins remain robust. Operators should track the company's progress on its core growth plan through upcoming annual financial reports.
Further reading
For broader trends in firm strategy, visit Corporate Finance.
Source note: This article includes information reported by Ambest.
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