AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Shenandoah Life Insurance Company (Roanoke, VA), SBLI USA Life Insurance Company, Inc. (New York, NY), Prosperity Life Assurance Limited (Bermuda) and S.USA Life Insurance Company, Inc. (Phoenix, AZ), following their completed acquisition by JAB Holding Company s.à.r.l. (JAB). The acquired companies are collectively referred to as Prosperity Life Group (Prosperity).

Concurrently, AM Best has removed from under review with developing implications and affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of National Western Life Insurance Company (NWL) (Phoenix, AZ), a subsidiary of S.USA Life Insurance Company, Inc. Lastly, AM Best has removed from under review with developing implications and affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Family Life Insurance Company (Family Life) (Houston, TX). The outlooks assigned to these Credit Ratings (ratings) is stable.

The ratings of Prosperity Life Group reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings of NWL reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.

The ratings of Family Life reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

The rating action for Prosperity Life Group and NWL follows the Sept. 5, 2025, announcement that JAB has completed its acquisition of these entities from Elliott Investment Management, a transaction that will add nearly $30 billion in assets to JAB. There are plans to further strengthen Prosperity's insurance business and position it for long-term growth, developing it into a strategic foundational part of JAB’s insurance business as it builds a global life insurance platform in the United States. The ratings also reflect anticipated implicit support if needed from the new parent company, JAB, which includes making necessary investments in operational and talent capabilities to further strengthen existing plans for distributing across banks and financial institutions. The stable outlooks assigned reflect AM Best’s expectation that Prosperity will maintain its balance sheet strength assessment, with improving operating performance metrics and the ability to also leverage its improved ERM program. AM Best assesses Prosperity’s risk-adjusted capitalization at the strongest level currently, as measured by Best's Capital Adequacy Ratio (BCAR). The company also plans to add new products to its current offerings as part of its on-going growth strategy.

JAB is fully supportive of Prosperity’s existing plans to continue providing accumulation and protection products, which include income annuities, fixed index annuities and indexed life products. Prosperity also plans to enter the pension risk transfer market as a direct writer. JAB has a balanced and prudent, risk-based approach to growth, focused mainly on balance sheet strength and diversification. AM Best will continue to monitor Prosperity’s future capitalization against its growth initiatives, and its strategic importance and overall earnings contribution to JAB.

Family Life was purchased separately as a shell with no assets in July 2024 from Manhattan Insurance Group, a deal that closed in April 2025; JAB will utilize this shell in some capacity within its newly formed insurance group. Family Life also allows jurisdictional and brand flexibility for differentiation across markets. There are proposed plans to further strengthen the overall insurance business and position it for long-term growth, also becoming a strategic foundation of the overall JAB insurance business. The ratings also reflect anticipated implicit support if needed from the new parent company and further strengthen existing plans through reinsurance and direct writing of insurance.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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