AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Blue Cross and Blue Shield of Florida, Inc. d/b/a Florida Blue, and its affiliates, Health Options, Inc., Capital Health Plan, Inc. (Tallahassee, FL) and Florida Health Care Plan, Inc. (Holly Hill, FL). These companies collectively are referred to as Blue Cross and Blue Shield of Florida Group. AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Florida Combined Life Insurance Company, Inc. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Triple-S Vida, Inc. (San Juan, PR) (TSV). Lastly, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of GuideWell Mutual Holding Corporation (GuideWell). The outlook of these Credit Ratings (ratings) is stable. All aforementioned companies are domiciled in Jacksonville, FL, unless otherwise specified.

The ratings of Blue Cross and Blue Shield of Florida Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The rating affirmations reflect Blue Cross and Blue Shield of Florida Group’s material market share in Florida, supported by the strong brand name recognition, a diversified distribution and strong operating performance. The group’s risk-adjusted capitalization is very strong, as measured by Best’s Capital Adequacy Ratio (BCAR). The group continues to benefit from additional financial flexibility from GuideWell and GuideWell Group, Inc. (GGI). The organization maintains dedicated assets at GGI to support risk-adjusted capitalization as necessary. The group has maintained favorable overall liquidity and has access to additional sources of operating liquidity, including access to a revolving credit facility at GuideWell and available credit facilities at the Federal Home Loan Bank of Atlanta for Florida Blue and Health Options, Inc. The operating profitability ratios remained favorable through 2024. Over the most recent five-year period, the group’s five-year return on equity averaged 18.0% and return on revenue was 3.2% in 2024. Total earnings declined in 2024 over the prior year end driven by an increase in medical utilization, partially offset by a prior-year restatement and final 2023 Affordable Care Act risk adjustment. Florida Blue reported favorable premium development in 2024 driven by increased membership that exceeded enrollment goals for the year.

The ratings of Florida Combined Life Insurance Company, Inc., reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

The rating affirmations consider Florida Combined Life Insurance Company, Inc. maintaining its strongest level of risk-adjusted capitalization, as measured by BCAR. Despite dividend payments to its parent, the company reported year-over-year capital growth through 2024 and continues to generate favorable operating results. The company provides product diversification offering Blue Cross Blue Shield-branded dental, life, and disability insurance products, providing the organization with supplemental products.

The ratings of TSV 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 affirmations reflect TSV’s very strong risk-adjusted capitalization, as measured by BCAR and improved operating results. TSV has reported a consistent trend of premium growth, and the company has remained profitable over the past five years. However, the company’s operating earnings have fluctuated. Operating and net earnings improved significantly in 2024 with a decline in the loss ratio and increased net investment income. TSV benefits from the financial and operating support of its ultimate parent, GuideWell.

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