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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Gleaner Life Insurance Society

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Gleaner Life Insurance Society (Gleaner) (Adrian, MI). The outlooks assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Gleaner’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management (ERM).

AM Best’s removal of Gleaner’s ratings from under review with developing implications status was driven by the stabilization of its management team, the company’s results as filed in annual 2024 and first quarter of 2025 financial statements, and its re-evaluated and reorganized ERM program. The stable outlooks reflect AM Best’s expectation that Gleaner will maintain its balance sheet strength assessment, with improving operating performance metrics and the ability to leverage its improved ERM program.

Gleaner’s balance sheet strength assessment is driven by its risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), which is assessed as very strong at year-end 2024. Invested assets have consisted of high-quality fixed-income securities, with some weight of the investment portfolio allocated in private placements. However, Gleaner’s allocation has come down in recent years in favor of Schedule BA assets, common stock and mortgage loans. The company continues to highly utilize reinsurance including a new treaty in 2024, which exposes the company to elevated counterparty risks.

In 2024, the company reported its largest operating loss year over the past five years due largely to issues regarding one-time items and adjustments. Looking forward, the company is projecting breakeven or small operating gains over the next few years as it focuses on its core business. The company’s net investment yields are most influenced by bond yields, which are the largest portion of Gleaner’s invested assets. Direct and net premium growth has been volatile over the past few years and continued through 2025 with Gleaner’s exit of one annuity product in the second half of 2024 that impacted comparative year-over-year direct results.

Additionally, Gleaner has revised its traditional ERM program to focus specifically on the refinement of its governance processes, under which changes by prior leadership led to risk exposures related to distribution weakness in its annuity line of business. As the group moves forward and looks to execute its business strategy, senior leadership has reinvigorated internal risk reviews across financial, operational and compliance areas.

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.

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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