AM Best Confirms EyeMed Insurance Company Credit Ratings – InsuranceNewsNet

The ratings reflect EIC’s strong balance sheet, which AM Best rates as very strong, as well as its adequate operating results, neutral business profile and appropriate enterprise risk management. The assessments take into account the strategic importance of EIC to EssilorLuxottica as well as the overall operational support provided by the parent company.

The ratings also reflect EIC’s very high risk-adjusted capitalization as measured by Best’s capital adequacy ratio (BCAR). The company’s balance sheet strength rating is enhanced by a highly liquid investment portfolio and solid liquidity measures. The ratings also take into account the company’s reliance on reinsurance programs and dividend payout history.

EIC reported continued favorable operating results in 2021 and the second part of 2022. Based on its five-year average return on equity, EIC continues to outperform its peers. Additionally, the company continues to experience strong premium growth, reflecting favorable brand recognition and affiliation EyeMed Vision Care, LLC, as well as its ultimate parent. The valuations also reflect the organization’s established market presence and solid overall market share in the vision care space. EIC is strategically important to EssilorLuxottica’s vertically integrated business model, as its main insurance operating entity. The ratings also receive an upgrade from EIC’s ultimate parent company EssilorLuxottica, a global market leader with a broad and well-established presence and overall favorable creditworthiness that supports insurance operations.

Copyright © 2023 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Jennifer Asamoah
Senior Financial Analyst

+1 908 439 2200, ext. 5203

[email protected]

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Joseph ZazeraMBA

Director

+1 908 439 2200, ext. 5797

[email protected]

Al Slavin
Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

[email protected]

Source: AM Best

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