AM Best Affirms Credit Ratings for American Family Mutual Insurance Company, S.I., Core Affiliates and American Family Life Insurance Company
OLDWICK, N.J., October 22, 2026--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) of American Family Mutual Insurance Company, S.I. (American Family) (Madison, WI) and its core affiliates. In addition, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of "a-" (Excellent) of the $70 million, 7.25%, 20-year surplus notes of NGM Insurance Company (Jacksonville, FL), an American Family affiliate. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of "a+" (Excellent) of American Family Life Insurance Company (AFLIC) (Madison, WI). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)
The ratings of American Family reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The ratings are supported by American Family's risk-adjusted capitalization, which AM Best considers to be at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Operating performance reflects significantly improved underwriting results in 2025, continued underwriting profitability through the first half of 2026 and steady investment income. American Family is a multistate, multiline writer. Its product and geographic mixes, as well as distribution channels have evolved through mergers, acquisitions and disposition activities over the last decade, which further supports the company's business profile assessment.
The ratings of AFLIC reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM.
AFLIC's risk-adjusted capitalization remains at the strongest level, as measured by BCAR. AFLIC has shown consistent profitability on operating and net income levels. American Family remains committed to support its life insurance operations, which provide diversification and a stream of earnings.
The FSR of A (Excellent) and the Long-Term ICRs of "a+" (Excellent) have been affirmed, with stable outlooks, for American Family Mutual Insurance Company, S.I. and its following core affiliates:
American Family Insurance Company
American Family Connect Insurance Company
American Family Connect Property and Casualty Insurance Company
American Standard Insurance Company of Ohio
American Standard Insurance Company of Wisconsin
Austin Mutual Insurance Company
Grain Dealers Mutual Insurance Company
Homesite Indemnity Company
Homesite Insurance Company of California
Homesite Insurance Company of Florida
Homesite Insurance Company of Georgia
Homesite Insurance Company of Illinois
Homesite Insurance Company of New York
Homesite Insurance Company of the Midwest
Homesite Insurance Company
Homesite Lloyd's of Texas
Main Street America Assurance Company
Main Street America Protection Insurance Company
Midvale Indemnity Company
MSA Insurance Company
NGM Insurance Company
Old Dominion Insurance Company
Spring Valley Mutual Insurance Company