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

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.

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