Financial News

AM Best Affirms Credit Ratings of EyeMed Insurance Company

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of EyeMed Insurance Company (EIC) (Phoenix, AZ). The outlook of these Credit Ratings (ratings) is stable.

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

The ratings also reflect the very strong and improved risk-adjusted capitalization year over year in 2023, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s balance sheet strength assessment is enhanced by solid liquidity measures. The ratings also take into consideration the organization’s dependence on reinsurance programs and history of dividend payments as slightly offsetting balance sheet components.

EIC reported consistent solid operating performance through the third quarter of 2023. The company has reported ongoing exceptional profitability metrics, with its three-year average return-on-equity ratio well into the high double-digit range, and EIC continues to outperform its peer composite. Furthermore, the company continues to experience strong premium revenue growth, reflective of EIC’s favorable brand recognition and affiliation with EyeMed Vision Care, LLC (EMVC), as well as that of its ultimate parent, EssilorLuxottica.

The ratings also reflect the organization’s established market presence and solid overall market share in the vision care space. EIC is strategically important to EssilorLuxottica as its primary insurance operating entity. EssilorLuxottica is a key player in the U.S. managed vision care business through EIC and EMVC, with business primarily assumed from other health insurance plans and written directly with employer groups. The ratings of EIC receive enhancement from its ultimate parent, which has well-established global presence and favorable creditworthiness that supports the insurance operations.

Finally, the ratings also acknowledge EIC’s well-established ERM program with a fully developed risk governance, framework, processes and committee structures.

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

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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