AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of “a+” (Excellent) of the US life/health subsidiaries of Bermudian-based Aegon Ltd.

The agency said Aegon Ltd’s US L/H companies are Transamerica Life Insurance Company of Iowa, and Transamerica Financial Life Insurance Company of New York and referred to collectively as Aegon USA Group.

The outlook of these credit ratings is stable.

The ratings reflect Aegon USA’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.

Aegon Ltd, Aegon USA’s ultimate parent, announced on October 27 2022, that it had reached an agreement to sell its Dutch pension, life and non-life insurance, banking, and mortgage origination operations to ASR Nederland NV. The transaction closed on July 4 2023.

On September 30, Aegon Ltd’s extraordinary general meeting of shareholders approved its cross-border conversion into a Bermuda limited company.

The company was renamed to Aegon Ltd from Aegon NV and on October 1, the Bermuda Monetary Authority became Aegon Ltd’s group supervisor.