AM Best Affirms Strong Ratings for BMO Life Assurance Company

AM Best has affirmed the strong financial ratings of BMO Life Assurance Company, underscoring its solid balance sheet and operating performance. The company, situated in Toronto, underwrites various insurance products including life and annuity products and has maintained a stable outlook in its ratings. With strong long-term earnings growth and a focus on product diversification, BMOLAC has successfully completed its first international pension risk transfer, enhancing its revenue streams. However, the company faces competitive challenges in Canada's insurance market, requiring effective strategies to prolong asset duration and manage longevity risks.