S&P Global Ratings' ratings on OneAmerica Financial Partners Inc. and its operating subsidiaries (collectively, OneAmerica) reflects the group's leading market position in combination products that link life insurance or annuities with long-term care (LTC) insurance through its niche care solutions business. OneAmerica's credit profile also reflects our view that its product offerings are low-risk supported by a lack of significant exposure to insurance products with secondary guarantees. It has extremely strong capital with 'AAA' capital adequacy per our RBC model, adequate financial flexibility with strong fixed-charge coverage, and an intermediate risk position based on a diversified investment portfolio. We consider its ERM framework strong due to our positive views of its risk-management culture, risk controls, and strategic risk management. The
