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), a subsidiary of EssilorLuxottica [EL: PA]. 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 rating affirmations reflect EIC’s very strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which has remained consistently supportive of the group’s overall balance sheet strength assessment. This is supported by the company’s strong operating performance and prudent capital management practices, despite dividends to the parent organization. Furthermore, the balance sheet strength assessment takes into consideration EIC’s dependence on reinsurance programs and the history of dividend payments to its parent. AM Best views the company’s investment portfolio to be highly liquid with a focus only on cash and cash and cash equivalents securities. The company’s liquidity measures remain stable for the current ratings through 2025.

AM Best assesses EIC’s operating performance as adequate. EIC has a history of strong and stable operating performance and profitability measures that remain solid, albeit exhibiting a moderate level of volatility driven by utilization through 2025. EIC’s return-on-equity ratio has been solid and is expected to remain favorable in the near term. EIC has reported strong premium growth, a trend that is expected to continue in the near term. The ratings also reflect the organization’s established market presence and solid overall market share in the vision care space. Furthermore, EIC is strategically important to its parent, EssilorLuxottica’s, vertically integrated business model as its primary insurance entity. The ratings also consider EssilorLuxottica’s well-established global market presence and overall creditworthiness, which supports the insurance operations.

EssilorLuxottica is a key player in the U.S. managed vision care business through EyeMed Vision Care, LLC, with business from this entity and other health plans assumed by EIC. In addition, the ratings acknowledge EIC’s well-established ERM program with a fully developed risk management framework and committee structure.

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.

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