AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ) and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Repwest Insurance Company (Repwest) (Phoenix, AZ). The outlook of these Credit Ratings (ratings) is stable. These companies are owned by the group’s ultimate parent, U-Haul Holding Company [NYSE: UHAL, UHAL.B], which is also the parent of U-Haul International, Inc. (U-Haul), North America’s leading “do-it-yourself” household moving and self-storage operator.

The ratings of Oxford Group reflect the group’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).

Oxford Group’s ratings are supported by the group’s risk-adjusted capitalization, which AM Best considers to be at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). However, due to the significant increase in annuities, interest sensitive reserves have become a larger portion of Oxford Group’s overall reserves (85% as of 2025), and the group is seeing more significant risk charges that have constrained BCAR scores somewhat over the past five years. The ratings also reflect Oxford Group’s generally high-quality investment portfolio with limited exposure to Schedule BA assets, below investment grade bonds and investment real estate. Investment risk is offset partially by a high allocation to mortgage loans on self-storage facilities. However, to date, these loans perform well with reasonable loan-to-value ratios and debt service coverage ratios. Pre-tax operating gains continue to be fueled by consistent and increasing net investment income historically offsetting underwriting losses. Oxford Group is a multi-state, multi-line writer offering multi-year guaranteed annuities, fixed indexed annuities, and single-premium whole life products.

The revision of the outlooks to stable from negative reflects Oxford Group’s clean audit report as of Dec. 31, 2025, and further reflects AM Best’s expectation that Oxford Group’s rating fundamentals will remain unchanged over the intermediate term. The overall balance sheet strength assessment is expected to remain at the very strong level, underpinned by risk-adjusted capitalization at the strongest level, as measured by BCAR. Operating performance is expected to remain adequate as the group grows in key business lines.

The ratings of Repwest reflect the company’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM.

Repwest’s ratings are underpinned by the company’s risk-adjusted capitalization, which AM Best considers to be at the strongest level, as measured by BCAR, organic surplus growth through consistent underwriting performance, solid net investment income and favorably trending leverage. These positive factors are offset by a slight concentration in excess workers’ compensation (currently decreasing and in runoff). Repwest provides property and casualty insurance products to U-Haul, offering protection against risks associated with moving, transportation and storage, including damage to rental equipment, cargo and stored property.

The stable outlooks reflect AM Best’s expectation that Repwest will maintain its overall balance sheet strength assessment, underpinned by risk-adjusted capitalization at the strongest level, as measured by BCAR, as the company continues to deliver favorable operating performance in the near term.

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 www.ambest.com.

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