AM Best has reaffirmed the strong financial standing of Highmark Inc. and its subsidiaries, assigning a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent), both with a stable outlook. This recognition extends to Highmark’s life and health insurance businesses as well as its dental subsidiaries operating under the United Concordia brand. In addition, AM Best has maintained the “a” (Excellent) rating on Highmark’s existing senior unsecured notes, underscoring confidence in the company’s financial stability and strategic direction.
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The ratings reflect Highmark’s balance sheet strength, supported by its strongest level of risk-adjusted capitalization, consistent investment portfolio, and moderate financial leverage. Highmark’s investments remain largely in investment-grade fixed income, backed by equities, alternative assets, and cash reserves. The organization continues to conduct stress testing and capital modeling to ensure financial flexibility and resilience. Despite industry-wide challenges in 2024 that affected earnings, Highmark has maintained steady premium growth, reporting an 8% rise in direct premiums. However, a decline in net premiums written was noted due to a new reinsurance agreement.
Highmark’s diverse portfolio spans Blue Cross Blue Shield-branded products, stop-loss coverage, dental insurance, and technology services offered through its enGen platform. Its geographic reach extends across Pennsylvania, West Virginia, Delaware, and parts of New York, while its integration with Allegheny Health Network strengthens its delivery system in Western Pennsylvania. The company’s comprehensive enterprise risk management program also plays a central role in guiding strategy and capital deployment.
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United Concordia, Highmark’s dental subsidiary, also maintained an A (Excellent) rating, reflecting its very strong balance sheet, stable operating performance, and strategic importance to the group. Serving more than 10 million members, United Concordia has continued to grow through government contracts, network leasing, and administrative services agreements. Its role in providing dental coverage for military programs such as TRICARE further highlights its contribution to Highmark’s overall business diversification.
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Highmark Health, the parent organization, reported $29.4 billion in revenues in 2024, with more than 80% derived from insurance operations. Together, Highmark Inc. and United Concordia remain well-positioned to sustain financial strength, deliver stability to policyholders, and expand their presence across both health and dental markets.
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