AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Allina Health and Aetna Insurance Company (Allina Health) (St. Louis Park, MN). Allina Health is a joint venture subsidiary of Aetna, Inc. The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect Allina Health’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile, appropriate enterprise risk management and the support of the Aetna organization.

The ratings reflect Allina Health’s adequate balance sheet strength assessment, which is supported by its risk-adjusted capitalization at the adequate level, as measured by Best’s Capital Adequacy Ratio (BCAR). While Allina Health reported an underwriting loss in 2025, it was a marked improvement compared to the prior year. Through the first half of 2026, underwriting results have improved significantly. Historically, the company has reported net losses that have been driven by the amortization of the intangible asset, which is expected to end in 2026, after which earnings should stabilize.

Allina Health’s business profile is assessed as limited. Allina Health writes exclusively in Minnesota and premiums continue to be concentrated in the Medicare Advantage product. Aetna has a long history of supporting its subsidiaries and joint ventures through capital contributions and has provided capital contributions in four of the last five years, totaling more than $60 million. AM Best expects Aetna to continue to provide support to Allina Health, should it be needed.

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.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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