In 2025, U.S. life/health insurance rating changes declined, with downgrades for Long-Term Issuer Credit Ratings dropping to 6.4%. Life/annuity insurers saw record premiums and surplus growth due to profitability, reinsurance, and yields. Health carriers remained well-capitalized but faced margin pressures from rising medical costs and regulatory concerns. Most rating actions were affirmations (81.3%), with upgrades driven by stronger balance sheets, performance, or structural changes.