KUALA LUMPUR, March 25 (Bernama) -- A.M. Best has affirmed the
financial strength rating of B++ (Good) and the issuer credit rating of
"bbb" for Partners Life Limited (Partners Life) in New Zealand.
The outlook for both ratings was stable, said A.M. Best in a statement issued today in Singapore.
The rating affirmations reflect Partners Life's adequate balance sheet strength and good business profile in the New Zealand life insurance industry's adviser channel.
The ratings also assume that Partners Life will take necessary steps to ensure that new requirements under Reserve Bank of New Zealand's "Solvency Standard for Life Insurance Business 2014" will not result in material increases to the company's solvency capital requirement.
As evaluated by Best's Capital Adequacy Ratio (BCAR), Partners Life is holding a moderate amount of capital over its local regulatory capital requirement. The company's risk-based capitalization is supported by its reinsurance arrangement and conservative investments.
Over its first four years of operation, Partners Life has been recognized as the fastest-growing life insurer in New Zealand.
For the 12-month period ending Sept 30, 2014, Partners Life continued to maintain its status as one of the market leaders in new business production, capturing a market share of over 15 percent (second only to the largest life insurer in New Zealand).
Partially offsetting these positive rating factors are the company's capital-intensive operating model, relatively small in-force portfolio and high reinsurance leverage.
--BERNAMA
The outlook for both ratings was stable, said A.M. Best in a statement issued today in Singapore.
The rating affirmations reflect Partners Life's adequate balance sheet strength and good business profile in the New Zealand life insurance industry's adviser channel.
The ratings also assume that Partners Life will take necessary steps to ensure that new requirements under Reserve Bank of New Zealand's "Solvency Standard for Life Insurance Business 2014" will not result in material increases to the company's solvency capital requirement.
As evaluated by Best's Capital Adequacy Ratio (BCAR), Partners Life is holding a moderate amount of capital over its local regulatory capital requirement. The company's risk-based capitalization is supported by its reinsurance arrangement and conservative investments.
Over its first four years of operation, Partners Life has been recognized as the fastest-growing life insurer in New Zealand.
For the 12-month period ending Sept 30, 2014, Partners Life continued to maintain its status as one of the market leaders in new business production, capturing a market share of over 15 percent (second only to the largest life insurer in New Zealand).
Partially offsetting these positive rating factors are the company's capital-intensive operating model, relatively small in-force portfolio and high reinsurance leverage.
--BERNAMA
http://www.bernama.com/bernama/v8/newsindex.php?id=1120294
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