Rating agency AM Best has upgraded New Zealand life insurer Partners Life’s Financial Strength Rating from B++ (Good) to A- (Excellent).
It also upgraded Partners Life’s Long-term Issuer Credit Rating to “a-” from “bbb+”. The outlook of these ratings is stable.
AM Best said the ratings reflect Partners Life’s balance sheet strength, which it categorises as very strong, as well as Partners Life’s adequate operating performance, neutral business profile and appropriate enterprise risk management.
“The upgrades to Partners Life’s credit ratings reflect our focus on sound financial management,” says Partners Life Managing Director Naomi Ballantyne.
“Excellent financial management is crucial for a life insurer because we need to be there for individuals, families and New Zealand businesses when claims are made.
“That’s why we are extremely pleased to receive this acknowledgement of the strength of our business.
“Since Partners Life was founded in 2010 we’ve grown strongly, reflecting our value proposition for New Zealanders and have helped protect many Kiwi families and businesses by focusing on innovating and developing market-leading products that deliver value to our customers.”
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