tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, August 4th, 2:56PM

Insurance

rss
Latest Headlines

(Nearly) top marks for Fidelity Life

The life insurance firm have had its A- rating confirmed for the 25th year on the trot.

Tuesday, January 26th 2021, 11:01AM

The ratings agency AM Best also confirmed Fidelity Life’s long-term issuer credit rating of A- and stated the outlook for both ratings was stable.

Digging down to the specifics, AM Best categorised Fidelity Life’s balance sheet as very strong, with adequate operating performance, neutral business profile and appropriate enterprise risk management.

AM Best is one of three ratings agencies (alongside Standard & Poors and Fitch) that offer financial strength ratings to New Zealand operators. The Insurance (Prudential Supervision) Act 2010 requires all insurers to get a financial strength rating, assessed annually with a site visit, or virtual site visit, and the rating agencies have a duty to review the ratings on a continual basis.

Fidelity Life chief financial officer Simon Pennington says: “These ratings are about providing customers and their advisers with comfort that we’ll keep delivering on our promise to customers at claim time. As a New Zealand owned firm, we’re really proud we’ve held our A- (Excellent) financial strength rating consistently since 1996.”

AM Best ratings also most recently awarded Partners Life an A- rating; Standard & Fitch most recently rated AMP Life A-, with Westpac Life and Asteron Life gaining A+. AIA has an AA rating from Fitch.

Insurers who are rated with these measures need to comply with provisions set by section 6 of the act; including information about overseas policyholder preference, and disclosure of the current ratings before entering into or renewing an insurance contract.

Tags: AM Best Fidelity Life

« [Opinion] Embracing change key to supporting adviceAIA new cancer health product introduced »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Tower hits the water with boat insurance offering
Tower Insurance has announced it will now be offering boat insurance policies online. 

$10k scholarship for insurance professionals opens
Submissions are now open for a scholarship designed to support the professional growth and development of insurance industry practitioners in New Zealand.

Flood claims cost almost $45 million
Insurance customers in the Canterbury region lodged 3,538 claims costing over $43.8 million in losses following the May 29 - June 1 floods according to provisional figures released by the Insurance Council of New Zealand (ICNZ).

AIA Vitality partners with Countdown and New Balance
AIA NZ has announced further enhancements to AIA Vitality in the lead up to the second anniversary of its flagship health and wellbeing programme in New Zealand.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x