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: Monday, August 2nd, 7:27AM

Insurance

rss
Latest Headlines

Cigna retains strong AM Best financial rating

A "very strong" balance sheet and "stable outlook" has seen AM Best reaffirm its Financial Strength Rating for Cigna New Zealand.

Tuesday, March 30th 2021, 10:53AM

Cigna's Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a” with stable outlooks, remains unchanged from last year's assessment.

Cigna New Zealand chief financial officer Mark Schollum says Cigna is pleased the rating has remained unchanged.

“This is confirmation of Cigna’s strong balance sheet, the underlying long-term sustainability of our business and our strong global backing,” Schollum says.

“At Cigna, we’re committed to being here for our customers not only now but in the long-term. Having this continued confidence in our business should be reassuring to our advisers and customers in these uncertain times.”

AM Best is a United States-based global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

In its rating report, AM Best states, "Cigna has strong earnings and dividends from the group’s insurance entities".

"These have helped bolster holding company metrics, such as interest coverage and reduction of outstanding debt...and Cigna’s insurance subsidiaries have consistently provided cash flow upstream in the form of dividends, which have been growing each of the past two years, given favourable operating results.

"Cigna Life & Health Group reported strong earnings again in 2020, supported by lower utilization in the face of the Covid-19 pandemic, with the organization also consistently reporting strong double-digit profitability ratios," the report states.

AM Best goes on to say the ratings of Cigna Life Insurance New Zealand Limited (CLINZ) "reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.

"Furthermore, the ratings of CLINZ factor in rating enhancement from the Cigna group. This reflects integration and ownership from Cigna group and AM Best’s expectation that the group would provide capital support if required.

"CLINZ ranks among the largest life insurance companies in New Zealand, benefiting from a multichannel distribution approach. While the company accounts for a small component of the Cigna group’s consolidated revenues and earnings, it is viewed as significant to the group’s operations in the Asia-Pacific region."

Tags: AM Best Cigna Life insurance Ratings

« Wealthpoints adds expanded general insurance offeringCigna unveils significant changes »

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

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.

ICNZ launches te reo Maori title
The Insurance Council of New Zealand has embraced one of the country's official languages after launching its te reo Maori name - Te Kāhui Inihua o Aotearoa.

EQC offloads disaster claim management to Kiwi insurers
From the end of June, New Zealanders will have a single point of contact for natural disaster claims with the EQC handing over management of claims to eight local insurers.

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