SINGAPORE, Feb 5 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Pinnacle Life Limited (Pinnacle Life) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Pinnacle Life’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Pinnacle Life’s balance sheet strength assessment mainly reflects its large intangible assets (predominantly insurance contract assets), high reinsurance leverage and modest regulatory capital position. In addition, A.M. Best expects the company’s in-force portfolio to remain consistently profitable, based on a product portfolio that is expected to deliver high underlying margins. The claims experience and expense ratio have each improved in recent years. Although overall earnings have exhibited moderate volatility, this was driven mainly by discount rate movements.
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