KUALA LUMPUR, March 29 (Bernama) -- AM Best has upgraded New Zealand’s Partners Life Limited (Partners Life) Financial Strength Rating from B++ (good) to A- (excellent) and the Long-Term Issuer Credit Rating from ‘bbb+’ to ‘a-’.
The upgrades reflect an improvement in the company’s business profile as it has grown to become one of the top five largest life insurers in New Zealand, with a market share of approximately 10 per cent in 2018, based on in-force gross written premiums.
In a statement, AM Best has also revised the outlook of these credit ratings from positive to stable.
The ratings which reflect Partners Life’s balance sheet strength were categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The company’s product range includes term life, income protection, trauma, medical and disability insurance, with business expansion supported by its robust relationship with a large network comprising independent financial advisers in New Zealand.
AM Best also viewed Partners Life as having strong financial flexibility, as demonstrated by a track record of capital support from shareholders to enable high business growth over recent years.
AM Best is a global rating agency and information provider focusing on the insurance industry. For more information, contact www.ambest.com.
-- BERNAMA
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