Partners Life’s Financial Strength Rating has been upgraded to A- (Excellent) from B++ (Good), by global credit rating agency AM Best.
The agency also upgraded the insurer’s Long-term Issuer Credit Rating to “a-” from “bbb+”. The outlook of these ratings is stable.
AM Best said the ratings were raised to reflect Partners Life’s ‘very strong’ balance sheet strength and its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Partners Life Managing Director, Naomi Ballantyne, says the credit rating upgrades reflect the company’s focus on sound financial management.
“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,” she said.
“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,” Ballantyne said.