Asteron Life has received a Fitch Ratings upgrade following Nippon Life’s global acquisition of its parent company Resolution Life.
Asteron Life says Fitch Ratings has upgraded its Financial Strength Rating from ‘A’ to ‘A+’, reflecting “…strengthened support and confidence following Nippon Life Insurance Company’s (‘AA-’ IFS/Stable) global acquisition of Resolution Life.
The New Zealand company says Fitch’s decision to upgrade Asteron Life’s ratings “…recognises the company’s strategic importance within the Nippon Life Group. The agency views all of Resolution Life’s subsidiaries as “Very Important” to Nippon Life and believes the group has both the ability and willingness to provide support to its entities globally.”
Nippon Life, Japan’s largest life insurer, significantly expands its presence in the Australian and New Zealand life insurance markets through this global acquisition.
“The transaction underscores Nippon Life’s long-term commitment to the region and further strengthens Asteron Life’s position as a trusted provider of life insurance solutions.”
Grant Willis, Asteron Life CEO, says the company is pleased with Fitch’s recognition of “…our financial position, and their continued confidence in our business. As part of the Nippon Life Group, Asteron Life is well positioned to continue delivering stability, security, and long-term value to our customers and partners.”
Resolution Life Australasia’s completion of the Asteron Life acquisition was announced in February this year (see: Resolution Life Completes Asteron Life Acquisition) while Nippon Life’s announced in December 2024 that it had agreed to acquire 100% of the shares of Resolution Life (see: Resolution Life Bought by Nippon Life).