Fidelity Life has received its 27th consecutive A- (Excellent) financial strength rating from AM Best. New Zealand’s largest locally owned life insurer has been given the rating by the global credit rating agency since its first year back in 1996.
In the same affirmation, AM Best also gave Fidelity Insurance an A- (Excellent) financial strength rating. Fidelity Insurance is the former Westpac Life business acquired by Fidelity Life in 2002.
Outlook for both ratings is stable.
AM Best’s ratings for both Fidelity Life and Fidelity Insurance are noted to reflect each firm’s “very strong” balance sheet, adequate operating performance, neutral business profile, and appropriate enterprise risk management.
In a press release, Fidelity Life Group chief financial officer Simon Pennington (pictured above) said that the AM Best ratings are “an important trust indicator” for the insurer's customers, as well as their advisers. Pennington said that the ratings provide an expert and independent view of the company’s financial strength and ability to pay claims.
Fidelity Life recently announced the appointment of COO Ian Clancy as acting CEO. Clancy will replace outgoing Melissa Cantell, who will be stepping down from the position by the end of March.
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