It also upgraded Partners Life’s long-term issuer credit rating to “A-” from “BBB+”. The outlook of these ratings is stable.
AM Best said the ratings reflected Partners Life’s balance sheet strength, which it categorised as very strong, as well as Partners Life’s adequate operating performance, neutral business profile and appropriate enterprise risk management.
“The upgrades to Partners Life’s credit ratings reflect our focus on sound financial management,” said managing director Naomi Ballantyne.
“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.
“That’s why we are extremely pleased to receive this acknowledgement of the strength of our business.”
