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25 January 2021
The country’s largest locally owned life insurer Fidelity Life has had its A- (Excellent) financial strength rating* affirmed by ratings agency AM Best for the twenty-fifth consecutive year.
AM Best also affirmed Fidelity Life’s long-term issuer credit rating of “a-”. The outlook for both ratings is stable.
The ratings reflect Fidelity Life’s balance sheet strength, which AM Best categorises as very strong, as well as adequate operating performance, neutral business profile and appropriate enterprise risk management.
Fidelity Life Chief Financial Officer Simon Pennington says: “These ratings are about providing customers and their advisers with comfort that we’ll keep delivering on our promise to customers at claim time. As a New Zealand owned firm, we’re really proud we’ve held our A- (Excellent) financial strength rating consistently since 1996.”
2021 is set to be another big year for Fidelity Life as it progresses its bold whole-of-business transformation, built on the idea of reimagining life insurance for New Zealanders and aiming to deliver sustainable growth.
As well as welcoming Melissa Cantell as its new CEO starting today, key transformation projects include Project Watson, a $25 million investment in a new technology platform due for completion in the second half of 2021; and moving to a brand new 6-star rated green building in Auckland’s Fanshawe Street planned for September 2021.
* Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit Fidelity Life's financial strength page.
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