Fidelity Life maintains A- (Excellent) financial strength rating following Westpac Life acquisition
Media release
3 March 2022
Fidelity Life and its newly acquired subsidiary Fidelity Insurance (formerly Westpac Life) have both received A- (Excellent) financial strength ratings* from ratings agency AM Best, following the completion of the $400 million acquisition earlier this week. The outlook for the ratings is stable.
According to AM Best the ratings reflect each entity’s respective ‘very strong’ balance sheets, adequate operating performances, neutral business profiles and appropriate enterprise risk management.
Fidelity Life has maintained an A- (Excellent) financial strength rating from AM Best for 26 consecutive years. The rating had been under review since July 2021 when the acquisition was announced.
Fidelity Group Chief Financial Officer Simon Pennington says: “These ratings are important information for our customers – including our customers from Westpac Life - because they provide an expert view of our ability to pay claims.”
Fidelity Insurance has had its Standard & Poor (Australia) Pty Limited rating lowered from A+ (strong) to A (strong), reflecting its ownership change from the Westpac Group to Fidelity Life. From April 2022 Fidelity Insurance will only be rated by AM Best.
* Fidelity Life and Fidelity Insurance each have A- (Excellent) financial strength ratings from A.M. Best. The rating scale that these ratings form part of is available for inspection at our offices. For more information please visit Fidelity Life's financial strength web page.
