International insurance ratings house AM Best has affirmed its A- (Excellent) financial strength rating for Fidelity Life, along with a long-term issuer credit rating of “a-“. The outlook for both ratings is stable.
According to Fidelity Life, this is the twenty-fifth consecutive year that it has been rated “Excellent” by the agency.
AM Best said the ratings reflect Fidelity Life’s balance sheet strength, which is categorised as very strong, as well as adequate operating performance, neutral business profile and appropriate enterprise risk management.
“These ratings are about providing customers and their advisers with comfort that we’ll keep delivering on our promise to customers at claim time,” said Fidelity Life chief financial officer Simon Pennington. “As a New Zealand owned firm, we’re really proud we’ve held our A- (Excellent) financial strength rating consistently since 1996.”
Meanwhile, the insurer also announced that its new CEO, Melissa Cantell, has assumed her role on Monday, January 25. Her appointment was announced in October last year. Some key projects she will oversee 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 six-star rated green building in Auckland’s Fanshawe Street planned for September.