SINGAPORE–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of �a- (Excellent) of Partners Life Limited (Partners Life) (New Zealand) remain unchanged following the companys acquisition of BNZ Life Insurance Limited (BNZ Life).
On 30 September 2022, Partners Life completed the acquisition of National Australia Bank Limiteds New Zealand life insurance business, including BNZ Life. The acquisition, previously announced in December 2020, also includes the establishment of an exclusive 10-year agreement for the referral of Bank of New Zealand customers with life insurance needs to Partners Life.
Following the acquisition, all insurance assets and liabilities of BNZ Life have been transferred to Partners Life. Subsequently, BNZ Life has ceased to operate as an insurance company and relinquished its insurance license.
Partners Lifes pro-forma consolidated risk-adjusted capitalisation, as measured by Bests Capital Adequacy Ratio (BCAR), is expected to remain at the strongest level post acquisition of BNZ Life. The acquisition was funded by a combination of equity and reinsurance financing. AM Best also expects the transaction to give rise to an increase in intangible assets.
The under review with positive implications status currently applied to Partners Lifes Credit Ratings (ratings) also remains unchanged, reflecting a separate pending transaction that is expected to result in Dai-ichi Life Holdings, Inc. (Dai-ichi Group) acquiring Partners Group Holdings Limited, including Partners Life. AM Best will continue to monitor closely the progress of this pending transaction and evaluate any impact on Partners Lifes rating fundamentals. A resolution of the under review status is expected following the conclusion of the transaction.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Bests website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. For information on the proper use of Bests Credit Ratings, Bests Performance Assessments, Bests Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Bests Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Contacts
Yi Ding
Senior Financial Analyst
+65 6303 5021
yi.ding@ambest.com
Myles Gould
Director, Analytics
+44 20 7397 0304
myles.gould@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
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