AM Best Revises Under Review Status to Positive for Credit Ratings of Partners Life Limited

SINGAPORE–(BUSINESS WIRE)–AM Best has revised the implications of the under review status to positive from developing for 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).

These Credit Rating (rating) actions follow the announcement on 12 August 2022, that Partners Group Holdings Limited (PGHL), Partners Life’s parent, has entered into an agreement to sell 100% of the shares in PGHL, to Dai-ichi Life Holdings, Inc. (Dai-ichi group) [TSE: 8750] for approximately NZD 1 billion. The transaction, which is subject to customary closing conditions, including regulatory and other approvals, is expected to be completed by mid-calendar year 2023.

The under review with positive implications status reflects the need for AM Best to assess the impact of the planned acquisition by Dai-ichi group on Partners Life’s credit fundamentals, including any potential rating enhancement that could arise from the change in ultimate ownership. In addition, AM Best will need to consider the planned integration of Partners Life within the Dai-ichi group, any expected changes in strategy and any implicit or explicit support to be provided by the new parent.

The under review status also continues to reflect Partners Life’s pending acquisition of BNZ Life Insurance Limited from National Australia Bank Limited, which remains subject to customary closing conditions at present.

AM Best will continue to monitor closely the progress of these pending transactions and evaluate any impact on the rating fundamentals of Partners Life. A resolution of the under review status is expected following the completion of these transactions.

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 Best’s 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 Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s 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.

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Contacts

Sin Yee Chuah, CFA
Financial Analyst
+65 6303 5022
sinyee.chuah@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
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Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com