Partners gets an upgrade from AM Best

AM Best has upgraded Partners credit rating from bbb to bbb+ and it has affirmed the Financial Strength Rating of B++ (Good).

"The rating actions reflect significant improvement in Partners Life’s capital position, due to continued strong earnings and significant capital contribution. In addition, the $200 million investment from the Blackstone Group has improved Partners Life’s financial flexibility," AM Best says..

"Partners Life continues to maintain its status as New Zealand’s second-largest life insurer in terms of new business market share. Its continued growth is due to a number of competitive advantages, including a more-efficient cost structure, strong recognition within the financial adviser channel and expertise within its core business.

Partners Life managing director Naomi Ballantyne says, “We are pleased to have received an uplift of our Issuer Credit Rating. As a young company our rating was always constrained. Having now reached our five-year milestone, the continued strong earnings performance of the company, coupled with Blackstone’s $200 million capital commitment, has led AM Best to this ratings upgrade.”