The latest on Fidelity's ratings

Fidelity Life has kept its A- (Excellent) financial strength Fromm AM Best following its $400 million acquisition of Westpac Life (now Fidelity Insurance).

However, the former bank business has had its rating lowered by another ratings agency, Standard and Poor (S&P).

S&P lowered its ratings as Westpac had a higher rating than Fidelity Life and without the bank's support it was appropriate to bring Fidelity Insurance onto the same rating as Fidelity Life.

"Westpac Life (Fidelity Insurance) will no longer receive an additional notch for group support from a higher rated parent," S&P said.