Westpac Life Financial Strength Rating.

Westpac Life-NZ-Limited has an A+ Insurer Financial Strength rating given by Standard & Poor's (Australia) Pty Limited. The rating scale is: AAA Extremely Strong, AA Very Strong, A Strong, BBB Good, BB Marginal, B Weak, CCC Very Weak, CC Extremely Weak, SD or D Default, R Regulatory Supervision, NR Not Rated. Plus (+) or Minus (-) following ratings from ‘AA’ to ‘CCC’ show relative standings within the major rating categories. For a full description of the rating scale go to: standardandpoors.com

Westpac Life Solvency.

As at 31 March 2021, the Minimum Solvency Capital required to be held by Westpac Life-NZ-Limited (“Westpac Life”) under the Reserve Bank of New Zealand’s Solvency Standard for Life Insurance Business was $163,173,000. The Actual Solvency Capital held by Westpac Life as at 31 March 2021 was $272,831,000, representing a Solvency Margin of $109,658,000. The breakdown of these calculations between the Statutory Fund No.1 and the Shareholder Fund is shown in the following table:

  Statutory Fund No.1
as at 31 March 2021
Shareholder Fund
as at 31 March 2021
Aggregate for all Funds
as at 31 March 2021
Actual Solvency Capital 265,391 7,440 272,831
Minimum Solvency Capital 162,103 1,070 163,173
Solvency Margin 103,288 6,370 109,658
Solvency Ratio 164% 695% 167%

Other insurer Financial Strength Ratings.

In addition, Westpac has arranged other insurances underwritten by third party suppliers. These include:

Things you should know.

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