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
$'000
Shareholder Fund
as at 31 March 2021
$'000
Aggregate for all Funds
as at 31 March 2021
$'000
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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