Westpac Life’s 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: www.standardandpoors.com
Westpac Life Solvency
As at 31 March 2020, 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 $166,967,000. The Actual Solvency Capital held by Westpac Life as at 31 March 2020 was $266,503,000, representing a Solvency Margin of $99,536,000. 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 2020 $'000 | Shareholder Fund as at 31 March 2020 $’000 | Aggregate for all Funds as at 31 March 2020 $’000 | |
|---|---|---|---|
| Actual Solvency Capital | 260,222 | 6,281 | 266,503 |
| Minimum Solvency Capital | 165,977 | 990 | 166,967 |
| Solvency Margin | 94,245 | 5,291 | 99,536 |
| Solvency Ratio | 157% | 634% | 160% |
Other insurer Financial Strength Ratings
In addition, Westpac has arranged other insurances underwritten by third party suppliers. These include:
- Westpac Home, Contents, Vehicle and Boat insurance cover is underwritten by IAG New Zealand Limited (“IAG”). For IAG’s financial strength rating please click here.
- Westpac Travel Insurance is administered by Cover-More (NZ) Ltd and underwritten and issued by Zurich Australian Insurance Limited (ZAIL) incorporated in Australia, ABN 13 000 296 640, trading as Zurich New Zealand. For Zurich New Zealand’s financial strength rating please click here.
- Complementary travel insurance on selected Westpac credit cards is underwritten by AIG Insurance New Zealand Limited (“AIG”). For AIG’s financial strength rating please click here.
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