Insurer Financial Strength Rating Scale
Resolution Life Australasia Limited (Resolution Life) has an A (Strong) Insurer Financial Strength Rating given by Fitch Australia Pty Limited (Fitch), an approved rating agency, whose rating scale is set out below in summary form. For Fitch’s full rating scale, please go to Fitch's website at www.fitchratings.com
Insurer Solvency information
Resolution Life Australasia Limited Solvency
The Insurance (Prudential Supervision) Act 2010 requires Resolution Life Australasia Limited (“Resolution Life”) to maintain a solvency margin. Under an exemption granted by the Reserve Bank of New Zealand, this solvency margin is to be calculated in accordance with the Australian equivalent of the solvency requirements and for the statutory fund containing the life insurance business carried on in New Zealand (all of the New Zealand business is included in Resolution Life Statutory Fund No.1).
For the Resolution Life Statutory Fund No.1: As at 31 December 2023, the Prescribed Capital Amount (“PCA”) required to be held by the Statutory Fund under the Australian capital standards was NZ$1,029m. The capital available to meet this requirement in the Statutory Fund was NZ$2,433m, which was NZ$1,404m in excess of the PCA. The Australian equivalent of the solvency margin for the Statutory Fund was therefore NZ$1,404m and the available capital was 2.4 times the PCA.
For Resolution Life as a whole: As at 31 December 2023, the PCA required to be held was NZ$1,051m. The capital available to meet this requirement was NZ$2,499m, which was NZ$1,448m in excess of the PCA for Resolution Life as a whole. The Australian equivalent of the solvency margin for Resolution Life as a whole was therefore NZ$1,448m and the available capital was 2.4 times the PCA.
The above amounts are based on returns of Resolution Life in respect of the period ending 31 December 2023.
Resolution Life Australasia Limited ABN 84 079 300 379, NZ Company No. 281363, AFSL No. 233671 (Resolution Life). The content on this website is for information only. The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.
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