Insurer financial strength ratings

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

Fitch Assigns Resolution Life New Zealand's First-Time 'A' IFS Rating; Outlook Stable

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 30 June 2024, the Prescribed Capital Amount (“PCA”) required to be held by the Statutory Fund under the Australian capital standards was NZ$1,004m. The capital available to meet this requirement in the Statutory Fund was NZ$2,274m, which was NZ$1,270m in excess of the PCA. The Australian equivalent of the solvency margin for the Statutory Fund was therefore NZ$1,270m and the available capital was 2.3 times the PCA. 

For Resolution Life as a whole: As at 30 June 2024, the PCA required to be held was NZ$1,027m. The capital available to meet this requirement was NZ$2,352m, which was NZ$1,325m 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$1,325m and the available capital was 2.3 times the PCA. 

The above amounts are based on returns of Resolution Life in respect of the period ending 30 June 2024.