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BUSINESS WIRE DAILY SUMMARY - $ALL $BW $HLT.
OLDWICK, N.J.--DEC. 31, 2008
(BW)(NJ-A.M.-BEST)
A.M. Best Affirms Ratings of CIGNA Life Insurance New Zealand Limited
Business Editors
OLDWICK, N.J.-- Dec. 31, 2008 -- A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of CIGNA Life Insurance New Zealand Limited (CLINZ) (New Zealand). The outlook for both ratings is stable.
The ratings of CLINZ reflect its moderate level of risk-adjusted capitalization, continued favorable operating performance and conservative investment allocation. CLINZ's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is considered adequate for the company's level of insurance and investment risks.
The company's BCAR increased in fiscal year 2007, despite paying a dividend of NZD 10 million (USD 7.8 million). The improvement in risk-adjusted capitalization was due predominantly to the decline in asset risk as a result of intercompany loans being repaid. The local solvency ratio deteriorated to 119 per cent in 2007 from 125 per cent in 2006.
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Source: HighBeam Research, BUSINESS WIRE DAILY SUMMARY - $ALL $BW $HLT.