Our Financial Strength

When it comes to choosing an insurance company, you should be able to trust your provider.  Cigna New Zealand is in a strong financial position, so we’re better able to protect you in times of need.  This can be seen with our Financial Rating and Solvency Standard.

Our Financial Rating

We’re pleased to announce that we have earned an A- (Excellent) financial strength rating from A.M. Best Company Inc, an insurance rating provider.

Please visit www.ambest.com for more information.

The rating AM Best rating scale is:

Cigna's Financial Rating & Strength

 

Solvency Standard

All licensed insurance companies must meet the solvency standards for insurance business as set by the Reserve Bank of New Zealand. These solvency standards state that we must hold a minimum amount of solvency capital, so that we’re in a position to pay claims to our customers during unexpected events (such as earthquakes or pandemics).

Cigna New Zealand Limited’s Solvency

As at 31 December 2016, the Minimum Solvency Capital required to be held by Cigna Life Insurance New Zealand Limited ("Cigna NZ") under the Reserve Bank of New Zealand's Solvency Standards for Life and Non-Life Insurance Business was $35.272m. The Actual Solvency Capital held by Cigna NZ as at 31 December 2016 was $99.092m, representing a Solvency Margin of $63.820m and a Solvency Ratio of 281% of the minimum level of capital required.

The breakdown of these calculations between the Statutory Fund and the Shareholder Fund is shown in the following table:

All figures are rounded to the nearest $000

 

Statutory Fund as at 31 December 2016

$’000

Shareholder Fund as at 31 December 2016

$’000

Aggregate for Cigna NZ as at 31 December 2016

$’000

Actual Solvency Capital

89,705

9,387

99,092

Minimum Solvency Capital

31,090

4,182

35,272

Solvency Margin

58,615

5,205

63,820

Solvency Ratio

289%

224%

281%

 

Statutory Fund Notification

Cigna is required under the Insurance (Prudential Supervision) Act 2010 to establish a Statutory Fund. For all Cigna's life insurance policyholders we advise that the Statutory Fund relevant to your policies is Cigna's Statutory Fund Number One.

 

The information on this website is important and should help you decide on your insurance needs.  Should you require more information regarding investments or financial planning, you should consult a financial advisor.