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:
Secure
Vulnerable
A++
A+
Superior
B
B-
Fair
A
A-
Excellent
C++
C+
Marginal
B++
B+
Good
C
C-
Weak
D
Poor
E
Under regulatory Supervision
F
In Liquidation
S
Suspended
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 30 June 2019, 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 $33.571m. The Actual Solvency Capital held by Cigna NZ as at 30 June 2019 was $58.900m, representing a Solvency Margin of $25.329m and a Solvency Ratio of 175% 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 30 June 2019 $’000
Shareholder Fund as at 30 June 2019 $’000
Aggregate for Cigna NZ as at 30 June 2019 $’000
Actual Solvency Capital
48,050
10,849
58,900
Minimum Solvency Capital
28,695
4,876
33,571
Solvency Margin
19,355
5,973
25,329
Solvency Ratio
167%
222%
175%
Statutory Fund Notification
Cigna is required under the Insurance (Prudential Supervision) Act 2010 to establish a Statutory Fund. For all Cigna NZ's life insurance policyholders whose life policies were issued before 1 January 2013 we advise that the Statutory Fund relevant to your policies is Cigna NZ'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.