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19 Dec 2017

Cigna Life Insurance has had its financial strength rating upgraded by A.M Best.

A.M. Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) for Cigna Life Insurance New Zealand Limited (CLINZ) (New Zealand). The outlook of this rating is stable.

Cigna Head of Finance Mark Schollum says Cigna is pleased that A.M Best has upgraded its rating.

“This is confirmation of Cigna’s strong balance sheet and the underlying long-term sustainability of our business for the benefit of our customers,” Mr Schollum says.

“Cigna is committed to doing the best it can for New Zealanders and this upgrade is testament to the work we have put in to ensure we can continue to provide for our customers’ needs.”

A.M. Best said in a statement the rating upgrade reflects the implicit support CLINZ receives from its ultimate US parent company, Cigna Corporation (Cigna).

They also said: “CLINZ’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), remains solid. The company has favourable balance sheet liquidity, supplemented by positive operating cash flows.

“In addition, the company has maintained a track record of positive underwriting results and stable investment income.”