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Our Financial Rating

AM Best has placed the Cigna Life Insurance NZ Limited (“Cigna”) financial strength rating of A (Excellent) under review with positive implications. Read more about the review here.

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 requirements of 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 are in a position to pay claims to our customers during unexpected events (such as earthquakes or pandemics).

Our Solvency Margin

The Solvency Margin of Cigna NZ as at 30 June 2021 is $116.9m. The table below shows how the Solvency Margin is made up:

Statutory Fund $000’s

Shareholder Fund $000’s

Aggregate for Cigna NZ $000’s

Actual Solvency Capital

689,454

12,530

701,984

Minimum Solvency Capital

581,227

3,874

585,101

Solvency Margin

108,227

8,656

116,883

Solvency Ratio

119%

323%

120%

The Actual Solvency Capital and the Minimum Solvency Capital are determined according to the solvency standards issued by the Reserve Bank of New Zealand.

Solvency Margin is the difference between the Actual Solvency Capital and Minimum Solvency Capital. Solvency Ratio is the Actual Solvency Capital divided by the Minimum Solvency Capital, expressed as a percentage.

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, we advise that the Statutory Fund relevant to your policies is Cigna NZ's Statutory Fund Number One.

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