S&P Global Ratings elevates nib New Zealand's credit ratings

S&P Global Ratings elevates nib New Zealand’s credit ratings | Insurance Business New Zealand

Insurance News

S&P Global Ratings elevates nib New Zealand’s credit ratings

Ratings changed amid financial growth and market expansion

Insurance News

By
Roxanne Libatique

nib New Zealand has confirmed that S&P Global Ratings recently upgraded the credit ratings for its private health, and life and living insurance operations from “A-“ to “A.”

This move reflects the insurer’s solid financial standing and its positive outlook.

Rating changes

The ratings agency enhanced both the long-term financial strength and issuer credit ratings for nib NZ’s private health insurance sector to “A” from “A-“ and lifted the rating for its life and living insurance division to “A” from “A-.”

S&P’s decision to elevate nib NZ’s credit ratings was driven by the insurer’s growing dominance in the private health insurance market and the anticipated impact of its life and living insurance business’s rebranding on enhancing the nib brand’s recognition.

Additionally, the upgrade reflects nib NZ’s robust capital adequacy and its ability to maintain resilient earnings.

nib New Zealand chief executive Rob Hennin (pictured) said the rate changes recognise the firm’s substantial financial base and its forward-looking prospects.

“We are pleased that S&P has recognised nib NZ’s financial resilience and growing market share in New Zealand,” he said.

The company is poised to release its financial results for the first half of 2024 on Feb. 26 as part of its regular financial reporting schedule.