SINGAPORE, Dec 16 (Bernama-BUSINESS WIRE) — AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Partners Life Limited (Partners Life) (New Zealand). The outlook assigned to these Credit Ratings (ratings) is stable.
These rating actions follow the acquisition of Partners Group Holdings Limited (PGHL), Partners Life’s parent, by Dai-ichi Life Holdings, Inc. (Dai-ichi group) [TSE: 8750] on 30 November 2022. This follows a previous announcement on 12 August 2022 that Dai-ichi group had entered into an agreement to buy 100% of PGHL’s shares for approximately NZD 1 billion.