SINGAPORE, Feb 5 (Bernama-BUSINESS WIRE ) — AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Cigna Life Insurance New Zealand Limited (CLINZ) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.
These rating actions follow the completion of a portfolio transfer on Jan. 31, 2020, whereby CLINZ acquired 100% of the assets and liabilities of OnePath Life (NZ) Limited (OPL). Cigna Corporation (Cigna or the Cigna group) previously purchased OPL from ANZ Bank New Zealand Limited (ANZ Bank) in November 2018. The recent portfolio transfer represents the final phase of the acquisition process, combining the business operations of CLINZ and OPL.