AM Best Affirms New Zealand’s Pinnacle Life Credit Ratings 

KUALA LUMPUR, April 16 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of B+ (Good) and the long-term issuer credit rating of “bbb-” (Good) of New Zealand’s Pinnacle Life Limited (Pinnacle Life), with a stable outlook.

The credit ratings (ratings) reflect Pinnacle Life’s adequate balance sheet strength, operating performance, limited business profile and appropriate enterprise risk management (ERM), alongside a neutral impact from its parent, Greenstone Holdco Pty Limited (Greenstone).

In a statement, AM Best said Pinnacle Life’s balance sheet strength is supported by strong risk-adjusted capitalisation at fiscal year-end 2025, as measured by Best’s Capital Adequacy Ratio, along with sound regulatory solvency and financial flexibility.

However, reliance on third-party reinsurance and a relatively small capital base increase sensitivity to business growth, interest rate changes and external shocks.

Operating performance is assessed as adequate, driven by stable underwriting results and healthy investment returns, although earnings have shown moderate volatility due to interest rate movements and elevated expenses. The company is expected to maintain adequate performance as it continues its expansion strategy.

AM Best also noted Pinnacle Life’s limited business profile, reflecting its small scale and concentration in the New Zealand market, with a focus on mortality products such as term life and funeral insurance. Growth is largely supported by Greenstone as a key distribution partner, alongside direct online channels.

Pinnacle Life’s ERM is considered appropriate for the company’s size and complexity, with further development expected as the company expands its operations.

-- BERNAMA