Insurer financial strength rating
Lifetime Income Limited is a subsidiary of Retirement Income Group Limited. Lifetime Income Limited is an insurance company licensed by the Reserve Bank of New Zealand.
The Insurance (Prudential Supervision) Act 2010 requires all licensed insurers to have a current Financial Strength Rating, given by an approved ratings entity.
Lifetime Income Limited has been issued with a Financial Strength Rating of B- by A.M. Best Company, a ratings agency approved by the Reserve Bank of New Zealand. The rating reflects Lifetime's status as a relatively new insurer.
A summary of the A.M. Best Company financial strength rating scale is:
Insurer Solvency Information
Lifetime Income Limited, as a licensed life insurance company, is required to meet minimum solvency requirements in accordance with the Reserve Bank of New Zealand's solvency standards.
Lifetime Income Limited is required to meet minimum solvency requirements on a continuous basis with 6-monthly reporting and disclosure requirements.
Lifetime Income's total solvency position as at 31 March 2019:
As required by the Insurance (Prudential Supervision) Act 2010, Lifetime has established the following statutory funds in respect of its life insurance business:
- Statutory Fund 1 – Lifetime Income Fund;
- Statutory Fund 2 – Foundation Annuity and Unit Linked Business; and
- Statutory Fund 3 – Simplicity and Britannia Variable Annuity Product.