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.

In April 2020, Lifetime Income identified a material issue in how it had been calculating its solvency and sought clarification from the RBNZ. The RBNZ has provided directions on the correct capital methodology to apply.

On 28 August 2020, the RBNZ subsequently issued licence conditions that require Lifetime Income to further increase its regulatory capital. Effective from 31 December 2020, Lifetime Income is required to maintain a minimum solvency margin of $5 million, with this minimum solvency margin increasing to $10 million effective from 30 June 2021. Up until 30 December 2020, the minimum solvency margin of Lifetime Income is $0.

Lifetime Income's total solvency position as at 30 September 2020


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 Variable Annuity Product.
  • Statutory Fund 4 - Britannia Variable Annuity Product.