The rating affirmations reflect BNZ Life’s favorable risk-adjusted capitalization and track record of consistently strong operating performance.

BNZ Life has a track record of strong and consistent operating results, reflected by a five-year average return on premium in excess of 30 percent. As an affiliated company of Bank of New Zealand Limited, BNZ Life has advantages over traditional insurers with regard to distribution costs.

BNZ Life is well-positioned at its current rating level. BNZ Life’s ratings could be downgraded if risk-adjusted capitalization falls below the company’s forecast provided to A.M. Best, as a result of higher-than-expected dividend payouts or a material deterioration in operating performance.

Ratings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.