Pinnacle Life sees steady operating performance

AM Best projects the insurer to have a stable outlook against a solid balance sheet.

New Zealand insurer Pinnacle Life is expected to keep its risk management capabilities appropriate for its key risks, whilst company expansion will help its continued growth, AM Best said.

AM Best affirmed Pinnacle Life’s stable outlook reflecting the company’s adequate balance sheet strength, supported by strong risk-adjusted capitalisation and robust regulatory solvency, albeit with high reliance on third-party reinsurance.

Operating performance has been adequate, driven by in-force life business and investment returns.

ALSO READ: NZ general insurance GWP to grow 7.3% annually

The business profile is limited due to small scale and low diversification, focused on mortality products in New Zealand, with Greenstone as a key distribution partner.

ERM is also considered appropriate, with plans to mitigate risks through growth and leveraging Greenstone's expertise.

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