S&P's Insurer Financial Strength Rating Scale
AMP Life Limited (AMP Life) has an A- Insurer Financial Strength Rating given by S&P Global Ratings Australia Pty Limited (S&P), an approved rating agency, whose rating scale is set out below in summary form. For S&P's full rating scale, please go to S&P's website at www.standardandpoors.com.
Insurer Solvency information
AMP Life Limited Solvency
The Insurance (Prudential Supervision) Act 2010 requires AMP Life Limited (“AMP Life”) to maintain a solvency margin. Under an exemption granted by the Reserve Bank of New Zealand, this solvency margin is to be calculated in accordance with the Australian equivalent of the solvency requirements and for the statutory fund containing the life insurance business carried on in New Zealand (all of the New Zealand business is included in AMP Life Statutory Fund No.1).
As at 31 December 2020, the Prescribed Capital Amount (“PCA”) required to be held by AMP Life Statutory Fund No.1 under the Australian capital standards was NZ$1,157m. The capital available to meet this requirement was NZ$2,547m, which was NZ$1,390m in excess of the PCA. The Australian equivalent of the solvency margin was therefore NZ$1,390m. The available capital was 2.2 times the PCA.
The above amounts are based on unaudited returns to the Australian regulator adjusted for transfers out of AMP Life Statutory Fund No.1 effective 31 December 2020.
AMP Life Limited ABN 84 079 300 379 (AMP Life) has proudly served customers in Australia and New Zealand since 1849. AMP Limited ABN 49 079 354 519 has sold AMP Life to the Resolution Life group whilst retaining a minority economic interest. AMP Limited (and its related companies) have no day-to-day involvement in the management of AMP Life whose products and services are not affiliated with or guaranteed by AMP Limited. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life and Resolution Life under licence from AMP Limited.
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