On 27 August 2019, AMP Life Limited’s Insurer Financial Strength Rating issued by S&P Global Ratings Australia Pty Limited changed from A to A-. To view the Public Notice issued by AMP Life Limited in relation to this click here.
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.
Insurer Financial Strength Ratings may change from time to time. Contact AMP or your Adviser to confirm AMP Life Limited’s current rating or go to S&P’s website at www.standardandpoors.com for the current rating and the full rating scale.
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 2019, the Prescribed Capital Amount ("PCA") required to be held by AMP Life Statutory Fund No.1 under the Australian capital standards was NZ$949m. The capital available to meet this requirement was NZ$2,239m, which was NZ$1,290m in excess of the PCA. The Australian equivalent of the solvency margin was therefore NZ$1,290m. The available capital was 2.36 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 2019.