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nib NZ credit ratings upgraded by S&P Global Ratings

nib New Zealand today announced that S&P Global Ratings has upgraded the credit ratings on its private health and life and living insurance businesses from ‘A-’ to ‘A’, which it said reflected the financial strength and stable outlook for nib NZ’s operations.

The credit ratings agency raised its long-term financial strength and issuer credit ratings on nib NZ’s private health insurance business to ‘A’ from ‘A-‘, and long-term financial strength rating on the living and life insurance business nib nz insurance to ‘A’ from ‘A-“.

“The credit rating upgrade underscores the strong financial foundations and the positive long-term outlook of the nib NZ business,” said nib New Zealand Chief Executive, Rob Hennin.

“We are pleased that S&P has recognised nib NZ’s financial resilience and growing market share in New Zealand.”

S&P said the rationale behind upgrading nib NZ’s credit ratings included its growing market share of the private health insurance market and its expectation that rebranding the living and life insurance business will strengthen awareness of the nib brand.

S&P said the raised credit rating also reflected nib NZ’s excellent capital adequacy and earnings resilience.

nib NZ is due to release its 1H24 financial results on 26 February.

 

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