First Insurance Limited’s position weakest in peer group

Fitch assesses New Zealand and Australian life insurers in a peer review.

Two New Zealand insurers, Southsure Assurance Limited (SAL) and First Insurance Limited (FIL) rely on their parent bank and credit union, accordingly. On top of this, FIL’s shrinking gross premium base, the smallest in this peer group, has weakened its profitability, assessed Fitch Ratings in a special report.

Fitch Ratings also ranks Resolution Life Australasia’s company profile as ‘Moderate’ amongst Australian insurers due to its larger operating scale and focus on managing run-off businesses. 

ClearView also receives a ‘Moderate’ ranking, reflecting ongoing product improvements, better positioning in the retail life insurance segment, and recent business simplification to focus on core life insurance.