, Australia
Photo credits Unsplash.

Westpac Life Insurance performance unaffected by change of ownership: analyst

The insurer's performance continues to be driven by its stand-alone credit profile.

Westpac Life Insurance Services Ltd. (WLIS) will maintain its robust creditworthiness even as it changes ownership from Westpac Banking Corporation (WBC) to TAL Dai-ichi Life, a subsidiary of Japanese firm Dai-ichi Life Holdings, according to the ratings firm, S&P Global.

S&P said that Westpac Life Insurance is supported by its sound market position as the sixth-largest life insurer in Australia with strong operating performance relative to peers over the past five years.

“Under its new ownership, WLIS will maintain its bank distribution channel through an exclusive 20-year strategic alliance for providing life insurance products to WBC customers, Australia's second-largest retail bank. The ratings on WLIS are also supported by the insurer's capitalization levels, which we assess to be in the highest category under our assessment framework,” S&P said.

S&P observed that WLIS’ new parent will unlikely have an impact on its rating as it is at a commensurate level. However, the ratings firm noted the complementary nature of the WLIS and TAL Dai-ichi Life businesses, with the former being focused on bank direct and independent financial advisors, and the latter on group business. 

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.