New Zealand's Provident Insurance Corporation Limited credit ratings affirmed - Am Best

SINGAPORE, Dec 14 (Bernama) -- AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Provident Insurance Corporation Limited (PICL) (New Zealand). The outlook of these Credit Ratings (ratings) is positive.

The ratings reflect PICL’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The positive outlooks reflect an improving trend in balance sheet fundamentals, including an increase in and greater stability of PICL’s risk-adjusted capitalisation, combined with growth of the company’s absolute capital base. Additionally, successful execution of PICL's business plan is expected to further support prospective internal capital generation.

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