Our statutory fund

When you purchase an insurance policy through New Zealand Seniors, the insurance will be issued by Pinnacle Life. All payments that we receive from you, or pay to you in relation to that policy will be transacted through Pinnacle Life’s ‘Rimu Statutory Fund’. Pinnacle Life is required under New Zealand law to have such a fund for the purposes of protecting your interests and ensuring accounting transparency.

Our solvency margin

As required under the Insurance (Prudential Supervision) Act 2010, Pinnacle Life is required to meet certain solvency standards, the table below shows the capital that Pinnacle Life holds in excess of those standards.

At 31 March 2020 Pinnacle Life’s Solvency Margin is $4,884,585. This is made up as follows: 

Pinnacle Life TotalRimu Statutory FundNon-statutory fund
Actual Solvency Capital38,051,77436,466,2821,585,492
Minimum Solvency Capital33,165,18933,156,3878,802
Our Solvency Margin4,886,5853,309,8951,576,690
Solvency Ratio1.151.10180.12

Our rating

A.M. Best rates Pinnacle Life Limited ‘B’ financial strength (outlook ‘stable’) and a bb+ issuer credit rating (outlook ‘stable’). The financial strength rating scale used by A.M. Best is:

  • A++, A+ (Superior);
  • A, A− (Excellent);
  • B++, B+ (Good);
  • B, B− (Fair);
  • C++, C+ (Marginal);
  • C, C− (Weak);
  • D (Poor);
  • E (Under Regulatory Supervision);
  • F (In Liquidation);
  • S (Suspended).