Our statutory fund
When you purchase an insurance policy through OneChoice, 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 30 September 2019 Pinnacle Life’s Solvency Margin is $1,261,093. This is made up as follows:
| Pinnacle Life Total | Rimu Statutory Fund | Non-statutory fund | |
|---|---|---|---|
| Actual Solvency Capital | 36,239,199 | 36,087,810 | 151,389 |
| Minimum Solvency Capital | 34,978,106 | 34,977,149 | 957 |
| Our Solvency Margin | 1,261,093 | 1,110,661 | 150,432 |
| Solvency Ratio | 1.04 | 1.03 | 158.19 |
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).