Pacific International Insurance Pty Ltd is required to maintain capital in excess of the minimum solvency capital requirement specified by the Reserve Bank of New Zealand (RBNZ).
Under the Solvency Standard for Non-life Insurance Business issued by the RBNZ, to retain a positive solvency margin means that the actual solvency capital position exceeds the minimum required under the Solvency Standard. The solvency information below is required to be disclosed in compliance with the “Solvency Standard”.
In its Annual Solvency Return filed with the Reserve Bank of New Zealand and APRA (Australia), Pacific International Insurance Limited had a Solvency Margin as at 30 June 2021 as follows:
Actual Solvency Capital: AUD 24,710,000
Minimum Solvency Capital: AUD 8,380,000
Solvency Margin: AUD 16,330,000
Solvency Ratio: 294.87%
Pacific International Insurance uses Tier 1 Capital.
|A++ and A+||Superior|
|A and A-||Excellent|
|B++ and B+||Good|
|B and B-||Fair|
|C++ and C+||Marginal|
|C and C-||Weak|
|E||Under Regulatory Supervision|