Asteron Life gets ratings boost

Fitch Ratings has boosted Asteron Life's Financial Strength Rating from 'A' to 'A+' following Nippon Life Insurance Company's global acquisition of Resolution Life.

The upgrade comes from the stronger backing Asteron Life now has as part of the Nippon Life Group. Fitch views all of Resolution Life's subsidiaries as "Very Important" to Nippon Life and believes the group has the ability and willingness to support its businesses globally.

Nippon Life is Japan's largest life insurer. The acquisition gives it a significantly larger presence in the Australian and New Zealand life insurance markets.

Asteron Life chief executive Grant Willis said the company was pleased with Fitch's recognition of its financial position.

"As part of the Nippon Life Group, Asteron Life is well positioned to continue delivering stability, security, and long-term value to our customers and partners," Willis said.