AM Best has affirmed New Zealand insurer Tower’s A- (Excellent) financial strength rating and its a- (Excellent) long-term issuer credit rating after an annual review.

The outlook for both is stable, and the ratings reflect Tower’s “very strong” balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management, the ratings agency says.

Tower chair Naomi Ballantyne said: “Tower is well-positioned to continue delivering on its growth strategy and to deliver long-term returns for shareholders.”

The ratings reflect the insurer’s performance, disciplined risk framework and financial stability, she adds.