Rating agency reviews OnePath Life

S&P Global Ratings said it has affirmed its 'A+' financial strength and issuer credit ratings on OnePath Life, however the outlook remains negative.

"We affirmed the ratings on OnePath Life based on the insurer's strong competitive position and very strong capital and earnings position. The ratings include a one-notch uplift above its 'a' stand-alone credit profile due to expected group support if required."

S&P expects that ANZ "will likely provide extraordinary support to OnePath Life, if required, prior to completion of the sale process, which is expected in fiscal 2019."

Following the potential sale of OnePath Life, we also expect its new owner, Cigna, will likely provide support given that OnePath Life's services are complementary to its existing
capabilities and international strategy.