It has low underwriting leverage and moderate investment risk, AM Best said.
Union Medical Benefits Society Limited (UniMed) saw its underwriting performance benefit from premium rate increases and other portfolio remediation actions, said AM Best.
The New Zealand-based not-for-profit health insurer logged two consecutive years of operating losses in 2024 and 2025, with underwriting performance impacted by persistent, high claim inflation in the market, AM Best said.
UniMed’s balance sheet strength is assessed as very strong, and its operating performance is adequate, according to a report published on 30 September 2026.
UniMed has low underwriting leverage, moderate investment risk, and a regulatory solvency position above its industry peers.
Financial flexibility is limited because it is a member-owned organisation, but UniMed’s prudent capital management strategy—which focuses on maintaining sufficient capital buffers—mitigate this, AM Best said.
UniMed is the third largest player in New Zealand’s health insurance industry.