Standard & Poor's (S&P) has upgraded the financial strength rating from A+ to AA- for Pacific Life Re.
This rating is the fourth highest rating out of the 21 rating categories used by S&P.
It was awarded to Pacific Life Insurance Company, Pacific Life & Annuity Company and Pacific Life Re Limited.
At the same time, S&P have maintained the outlook on the ratings at ‘stable'.
David Howell, CEO, Pacific Life Re said: "This action by S&P to upgrade our financial strength rating to AA- is based on their long-term review of our financial results and our business strategy around growth and diversification.
"This further enhances our reputation as a leading reinsurer in our chosen markets and is a solid foundation for further growth within the longevity and protection markets around the world. We see this as an excellent step forward for Pacific Life Re."
