NZ insurer gets top credit rating

Life insurer Sovereign has been awarded a superior credit rating from US-based rating agency A M Best.

It is the sixth consecutive year the ASB-owned insurer has been awarded the A+ (superior) grade.

A M Best says the rating reflects Sovereign's “supportive risk-based capitalisation” and its diversified distribution channel for its new business in the New Zealand life insurance market.

The agency is confident Sovereign has a “superior ability to meet its ongoing insurance obligations”.

“The continued security of our financial strength rating is a testament to Sovereign’s stability, commitment to risk management and market-leading position,” marketing and product general manager David Drillien says in a statement.

In the year to June 30, 2012, Sovereign increased its consolidated capital position by 12% to $751 million.

Sovereign claims to be New Zealand’s leading life insurance provider, with more than 650,000 customers.

bcunningham@nbr.co.nz


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6592 0.0015 0.23%
AUD 0.9071 0.0057 0.63%
EUR 0.6021 0.0018 0.30%
GBP 0.4230 0.0020 0.48%
HKD 5.1122 0.0133 0.26%
JPY 81.6950 0.1150 0.14%

Commods

Commodity Price Change Time
Gold Index 1094.9 6.310 2015-07-31T00:
Oil Brent 52.2 -1.100 2015-07-31T00:
Oil Nymex 47.1 -1.410 2015-07-31T00:
Silver Index 14.8 0.060 2015-07-31T00:

Indices

Symbol Open High Last %
NZX 50 5921.0 5963.1 5921.0 0.62%
NASDAQ 5134.3 5143.1 5128.3 -0.63%
DAX 11295.5 11460.4 11309.0 1.19%
DJI 17696.7 17704.8 17689.9 -0.99%
FTSE 6696.3 6710.8 6696.3 -0.11%
HKSE 24533.1 24533.1 24636.3 -0.91%
NI225 20540.2 20562.2 20585.2 -0.18%