Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Sir Ralph Norris to step down from Fonterra board in November
- Bob Jones ejected from Air NZ flight as fellow passengers applaud
- MARKET CLOSE: Shares fall, led by Metro Glass; Spark, Fletcher sold in offshore exodus
- Westland Milk affirms 2015 payout, sees increase to $5.60-$6 for 2016
- Financial forecast error plants doubt in potential investors' minds