NZ insurer gets top credit rating

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.

bcunningham@nbr.co.nz


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 0.7564 0.0028 0.37%
AUD 0.9662 0.0006 0.06%
EUR 0.6738 0.0007 0.10%
GBP 0.4899 0.0009 0.18%
HKD 5.8656 0.0205 0.35%
JPY 90.2820 0.3000 0.33%

Commods

Commodity Price Change Time
Gold Index 1209.6 4.680 2015-02-26T00:
Oil Brent 60.0 0.310 2015-02-26T00:
Oil Nymex 48.3 -2.720 2015-02-26T00:
Silver Index 16.6 0.150 2015-02-26T00:

Indices

Symbol Open High Last %
NZX 50 5861.7 5878.5 5861.7 0.29%
NASDAQ 4969.3 4989.1 4967.1 0.42%
DAX 11337.1 11353.2 11327.2 0.11%
DJI 18224.4 18239.4 18224.6 -0.06%
FTSE 6949.7 6960.0 6949.7 -0.25%
HKSE 24902.6 25102.0 24902.1 -0.32%
NI225 18844.3 18865.4 18785.8 0.06%