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
Most listened to
- Business Week in Review with Grant Walker & Andrew Patterson
- The kiwi dollar has spiked against the pound in one of the biggest one day currency moves in history. NBR’s Jason Walls breaks down the dollar’s movement
- What Brexit now means for NZ, with NZIER John Ballingall
- Dr Oliver Hartwich says everyone should stay calm and carry on
- Matthew Hooton on making a moral case for social capital