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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.