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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7273 -0.0016 -0.22%
AUD 0.9139 -0.0015 -0.16%
EUR 0.6099 -0.0014 -0.23%
GBP 0.5376 -0.0021 -0.39%
HKD 5.6797 -0.0122 -0.21%
JPY 81.6390 -0.2950 -0.36%

Commods

Commodity Price Change Time
Gold Index 1293.3 6.130 2017-09-22T00:
Oil Brent 56.4 0.420 2017-09-22T00:
Oil Nymex 50.7 0.110 2017-09-22T00:
Silver Index 16.9 -0.034 2017-09-22T00:

Indices

Symbol Open High Last %
NZX 50 7795.4 7814.8 7795.4 0.25%
NASDAQ 6401.4 6429.5 6422.7 0.07%
DAX 12569.7 12646.6 12600.0 -0.06%
DJI 22334.1 22364.3 22359.2 -0.04%
FTSE 7263.9 7320.3 7263.9 0.64%
HKSE 27949.8 27960.9 28110.3 -0.82%
NI225 20413.6 20417.1 20347.5 -0.25%
ASX 5655.4 5688.2 5655.4 0.47%