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
- MARKET CLOSE: NZ stocks slip as Manchester concert attack drags on investor sentiment, Comvita drops
- Series: Business leaders’ Budget 2017 wish lists – Andy Hamilton
- Ebos to buy Australia's HPS for $A154m, expanding pharmacy footprint
- Dotcom's Seth Rich claim earns him a chance to appear on Sean Hannity's show
- While you were sleeping: Trump budget relief
Most listened to
- Business leaders on Budget 2017: One of Andy Hamilton’s ‘very contentious’ Budget wishes is for greater regulation of ‘pockets of our economy’
- Serko’s Darrin Grafton says the company can use its SME platform to expand globally
- Trump travels overseas selling jobs as North Korea continues to lash out, on Trump’s Beltway with Nathan Smith
- Nick Shewring says co-working attracts "awesome people doing cool things"
- NBR Radio: best of the week ended May 19, with Grant Walker