KUALA LUMPUR, Sept 3 -- AM Best has affirmed the Financial Strength Rating of A+ (superior) and the Long-Term Issuer Credit Rating of ‘aa-’ of AIA New Zealand Limited (AIA New Zealand).
The company was formerly known as Sovereign Assurance Company Limited, according to a statement.
Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect AIA New Zealand’s balance sheet strength, which AM Best categorised as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.
AIA New Zealand also benefited from rating enhancement from its ultimate parent, AIA Group Limited (AIA).
The company has a track record of strong operating performance, with a five-year average return-on-equity ratio of 15 per cent (fiscal years 2014 to 2018). AM Best continues to view AIA New Zealand’s business profile as favourable.
It remains the largest life insurer in New Zealand, with its market share exceeding 25 per cent. Its ratings incorporate rating enhancement from AIA, one of the world’s largest life insurance groups.
AM Best is a global rating agency and information provider with unique focus on the insurance industry. More information at www.ambest.com.