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S&P affirms Tower's ratings

Standard & Poor’s has given Tower the thumbs up on its credit rating.

Tuesday, July 24th 2001, 9:34AM

Standard & Poor’s has given Tower the thumbs up on its credit rating. S&P last week affirmed its A counterparty credit and insurer financial strength ratings on core Tower Ltd, life insurance subsidiaries, Tower Life Australia and Tower Life (New Zealand) Ltd.

Tower Insurance’s A insurer financial strength and counterparty credit ratings have been affirmed.

S&P says the outlook on all its ratings for Tower is stable.

The A ratings on Tower’s core operating subsidiaries reflects the group’s superior business position in its home market of New Zealand, and continued efforts to further build its profile in the larger Australian market. Australian operations now contribute more than two-thirds of the group’s revenue, with growth in funds under management being significantly aided by acquisitions in recent years, S&P says.

S&P says premium and funds under management growth, excluding growth through acquisition, has been moderate in the past year due largely to the effects of losing the Australian equity management team at the beginning of 2000. Moderate premium growth will be assisted by Tower’s approach to distribution ownership.

"Tower’s key challenges are to be able to leverage off its distribution network while restoring confidence in the independent financial advisors network, which is required to enable the group to generate good new business volumes," S&P says.

"This is overlayed by a competitive Australian market that recently has had its profitability affected by a bout of tax reform."

« Managed funds take a hitSovereign takes regulation bull by the horns »

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Latest Comments
  • Naylor: Time to rename advisers
    “Thanks Mike. I wonder if the extensive consultation process involved consumers - who still lump all industry components into...”
    3 hours ago by Pragmatic
  • Naylor: Time to rename advisers
    “@keith: agree, that was suggested to the then minister, simon power. @m naylor: think outside the box. my suggestion then...”
    3 hours ago by w k
  • Naylor: Time to rename advisers
    “Would it be out there if we had a designation "Insurance Adviser". I know this might be a radical departure from AFA & RFA...”
    4 hours ago by Ron Flood
  • AMP: Concern over advice quality
    “Hi Mike Thanks again for all that. On your last points perhaps the best way of ensuring “professional, client first advising”...”
    5 hours ago by Brent Sheather
  • Naylor: Time to rename advisers
    “Pragmatic - the current system of regulation was the product of an excellent, extensive process of consultation. One conclusion...”
    6 hours ago by Mike Naylor
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AMP Home Loans 7.24 5.79 6.39 6.65
AMP Home Loans $200k+ 7.14 5.69 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.15 6.49 6.49
ANZ LVR > 90 6.74 6.65 6.99 6.99
ANZ Special - 5.75 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
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First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 6.39 6.59
HSBC Premier 6.84 5.95 5.95 6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.65 5.79 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty - - - -
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SBS Bank 6.15 5.85 5.99 6.19
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SBS Bank Special - - - 5.89
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 5.95 5.99 6.19
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
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