Six in a row for Sovereign
For a sixth-consecutive year, Sovereign has been awarded an A+ (Superior) grade from international credit-rating agency A.M. Best Company Inc .
Friday, January 18th 2013, 9:26AM 6 Comments
The rating, AM Best’s second-highest, is the highest awarded to any New Zealand-based insurer. Sovereign is the only insurer in the country to hold an A+ rating.
The ratings reflect Sovereign's supportive risk-based capitalisation and its diversified distribution channel for its new business in the New Zealand life insurance market,” AM Best says.
The rating, awarded late last year, reflects AM Best’s assessment that the company has “a superior ability to meet their 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,” Sovereign general manager of marketing and product David Drillien says. “We look forward to using our strong position to lead the New Zealand insurance market into 2013.”
The agency said Sovereign's continued profitability, higher earnings retention and capital support from its parent company helped Sovereign to increase its consolidated capital position by 12% to $751 million in the year ending June 30, 2012
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