New Zealand will be making a submission on the matter to the secretary of the Australian Treasury.
According to Australian Treasurer Wayne Swan and New Zealand Finance Minister Michael Cullen, negotiations are expected to be concluded by the end of this year.
Suncorp A+ rating affirmed
The affirmation of the rating reflects the solid progress that has been made on the integration of Promina group, the group's sound premium growth, and its supportive capitalisation and reinsurance, despite challenging financial market conditions.
Suncorp group's operating companies (all rated A+/Positive) are: Suncorp Metway Insurance, Suncorp Life and Superannuation, GIO General, Vero Insurance, Vero Insurance New Zealand, Vero Liability Insurance and AA Insurance.
The rating on Suncorp reflects the combined strength of the operating companies of the group.
New Morningstar methodology
Morningstar has launched a document containing details of its new methodology for calculating genuine before-tax returns, in response to the creation of portfolio investment entities (PIEs).
Morningstar's PIE funds are now conducted on a before-tax basis.
Benefits of the new methodology include helping investors compare the long-term performance of two or more funds, and that strategies with three years or more performance track-records will retain their Star Rating.
Although the method doesn't perfectly recreate historical before-tax returns, it is applied consistently across all strategies and therefore provides the transparency necessary to conduct returns-based due diligence on a manager's performance track-record, Morningstar says.
An opportunity to diversify
The AHL Alpha Program, the foundation of Man OM-IP Essential, has outperformed the Australian stock market in the six largest downdraws since its inception in September 1995, and achieved a positive return in five of these drawdowns.
The largest and most recent drawdown occurred from November 2007, with the Australian stock market falling -20.7% and the AHL Alpha Program generating a positive return of 12.9%.
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