The agency awarded Sovereign an A+ (Superior) rating for the 10th consecutive year.
At the same time, AM Best removed Sovereign’s “review with developing implications” status − which it applied in anticipation of AIA Group’s purchase of Sovereign, which was completed in July 2018 − and also gave Sovereign a long-term issuer credit rating of ‘aa-.’
AM Best assigned a stable outlook to these credit ratings.
“An insurer’s financial rating is a direct reflection of its ability to pay claims. Sovereign’s A+ rating, combined with the fact that AIA Group is one of the largest life insurers in the world, gives our customers the certainty they want that we will be able to honour our commitment to them,” said Linda Page, Sovereign’s chief financial officer.
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