Sovereign declared best life insurance company in NZ

Media release

For immediate release

Friday 2 November 2012

Sovereign declared best life insurance company in New Zealand

Sovereign has been named New Zealand’s Life Insurance Company of the Year.

The award, announced last night at the inaugural New Zealand Insurance Industry Awards, recognises a life insurance company that demonstrates innovation and delivers outstanding service to its customers and advisers.

Sovereign’s chief executive Charles Anderson says the company is delighted to be recognised in the prestigious new awards, which were presented last night at a function at the Pullman Hotel in Auckland.

“Though we’re New Zealand’s biggest life insurer and we have the highest financial strength rating of any New Zealand life insurer, we don’t take our dominant position for granted,” said Anderson.

“This award is a welcome recognition of Sovereign’s culture of innovation and excellence, and for our drive to provide ever better service to our customers and advisers.”

The New Zealand Insurance Industry Awards are supported by the Insurance Brokers Association of New Zealand and the Australian and New Zealand Institute of Insurance and Finance.

They aim to honour the highest standards of excellence, professionalism and performance of individuals, teams and organisations.

Sovereign was required to demonstrate to the judges exceptional customer service, claims handling, research and analysis, business and financial management, professional development, and industry advocacy.

“Sovereign is committed to providing innovative products and services that meet the needs of its customers, and is passionate about taking steps that have a positive impact on the globe,” said Anderson.

“The world is changing like never before, so Sovereign needs to have a long-term focus to pay out the promise of policies. A 30 year old today expects that Sovereign will be here in 50 years time to pay their life insurance. Sovereign’s approach is inherently about future proofing, long-term thinking and a smart approach to business.”

For the fifth consecutive year, Sovereign holds an A+ (Superior) financial strength rating from international credit-rating agency AM Best, making it New Zealand’s highest-rated life insurance company.

It was the first New Zealand insurance company to become a signatory to the United Nations Environmental Programme Finance Initiative (UNEP-FI) Principles of Sustainable Insurance (PSI), a revolutionary global initiative designed to make sustainability a fundamental concern of the insurance industry.

ENDS

About Sovereign

Sovereign Assurance Company Limited (Sovereign) is New Zealand’s largest life insurer; protecting the lives of more than 600,000 people through the provision of personal insurances (such as life, income protection, disablement and trauma and major medical health policies) and employer sponsored compulsory and voluntary workplace schemes.

Sovereign’s financial strength is rated A+ (Superior) by A.M. Best[1]. Sovereign is part of the ASB group of companies, which is in turn part of the Commonwealth Bank of Australia group.

[1] A.M. Best Company Inc (‘A.M. Best’) is a global organisation (and an approved rating agency in New Zealand) that undertakes public rating assignments. The current rating was given on 21 December 2011. A copy of the scale of which this rating forms part, is available from Sovereign’s head office.

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