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Ratings Agency Affirms AIA New Zealand’s Financial Strength At ‘AA’ (Very Strong)
AIA New Zealand Limited has had its Insurer Financial Strength rating affirmed at ‘AA’ (Very Strong) by the ratings agency Fitch.
“An insurer’s financial rating gives an indication of its ability to pay claims; in the good times and the bad. AIA New Zealand’s ‘AA’ rating, combined with the fact that AIA Group is the world’s largest life insurance company by market capitalisation, gives our customers certainty that we will honour our commitment to them in their times of need,” says Linda Page, AIA New Zealand’s Chief Financial Officer.
In the 12 months to 31 December 2019, AIA New Zealand paid $476 million in claims.
In a media release announcing its decision, Fitch Ratings said that:
“The rating affirmation reflects AIA’s ‘Most Favourable’ business profile because of its vast operating scale, strong brand name, leading business franchise and highly diversified market coverage. The group also has highly diversified sources of business with a presence in 18 regions in the Asia-Pacific.”
In July 2018, AIA Group completed the acquisition of Sovereign, transforming AIA New Zealand’s scale and reach to become the market leader in New Zealand’s life insurance market.
Founded in 1914, Fitch Ratings is an award-winning American credit rating agency.
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