Asteron Life receives A+ Rating from Standard and Poor's
12 March 2015
Asteron Life is pleased to announce it has maintained its A+ financial strength rating from Standard & Poor’s, signifying its continued strength in the life insurance industry.
Asteron Life Managing Director Nadine Tereora says Standard & Poor’s recognised the company’s strong market position. “Our consecutive A+ rating and “stable” outlook solidifies our strong position as New Zealand’s fourth largest life insurer and supports our commitment to further invest in Asteron Life’s growth potential. The result also reflects our strong ties to our parent, and top 20 ASX-listed company, Suncorp - which adds further financial credibility while enabling us to operate independently and take care of our customers locally.”
Asteron Life has demonstrated sound operating performance relative to group expectations, reporting strong growth in its revenue base and meeting target profitability. New business had increased 14 per cent, building on a remarkable 41 per cent the previous year.
“Last year we were also awarded Life Insurance Company of the year for a second consecutive year,” says Tereora. “Building on the successes of previous years, we’ve done a lot of work around implementing new business systems and initiatives. We’re now in a position where the market will soon be seeing the fruition of what we’ve been working on behind the scenes for the past 6 months.”
Standard & Poor’s says the company’s core strengths included its extremely strong capital adequacy and strong market position as a large life insurer in New Zealand, together with its representation across different risk product lines including life, trauma, total and permanent disablement and income protection products.
The Standard & Poor’s rating scale can be seen on Asteron Life’s website.