Financial strength rating and solvency margin

IAG New Zealand Limited

Financial strength rating

IAG New Zealand Limited received a Standard & Poor's (Australia) Pty Ltd financial strength rating of AA-.

This means we have a ‘Very Strong' claims paying ability, as you can see in the scale below. As a customer, this is important to you as it's your reassurance that we will be able to pay your claims now and in the future.

The rating scale is:
AAA (Extremely Strong)
AA (Very Strong)
A (Strong)
BBB (Good)
BB (Marginal)
B (Weak)
CCC (Very Weak)
CC (Extremely weak)
SD​ (Selective Default)​
D​ (Default)​
R​ (Regulatory Supervision)​
NR​ (Not Rated)​

The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within the major rating categories.

The rating scale above is in summary form. A full description of this rating scale can be obtained from www.standardandpoors.com.

Solvency margin

In its Annual Solvency Return filed with the Reserve Bank of New Zealand, IAG New Zealand Limited had a Solvency Margin as at 30 June 2017 as follows:

Life $m​ Non-life $m​ Total $m​
Actual Solvency Capital 0.1 631.2​ 631.3
Minimum Solvency Capital 0.1 ​359.2 ​359.3
​Solvency Margin 0.0 272.0 272.0
Solvency Ratio 121.8% 175.7% 175.7%

 

The Fair Insurance Code

The Fair Insurance Code is a code of practice that sets minimum service standards for insurance companies and describes the responsibilities that customers and their insurance company have to each other.

For information on the Fair Insurance Code, please view the Insurance Council of New Zealand website. 

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