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Ratings agency affirms AIA New Zealand’s financial strength at ‘AA’ (Very Strong)

Auckland, 26 May 2020

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.

-ENDS-

About AIA New Zealand

Since AIA arrived in New Zealand in 1981, it has consistently provided the market with innovative personal and business insurance products that suit the Kiwi way of life. In July 2018, the AIA Group acquired Sovereign, becoming the largest life insurer in New Zealand.

AIA offers a complete range of risk management products that focus on the needs of customers. AIA New Zealand is based in Auckland, with regional offices in Hamilton, Wellington and Christchurch. AIA New Zealand is a member of the Insurance and Financial Services Ombudsman Scheme and the Health Funds Association of New Zealand.

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