AA- Financial Strength Rating
We know that the most important thing for our customers is knowing that we have the financial strength to be able to pay their claims.
In accordance with the Insurance (Prudential Supervision) Act 2010, we provide you with updated information on our financial strength.
Initio Limited policies are underwritten by NZI. NZI is a business division of IAG New Zealand Limited (IAG). IAG has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency.
A rating of AA- means IAG has a ‘very strong’ claims-paying ability.
The rating scale for S&P Global Ratings is:
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 ratings categories.
The rating scale above is in summary form. A full description of this rating scale can be obtained from www.standardandpoors.com.
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 2020 as follows:
|Actual Solvency Capital ||698.1|
|Minimum Solvency Capital ||349.9|
|Solvency Margin ||348.2|
|Solvency Ratio ||199.5%|