AA- Financial Strength Rating
In accordance with the Insurance (Prudential Supervision) Act 2010, we are required to provide you with the following financial strength information:
Initio Limited policies are underwritten by NZI. NZI is a business division of IAG New Zealand Ltd. 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, as you can see in the scale below.
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 2018 as follows:
|Actual Solvency Capital ||0.1||555.6||556.5|
|Minimum Solvency Capital ||0.1||337.1||337.2|
|Solvency Margin ||0.0||219.3||219.3|
|Solvency Ratio ||121.8%||165.1%||165.1%|