Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


ACC's "Superior" financial strength rating

ACC's "Superior" financial strength rating reaffirmed

The Accident Compensation Corporation's financial management has again been endorsed by leading rating agency AM Best which has affirmed it A+ (Superior) financial strength rating.

"In most cases, average levy rates have been held or reduced in the last couple of years, but ACC has maintained its financial position with the help of strong investment performances," chief executive Garry Wilson said.

ACC has an investment fund of $3.75 billion which is expected to grow to more than $7 billion as it fully-funds its liabilities.

"Last year it returned 3.8 percent on its investments, a year when many fund managers were producing negative returns," Mr Wilson said.

AM Best endorsed ACC's progress in building reserves that would eventually match its unfunded liabilities.

(The unfunded liabilities relate to long-term claims predating the transition from a pay-as-you-go to a fully-funded scheme in July 1999.)

"AM Best recognised that ACC is meeting its targets that will see it become fully-funded by June 30, 2014," Mr Wilson said.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news