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Financial Rating Provides Confidence To Consumers

Financial Rating Provides Confidence To Consumers

Standard & Poor’s has completed its rating review of the Southern Cross Medical Care Society, and reconfirmed its A+ rating.

Southern Cross Healthcare Group Chief Executive, Dr Ian McPherson said, "The review highlighted Southern Cross’s improvement in its financial performance to sustainable levels while maintaining its market position.

“It is an excellent outcome to achieve this rating, especially as a not-for-profit friendly society.

“The review also acknowledged our continuous efforts to provide new products, services and better value to members,” said Dr McPherson.

An independent financial rating provides consumers with confidence that their health insurer is financially secure and able to settle claims.

The New Zealand health insurance market is not regulated, however Southern Cross has voluntarily sought a rating since 1994 so that its members and the general public would have an independent assessment of the organisations financial strength.

The Southern Cross Medical Care Society is the only specialist health insurer in New Zealand to have a rating solely for its health insurance business.

Dr McPherson said, “The public needs to be confident when committing to health insurance so we encourage all health insurers to seek an independent rating of their health insurance portfolio and offer this transparency. Members and future members can have every confidence in Southern Cross.”

Editors Notes: Standard & Poor’s Ratings Services is a global leader in objective, insightful risk analyses and evaluations of the credit worthiness of issuers worldwide.

Southern Cross Healthcare is comprised of two organisations that focus on the health sector in New Zealand:

One organisation, the first created, is the Southern Cross Medical Care Society with around 800,000 members. It is a not for profit Friendly Society that focuses on delivering health insurance services for both individual members and group schemes.

The other organisation is the Southern Cross Health Trust. It consists of the Southern Cross Hospitals, New Zealand’s only private hospital network and Southern Cross Travel Insurance.

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