Sovereign Retains A+ (Superior) Financial Strength Rating

FOR IMMEDIATE RELEASE

21 December, 2016

Sovereign Retains A+ (Superior) Financial Strength Rating

New Zealanders can continue to count on Sovereign Insurance in life’s moments of truth after international credit ratings agency A.M. Best announced the company will retain its financial strength rating of A+ (Superior) for the ninth consecutive year.

Sovereign believes New Zealanders should care about this because the financial strength rating is an assessment of its ability to meet obligations to policyholders. In the last year, Sovereign paid out more life insurance claims than any other New Zealand insurance provider.

Sovereign’s Chief Executive Officer, Nick Stanhope, says the announcement is good news for advisers, customers and those in the market to purchase life and health insurance.

“We are really proud of our continued A+ rating and it just goes to show you can trust us. Sovereign’s passion for service excellence, coupled with our financial strength, makes us one of New Zealand’s leading financial service providers. So, even when the times are tough, you can depend on Sovereign,” Stanhope says.

In announcing the rating, A.M. Best reports that “Sovereign’s rating reflects its strong risk-adjusted capitalization, good operating performance and favourable business profile.” In addition, it says “Sovereign has competitive advantages in distribution”.

Sovereign is part of the Commonwealth Bank of Australia (CBA) Group, one of only 12 banks worldwide with an AA- rating or better from Standard & Poor’s.

Founded in 1899, A.M. Best is the world’s oldest and most authoritative insurance rating and information source.

ENDS

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