Financial position
AMI 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, as you can see in the scale below.
The rating scale is:
| AAA | (Extremely Strong) |
| AA | (Very Strong) |
| A | (Strong) |
| BBB | (Good) |
| BB | (Marginal) |
| B | (Weak) |
| CCC | (Very Weak) |
| CC | (Extremely weak) |
| SD | (Selective Default) |
| D | (Default) |
| R | (Regulatory Supervision) |
| NR | (Not Rated) |
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 rating categories.
The rating scale above is in summary form. A full description of this rating scale can be obtained from www.standardandpoors.com.
Solvency margin
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 2019 as follows:
| $m | |
|---|---|
| Actual Solvency Capital | 626.2 |
| Minimum Solvency Capital | 383.5 |
| Solvency Margin | 242.7 |
| Solvency Ratio | 163.3% |
| Actual Solvency Capital | |
|---|---|
| Life $M | 0.1 |
| Non-Life $M | 608.6 |
| Total $M | 608.7 |
| Minimum Solvency Capital | |
|---|---|
| Life $M | 0.1 |
| Non-Life $M | 334.6 |
| Total $M | 334.7 |
| Solvency Margin | |
|---|---|
| Life $M | 0.0 |
| Non-Life $M | 274.0 |
| Total $M | 274.0 |
| Solvency Ratio | |
|---|---|
| Life $M | 121.8% |
| Non-Life $M | 181.9% |
| Total $M | 181.9% |
Qualifying Financial Entity (QFE) Disclosure
AMI is part of the IAG New Zealand Limited QFE Group. IAG New Zealand Limited is a Qualifying Financial Entity under the provisions of the Financial Advisers Act 2008.
Qualifying Financial Entity (QFE) Disclosure