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 

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 2018 as follows:

Life $M Non-Life $M Total $M
Actual Solvency Capital 0.1 556.4 556.5
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%
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