AIA Group is one of the largest life insurers in the world, with a presence in 18 markets across Asia Pacific. AIA New Zealand has been providing insurance to New Zealanders since 1981. As a company with 100 years of history, AIA’s mission is to make New Zealand one of the healthiest and most protected nations in the world. AIA strives to help our customers live healthier, longer, better lives by encouraging them to make positive lifestyle changes one small step at a time.
Learn more about AIA at www.aia.co.nz
Sovereign, one of New Zealand’s leading life insurance companies, was acquired by AIA Group in July 2018. AIA now operates its insurance business in New Zealand through AIA New Zealand Limited, formerly known as Sovereign Assurance Company Limited.
All policies obtained through KiwiCover are underwritten and issued by AIA New Zealand Limited.
Financial Strength Rating
AIA New Zealand Limited has been given an AA (Very Strong)3 insurer financial strength rating by Fitch Ratings, an approved ratings agency. A rating of AA means AIA New Zealand Limited has a very strong capacity to meet policyholder and contractual obligations.
|AAA (Exceptionally Strong)||BB (Moderately Weak)|
|AA (Very Strong)||B (Weak)|
|A (Strong)||CCC (Very Weak)|
|BBB (Good)||CC (Extremely Weak)|
Note: “+” or “-” may be appended to a rating to indicate the relative position of a credit within the rating category. Such suffixes are not added to ratings in the AAA category or to ratings below the CCC category.
Why Financial Strength Matters
The financial strength of a life insurance company makes all the difference. Financial strength is indicated by a rating which is given by an independent and authorised rating agency. A financial strength rating is important because it measures the ability of a life insurance company to meet its future claims. A financially strong life insurer is also better positioned to embrace a willingness to meet those claims. Why choose something weaker when your financial security, and that of your family, is at stake?
The Reserve Bank of New Zealand maintains a Register of licensed insurers, which includes the financial strength rating of each licensed insurer.
- Customer numbers based on lives assured for retail and group schemes for the year to 30 June 2018.
- AIA New Zealand Limited reported total claims expense of $516 million for the financial year ended 31 December 2020.
- Rating affirmed by Fitch Ratings on 18 January 2022. See https://www.fitchratings.com/entity/aia-new-zealand-limited-96681083.