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Allianz New Zealand Ltd.
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Strategically important subsidiary of Allianz Australia Ltd. through a strong net-worth maintenance agreement Highly integrated with sister company, Allianz Australia Insurance Ltd. Modest earnings performance The ratings on Allianz New Zealand Ltd. (Allianz New Zealand) reflect the insurer's strategic importance to the parent, Allianz Australia Ltd. (AAL; not rated), evidenced by the strong net-worth maintenance agreement between AAL and Allianz New Zealand. The ratings are further supported by the company's high levels of operational and strategic integration with its sister company, Allianz Australia Insurance Ltd. (AAIL; AA-/Stable/--). Moderating the ratings is the continued modest earnings performance. Allianz New Zealand has close operational and strategic links to AAIL and scale disadvantages in New Zealand. The rating however is held at the...
Companies mentioned in this report are: Allianz New Zealand Ltd.
Action: Review
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