The rating on New Zealand-based insurer AA Insurance Ltd. (AAIL; A+/Stable/--) reflects our opinion of the company's core status within, and combined strength of, the Suncorp Group Ltd. companies. We consider AAIL to be a core entity of the Suncorp Group Ltd. group. The company is indirectly 68% owned by Suncorp Group Ltd. through Suncorp's wholly-owned subsidiary, Vero Insurance New Zealand Ltd. (Vero NZ; A+/Stable/--), with the remainder owned by the New Zealand Automobile Association (NZAA; not rated). While AAIL is a joint-venture partnership, the company remains highly integrated with Suncorp Group Ltd., particularly in the areas of system and investment management, business management replication, and policy and administration. In our view, AAIL's stand-alone strength reflects the insurer's strong brand,...
Companies mentioned in this report are: AA Insurance Ltd.,Vero Insurance New Zealand Ltd.
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