Suncorp Metway Insurance Ltd. Jan 06

  • ID: 1953542
  • January 2006
  • Standard & Poors
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Strong competitive position in general insurance Conservative capitalization Good earnings Membership of the wider Suncorp-Metway group Heightened industry competition Exposure to climatically volatile regions The ratings on Suncorp Metway Insurance Ltd. (SMI; A/Stable/) reflect the company's strong business position as Australia's fourth-largest domestic insurer, helped by two well-recognized brand names in Suncorp and GIO, continued strong earnings, and strong reserving and capitalization. The ratings also reflect SMI's 100% ownership by Suncorp-Metway Ltd. (SML; A/Stable/A-1), which acquired the company in 1996. Moderating features include the mature markets in which SMI operates and heightened industry competition, which together are softening premium rates. The emerging trend of greater storm activity across Australia may increase claims expense, particularly given SMI's exposure to climatically volatile...

Companies mentioned in this report are:
- Suncorp Metway Insurance Ltd.
- Suncorp-Metway Ltd.

Action: Review

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- Suncorp Metway Insurance Ltd.
- Suncorp-Metway Ltd.

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