Research Update: Ratings On Core Operating Entities Of Insurance Australia Group Ltd. Affirmed At 'AA-'; Outlooks Remain Stable Jan 12

Standard & Poors, January 2012

Abstract
IAG group's core operating entities have maintained the group's strong business and financial profiles. The group continues to expand regionally with several acquisitions proposed recently. We have affirmed the 'A+' rating on the group's holding company and the 'AA-' ratings on the group's core operating entities. The rating outlooks remain stable. On Jan. 5, 2012, Standard & Poor's Ratings Services affirmed its issuer credit rating on Insurance Australia Group Ltd. (IAG) at 'A+', and its issuer credit ratings and financial strength ratings on the group's core operating entities at 'AA-'. The rating outlooks remain stable. The 'AA-' ratings on the core operating entities of IAG reflect our opinion of the group's strong business and financial profiles. The group's core operating...

Companies mentioned in this report are: Insurance Australia Ltd.,CGU Insurance Ltd.,CGU Insurance Ltd. (New Zealand Branch),Swann Insurance (Aust) Pty Ltd.,Swann Insurance (Aust) Pty Ltd. (New Zealand Branch),IAG New Zealand Ltd.,Insurance Australia Group Ltd.,IAG Finance (New Zealand) Ltd.,IAG Re Labuan (L) Berhad,IAG Re Australia Ltd.,Insurance Australia Funding 2007 Ltd.,IAG Re Singapore Pte. Ltd.
Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Insurance Australia Ltd.,CGU Insurance Ltd.,CGU Insurance Ltd. (New Zealand Branch),Swann Insurance (Aust) Pty Ltd.,Swann Insurance (Aust) Pty Ltd. (New Zealand Branch),IAG New Zealand Ltd.,Insurance Australia Group Ltd.,IAG Finance (New Zealand) Ltd.,IAG Re Labuan (L) Berhad,IAG Re Australia Ltd.,Insurance Australia Funding 2007 Ltd.,IAG Re Singapore Pte. Ltd.

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