QBE's insurer financial strength ratings
|Standard & Poor's||QBE Insurance (Australia) Ltd||A+|
The rating scale is:
|AAA (extremely strong)||BBB (good)||CCC (very weak)||SD (selective default)|
|AA (very strong)||BB (marginal)||CC (extremely weak)||D (default)|
|A (strong)||B (weak)||NR (not rated)||R (regulatory action)|
Plus (+) or Minus (-): The ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
Credit ratings issued by Standard & Poor's Ratings Services are solely statements of opinion and not statements of fact or recommendations to purchase or discontinue any policy or contract or to buy, hold or sell any security issued by QBE Insurance (Australia) Limited or make any other investment decisions. Credit ratings may be changed, withdrawn or suspended at any time. Latest ratings can be found at Standard & Poor's.
An overseas policyholder preference applies to QBE Insurance (Australia) Limited (“QBE”). This means that in the event that QBE is wound up, Australian law requires that its assets in Australia are applied to satisfy its Australian liabilities, before those assets can be applied to satisfy overseas liabilities, which would include claims by policyholders in New Zealand. However, QBE is required to hold capital which meets minimum regulatory capital requirements.
As at 31 December 2022, our solvency, in AUD, as filed with the Reserve Bank of New Zealand is as follows:
- prescribed capital amount: $1,829,305 thousand
- actual capital base: $2,402,617 thousand
- capital in excess of prescribed capital: $573,312 thousand
- prescribed capital amount coverage: 131.34%.
By comparison, our solvency results, in AUD, filed with the Reserve Bank of New Zealand as at 31 December 2021 were as follows:
- prescribed capital amount: $1,636,388 thousand
- actual capital base: $2,382,402 thousand
- capital in excess of prescribed capital: $746,014 thousand
- prescribed capital amount coverage: 145.59%.