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December 25, 2024 -Wednesday

 
  A.M. BEST WITHDRAWS RATINGS OF AIG AUSTRALIA LIMITED

Monday 29/02/2016



SINGAPORE, Feb 29 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of “a” and has maintained the under review with negative implications status for AIG Australia Limited (AIG Australia) (Australia). The ultimate parent company is American International Group, Inc. (AIG) [NYSE: AIG]. The ratings of all AIG’s subsidiaries remain under review with negative implications over concerns of the strengthening of loss reserves in AIG’s non-life business by $3.6 billion during the fourth quarter of 2015. Concurrently, A.M. Best has withdrawn AIG Australia’s ratings in response to the company’s request to no longer participate in A.M. Best’s interactive rating process.

AIG Australia's ratings mainly reflect its strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and very good operating performance. The ratings also consider the various support provided by AIG, which includes reinsurance and risk management. A key offsetting factor is the company’s high dividend payout ratio. As a result of the dividends paid in FY2012 through FY2014, AIG Australia’s risk-based capitalization ratios and liquidity ratios have come down over the past few years.

Ratings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2016 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

 
Contacts
A.M. Best
Chi Yeung Lok
Senior Financial Analyst
+(65) 6589 8412 ext. 211
chi-yeung.lok@ambest.com
or
Jacqalene Lentz
Managing Senior Financial Analyst
+(1) 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+(1) 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Assistant Vice President, Public Relations
+(1) 908 439 2200, ext. 5644
james.peavy@ambest.com
 

Source: A.M. Best
 
View this news release online at:
http://www.businesswire.com/news/home/20160226000000/en


--BERNAMA

 
 
 

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