It’s reassuring to have life insurance, but only if you’re confident about who you've chosen to partner with. So allow us to reassure you with some background about ourselves.
The AA has been guiding life's journey's for over 115 years, and prides itself on being one of the most trusted brands in the country. As we've evolved over the years, so too has our offering to New Zealanders. The AA Life Insurance team strive to meet the needs of our AA Members and Kiwis alike, by providing valuable insurance products and great service.
We understand that not every Kiwi has the same needs, and that applies to taking our life insurance too. We let you choose how you'd like to engage with us to get your life insurance sorted: online, over the phone, or at your local AA Centre Network branch with one of our Insurance Consultants. We're proud to work with Asteron Life, who create and underwrite AA Life Insurance policies. Asteron Life is Suncorp New Zealand's life insurance specialist.
Our website provides general information about our products and services to help you make choices when it comes to protecting the things in life that really matter. The information doesn’t take into account your personal circumstances, needs or goals and is not intended to be financial advice.
If you'd like to receive financial advice, you can get professional advice from a registered financial adviser.
The Insurance (Prudential Supervision) Act 2010 requires all licensed insurers to have a current financial strength rating that is given by an approved rating agency.
Asteron Life Limited has been given an "A" (Strong) financial strength rating by Fitch Australia Pty Ltd (Fitch), an approved ratings agency. A rating of A means Asteron Life has a strong capacity to meet policyholder and contractual obligations.
Fitch Rating Scale
| Category | Definition |
|---|---|
| AAA | An insurer rated ‘AAA’ has extremely strong financial security characteristics. ‘AAA’ is the highest insurer financial strength rating assigned by Fitch Ratings. |
| AA | An insurer rated ‘AA’ has very strong financial security characteristics, differing only slightly from those rated higher. |
| A | An insurer rated ‘A’ has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings. |
| BBB | An insurer rated ‘BBB’ has good financial security characteristics, but is more likely to be affected by adverse business conditions than are higher-rated insurers. |
| BB; CCC; CC | An insurer rated ‘BB’ or lower is regarded as having vulnerable characteristics that may outweigh its strengths. ‘BB’ indicates the least degree of vulnerability within the range; ‘CC’ the highest. |
| BB | An insurer rated ‘BB’ has marginal financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments. |
| B | An insurer rated ‘B’ has weak financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments. |
| CCC | An insurer rated ‘CCC’ has very weak financial security characteristics, and is dependent on favourable business conditions to meet financial commitments. |
| CC | An insurer rated ‘CC’ has extremely weak financial security characteristics and is likely not to meet some of its financial commitments. |
| SD or D | An insurer rated 'SD' (selective default) or 'D' is in default on one or more of its insurance policy obligations. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy obligation are at risk. A 'D' rating is assigned when Fitch Ratings believes that the default will be a general default and that the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms. An 'SD' rating is assigned when Fitch Ratings believes that the insurer has selectively defaulted on a specific class of policies but it will continue to meet its payment obligations on other classes of obligations. An SD includes the completion of a distressed debt restructuring. Claim denials due to lack of coverage or other legally permitted defences are not considered defaults. |
Note: "+" or "-" may be appended to a rating to indicate the relative position of a credit within the rating category. Such suffixes are not added to ratings in the AAA category or to ratings below the CCC category.
You can find more information in our Terms and Conditions page.
Terms and conditions apply.*
*5% AA Member discount available when you provide your valid AA Membership number on application.
