S&P affirmed its 'AA-' credit ratings on Chubb Insurance Australia, citing a sound competitive position and stable operating performance, and very strong financial profile.

The outlook is stable.

Chubb’s profile “is supported by the strength and quality of its capital, sound (intragroup) reinsurance arrangements, conservative investment portfolio, and strong enterprise risk management framework and risk controls,” the ratings agency says.

The ratings for Chubb Australia reflect S&P’s expectation that Chubb will likely provide extraordinary credit support to Chubb Australia if needed.