Standard & Poor’s (S&P) has affirmed its A credit rating on Suncorp’s insurance holding company and A+ rating on core subsidiaries AAI, Vero New Zealand, AA Insurance, Suncorp Life and Asteron.

The outlook for the ratings remains stable.

S&P says the affirmations are based on the group’s “very strong” business risk profile and “strong” financial risk profile.

The general insurance businesses have a stronger stand-alone credit profile than the life and banking businesses, but Suncorp Group benefits from the diversity of the three divisions.