Ratings agency AM Best has withdrawn its ratings for AIA New Zealand at the insurer’s request, after it switched to rival agency Fitch Ratings.

AIA NZ CFO Linda Page told insuranceNEWS.com.au the switch was done to align with AIA Group. The withdrawal occurred at the end of last month.

The pan-Asian insurer acquired the business last year, when it was NZ insurer Sovereign Life. It is the largest life insurer in New Zealand, with a market share of about 25%. AIA NZ also has a 20-year bancassurance partnership with AIA Group and Commonwealth Bank subsidiary ASB Bank.

Fitch has given AIA NZ a financial strength rating of AA (very strong).

“We are pleased that, as with our previous financial strength rating, Fitch Ratings has assessed that we are in a very strong position to support our customers with their insurance needs,” Ms Page told insuranceNEWS.com.au

AIA NZ was rated by AM Best with an A+ financial strength rating, and an AA- credit rating. AM Best says AIA NZ’s balance sheet is very strong, with a strong operating performance and appropriate risk management.