Standard & Poor’s (S&P) has issued revised ratings using new criteria for 25 non-life insurance companies in the Asia-Pacific region.

“The trend is consistent with what we have already seen, with the majority being affirmed or, if anything, a slight positive bias,” Director Financial Services Michael Vine told insuranceNEWS.com.au.

Wesfarmers General Insurance’s financial strength and issuer credit ratings were affirmed at A- with a stable outlook. The company has “a strong competitive position”, with 4% of the Australian non-life market, S&P says.

Lumley General Insurance (NZ) also had its ratings affirmed at A- with a stable outlook, with the group “benefitting from its close ties with sister company Wesfarmers General Insurance”.

Allianz New Zealand and AIG Insurance New Zealand were affirmed at A with a stable outlook, while Zurich Australian Insurance remains at A+ and stable.

Teleco Insurance (NZ) and Hallmark General Insurance were affirmed at BBB+ with a stable outlook.

S&P’s revised criteria, which aim to provide more consistent and transparent ratings for insurers, took effect on May 7.