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TEXT: S&P Rates Hallmark Life Insurance NZ 'BBB+'; Otlk Stable
2012年2月29日 / 凌晨3点53分 / 6 年前

TEXT: S&P Rates Hallmark Life Insurance NZ 'BBB+'; Otlk Stable

Overview

-- We are assigning our ‘BBB+’ financial strength rating (FSR) to Hallmark Life Insurance Co. Ltd. (New Zealand branch) (HLNZ), which reflects the FSR of its principal entity, Australia-based Hallmark Life Insurance Co. Ltd. (HL; BBB+/Stable/--).

-- The outlook is stable.

Rating ActionOn Feb. 29, 2012, Standard & Poor’s Ratings Services assigned its ‘BBB+’ financial strength rating (FSR) to Hallmark Life Insurance Co. Ltd. (New Zealand branch) (HLNZ). The outlook is stable.

Rationale

The BBB+/Stable/-- FSR on HLNZ reflects HL’s ‘bbb’ stand-alone credit profile--largely due to its strong financial structure--and one rating-notch benefit from very strong ultimate parent General Electric Co. (GE; AA+/Stable/A-1+) and more immediate parent General Electric Capital Corp. (GECC; AA+/Stable/A-1+). Moderating the rating is the insurer’s narrow competitive position, although it has solid access to GE Money’s (GEM) network of branches and credit card arrangements with major retailers.

Outlook

The stable outlook on HLNZ reflects our outlook on its principal entity, HL.

The stable outlook on HL primarily reflects our view that the insurer’s good stand-alone credit profile would remain sound over the near-to-medium term. In particular, the stable outlook reflects our expectation that GEM will be able to retain its relationships with its key retailer clients, although loss of a single client would unlikely affect the ratings. Also underpinning the outlook are our views that competition among Australian and New Zealand nonbank financial institutions has moderated to GEM’s advantage due to industry rationalization since the global financial crisis; and that some deterioration in economic conditions would not significantly increase loss ratios.

The ratings on HL could move independently of the ratings on the parent given the significant rating differential. The ratings on HL could be raised if HL’s business profile were to further diversify by client, distribution channel, and product. Although not expected, the ratings on HL could also be raised if its group status were elevated to strategically-important or core. On the other hand, the ratings on HL could be lowered if HL’s financial structure or operating performance were to deteriorate materially.

Related Criteria And Research

Group Methodology, published April 22, 2009

Ratings List

New Rating; CreditWatch/Outlook Action

Hallmark Life Insurance Co. Ltd. (New Zealand Branch)

Hallmark Life Insurance Co. Ltd.

Hallmark General Insurance Co. Ltd. (New Zealand Branch )

Hallmark General Insurance Co. Ltd.

Financial Strength Rating

Local Currency BBB+/Stable/--

Hallmark General Insurance Co. Ltd.

Hallmark Life Insurance Co. Ltd.

Counterparty Credit Rating

Local Currency BBB+/Stable/--

我们的标准:汤森路透“信任原则”
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