Southsure Assurance Limited has been assigned an Insurer Financial Strength rating of BBB+ (Outlook Stable) by Fitch Ratings as at 15 December 2016.
|Secure Range||Vulnerable Range|
|AAA (Exceptionally Strong)||BB (Moderately Weak)|
|AA (Very Strong)||CCC (Very Weak)|
|A (Strong)||CC (Extremely Weak)|
|BBB (Good)||C (Distressed)|
"+" or "-" may be appended to a rating to indicate the relative position of a credit within the rating category.
Under the Insurance (Prudential Supervision) Act 2010 Southsure Assurance Limited is required to operate at least one statutory fund and notify policyholders which statutory fund their life insurance policy is referable to. All life insurance policies underwritten by Southsure Assurance Limited are referable to Southsure Statutory Fund No. 1 ("Statutory Fund").
As a licenced insurer supervised by the Reserve Bank of New Zealand, Southsure is required to maintain a minimum level of capital that meets the Solvency Standards within the Insurance (Prudential Supervision) Act 2010.
The minimum level of capital held must be in excess of either $5,000,000 or the (risk-based) calculated minimum solvency capital requirement - whichever is higher.
Southsure Assurance Limited's total solvency position at 31 March 2017:
|Statutory Life Fund||Non-life
|Actual solvency capital||$933,309||$5,593,103||$6,526,412|
|Risk based calculated minimum||$0||$4,493,387||$4,593,387|
|Solvency margin before applying $5 million minimum||$933,309||$999,716||$1,933,025|
|Fixed capital minimum requirement||$5,000,000|
|Solvency margin after applying $5 million minimum||$1,526,412|
|Solvency ratio after applying $5 million minimum||130.5%|