On 12 February 2003, the rating assigned to the AXA
SA Group by Standard & Poor's Ratings Services, under
the Insurance Companies (Ratings and Inspections) Act
1994, was downgraded from "AA (Very Strong)" to
"AA- (Stable)".
This rating applies to all core operating companies
within the AXA SA Group, including The National Mutual Life Association of Australasia Limited (NMLA), trading
as AXA New Zealand.
In downgrading the rating, Standard & Poor's noted
that the AXA SA Group "have successfully managed to counterbalance to a large extent the effect of equity market weakness, mainly through an impressive and successful cost cutting plan and a significant reduction of its combined ratio in its retail property-casualty business. This clearly illustrates management's ability to leverage the entire organisation so as to adapt to adverse operating conditions."
AXA SA owns 51 percent of AXA Asia Pacific Holdings Limited (AAPH) and NMLA is a wholly owned subsidiary of AAPH.
The National Mutual Life Association of Australasia Limited (incorporated in Victoria, Australia), 80 The Terrace, Wellington. Telephone: (04) 474 4500.