AMP Limited has announced that it has welcomed the upgrade of Standard & Poors rating of the National Mutual Life Association of Australasia Limited’s (National Mutual Life) from A+ to AA-.
National Mutual Life is AXA Asia Pacific Holding’s Australian and New Zealand life insurance company. The upgraded rating brings the life insurer in line with AMP Life Limited’s AA- rating. AMP Limited merged with AXA Asia Pacific’s Australian and New Zealand businesses on 30 March 2011.
AMP Limited’s Chief Financial Officer Paul Leaming said, “the upgrade reflects the merged group’s leadership position in wealth management, the complementary fit of the AMP and AXA businesses and the funding mix for the merger, which is consistent with both AMP and AXA’s prudent approach to capital management.”
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