S&P affirms Suncorp

Standard & Poor's said it affirmed the A+ ratings on the Suncorp group of operating companies following the effective completion of the restructure of the group, which involved the creation of a non-operating holding company, Suncorp Group Ltd.

The operating entities include Suncorp-Metway Ltd., Suncorp Metway Insurance Ltd., Suncorp Life and Superannuation Ltd., GIO General Ltd., Vero Insurance Ltd., Vero Insurance New Zealand Ltd., Vero Liability Insurance Ltd., and AA Insurance Ltd.

The outlook is stable.

The affirmation reflects an opinion that the restructure does not significantly alter the group's activities, risk appetite, business and financial metrics and policies and procedures, S&P said.

The restructure simplifies the group's ownership structure and would improve transparency, the agency said.

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