AM Best Affirms Credit Ratings of Autosure Insurance Limited

SINGAPORE--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Autosure Insurance Limited (Autosure) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Autosure’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also factor in a neutral impact from the company’s ultimate owner, Turners Automotive Group Limited (Turners), a motor vehicle retailer and financial services group domiciled in New Zealand.

Autosure’s balance sheet strength assessment is underpinned by its strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by robust internal capital generation and appropriate retention of earnings. AM Best views Autosure’s investment strategy to be balanced, with the majority of its investment assets held in term deposits, albeit with a notable exposure to illiquid assets including investment properties. A partially offsetting balance sheet strength factor is the company’s material size of intangible assets, arising from its historical business acquisition in 2017.

AM Best assesses Autosure’s operating performance as strong. The assessment reflects the company’s track record of strong and stable operating performance metrics, supported by solid underwriting results and robust investment income. The company’s underwriting profitability is supported by its enhanced pricing and risk selection for its core insurance products, as well as cost-saving initiatives that it implemented. In fiscal year 2026, the company recorded combined ratio (net/net) of 83.5% and return-on-equity ratio of 15.4%. Investment income remains a stable contributor to the company’s overall profits, with a reported net investment yield (including gains/losses) of 5.1% in fiscal year 2026.

AM Best views the company’s business profile as limited given its niche and relatively modest scale of operations. Autosure’s ownership and affiliation with Turners, which is the largest retailer of used motor vehicles in New Zealand, provides good access to business and creates a valuable distribution network. The company is exposed to a moderate level of pricing risk arising from its multi-year policies, predominantly motor mechanical breakdown insurance. However, this risk has been managed appropriately to date with no material deviation of loss experience from the pricing assumptions.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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