Suncorp adds light to Asteron's ratings

S&P has assigned its 'A+' financial strength and issuer credit ratings to Asteron Life and the outlook is stable.

"The ratings on Asterono reflect our opinion of the insurer's "core" status to the listed financial services group, Suncorp Group.

It says it has equalised Asteron's rating with those of the Suncorp.

Asteron's core status is based on S&P's view that its products, markets, and customers are closely aligned to the group's mainstream businesses; and that it is highly operationally integrated with other group entities.

"We also consider Asteron Life to be core while it demonstrates a sound operating performance and improvement consistent with group expectations, and is capitalised at a level at least commensurate with the group rating," S&P credit analyst Caroline Strahan says.