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ASB and Sovereign

When it comes to protecting you and your family’s financial wellbeing, you can trust ASB and Sovereign to be there for you.

Benefits at a glance

  • Sovereign has an A+ (Superior) financial strength rating
  • ASB and Sovereign work together in partnership to provide you with a comprehensive range of insurance options
  • Sovereign is New Zealand's largest life insurer
  • Sovereign has been providing insurance cover to New Zealanders for over 25 years

ASB and Sovereign - a partnership you can trust

In times of uncertainty – when you or your family’s financial wellbeing might be at stake – it’s important to know who you can trust.

ASB health, life, loan and income protection insurances are underwritten by Sovereign, which manages your policy and looks after any claims you might have. If you think you may need additional help, ASB is just a phone call away.

Sovereign has a proven track record of being there for Kiwis at claim time. It has an A+ (Superior) rating (based on its claims history) from the approved worldwide insurance industry rating agency, A.M. Best, Inc. That’s why you can be confident you’ll get the financial support you need if the unexpected happens.

Rating scale
Secure
A++, A+ (Superior)
A, A- (Excellent)
B++, B+ (Good)
Vulnerable
B, B- (Fair)
C++, C+ (Marginal)
C, C- (Weak)
D (Poor)
E (Under Regulatory Supervision)
F (In Liquidation)
S (Suspended)

Sovereign sale to AIA

Sovereign is now owned by AIA. There will be no change to the partnership ASB has as a distributor of Sovereign's life insurance products. Sovereign and ASB customers will keep all the current benefits of their existing policies, while benefiting from AIA's global expertise, innovation capabilities and wide range of insurance products. Insurance remains a key product offering for ASB, and ASB and Sovereign will continue to work together in partnership to provide Kiwis with a comprehensive range of insurance options.

FAQs

Has the sale of Sovereign affected my current insurance policy(ies) or premiums?

The sale of Sovereign does not impact existing customers. All current policies and benefits will remain the same.

Why was Sovereign sold and to who?

Life insurance companies are increasingly being owned by specialist insurers with global scale, as opposed to banks. Sovereign is excited to be part of a global life insurance company and benefit from AIA's expertise and experience, to achieve stronger growth and great outcomes for our customers.

AIA are the largest life insurance company in Asia-Pacific, and also have offices in Auckland, Wellington and Christchurch. As part of the transaction, ASB has entered into a long term distribution agreement with Sovereign and AIA for the provision of Sovereign and AIA life insurance products to its customers in New Zealand.

Is ASB going to stop selling insurance?

No. As part of the transaction, ASB has entered into a long term distribution agreement with Sovereign and AIA for the provision of Sovereign and AIA life insurance products to its customers in New Zealand.

Isn't my insurance with ASB?

ASB provides life, health and disability insurances to its customers that are underwritten by Sovereign. ASB will continue to provide these products to our customers in partnership with Sovereign and AIA.

You can be reassured that you will retain all your current benefits as outlined in your policies.

Do I need to do anything with regards to the partnership with Sovereign and AIA?

No, you don't need to do a thing. 

Contact us

Talk to an ASB Insurance Manager

Find your local ASB Insurance Manager and arrange an appointment.

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Ready to go?

Get Easy Life and Living over the phone now or make a time to talk to an ASB Insurance Manager about a more comprehensive solution.

0800 200 252

Visit a branch

Visit us at one of our many branches across New Zealand.

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Apply online

Want life insurance cover up to $500,000? If you're with ASB, you can apply for MyLife through FastNet Classic internet banking. Not registered for FastNet Classic?

Apply online

The availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions or premium loadings may apply. An excess may apply for health insurance policies. For full details refer to the policy document which is available on request from any ASB branch. Life, health and disability insurance are underwritten by Sovereign Assurance Company Limited ("Sovereign"). None of ASB Bank Limited or its subsidiaries, the Commonwealth Bank of Australia, or any other company in the Commonwealth Bank of Australia Group, or any of their directors, or any other person, guarantees Sovereign or its subsidiaries, or any of the products issued by Sovereign or its subsidiaries. 

ASBASB and Sovereign