"Very strong" competitive position, as leading insurer in Australia "Very strong" capital and earnings, which we expect will be maintained under our base case forecasts Exposure to natural peril events and weather-related losses, although mitigated by reinsurance protection Intensifying competition from challenger brands and major banks expected to curb margins and result in subdued premium growth The 'A+' financial strength and issuer credit ratings on AAI Ltd. (AAIL) reflect our view of its core status to Suncorp Group Ltd. SGL). As AAIL is a core operating entity, the ratings on AAIL are equalized with the group credit profile of SGL under our group rating methodology. Our ratings on the SGL group reflect the very strong stand-alone credit profile (SACP) of
