The financial strength ratings on general insurer AAI Ltd. (formerly known as Vero Insurance Ltd.) are equalized with those on the core operating subsidiaries of Suncorp Group Ltd. (Suncorp, A/Stable/--; core operating entities rated A+/Stable/--), reflecting its core status to the group. We view the insurer as core because it is a key contributor to the group's earnings base, and is a fully integrated part of the group's operations and strategic direction. The ratings on the group reflect the strong stand-alone credit profile (SACP) of its general insurance businesses (aa-)--which contributed about 64% of group net profit after tax from business lines in the year ended June 30, 2012--as well as the SACPs of the group's life insurance and wealth
