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 its general insurance businesses (aa-), combined with the weaker SACPs of its life insurance operations (a-) and banking operations (bbb+) and factors in their associated product diversification benefits. They also reflect the "very strong" business risk profile and "strong" financial risk profile of the consolidated group. AAIL does not have a rating higher than the group
