Our 'A+' insurer financial strength and issuer credit ratings on AAI Ltd. (AAI) reflect the company's solid underwriting earnings from market-leading brands across Australia's property and casualty (P&C) lines. Solid capital adequacy, a relatively low risk investment portfolio, and well-developed reinsurance arrangements are also supportive of the credit profile. We deduct one notch from the stand-alone credit strength to arrive at our final rating, which is equalized with the group credit profile (GCP). This is because we do not consider AAI to be insulated from the rest of the group. The GCP is, in our view, weakened by its banking and life insurance operations whose stand-alone credit profiles are not as strong as AAI's. Suncorp Group Ltd.'s P&C operations span
