Latest news with #NZD
Yahoo
2 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Veterinary Professional Insurance Society Incorporated
SINGAPORE, June 20, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Veterinary Professional Insurance Society Incorporated (VPIS) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect VPIS' balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. VPIS' balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Despite this, AM Best considers VPIS to have a low regulatory solvency margin compared with its peers. Other offsetting balance sheet strength considerations include limited financial flexibility, and a small absolute capital base (NZD 3.7 million as of 30 September 2024), which increases the sensitivity of VPIS' capital adequacy to stress scenarios. Whilst VPIS' reinsurance programme protects the organisation against large single losses and aggregate exposure, AM Best views the organisation as having a high reliance on reinsurance. AM Best assesses VPIS' operating performance as adequate. As a not-for-profit members society, operating earnings has been driven historically by investment income rather than underwriting profits. In fiscal year 2024, VPIS recorded a return-on-equity ratio of 5.5%, with a combined ratio of 107.7%. The elevated combined ratio is driven by increased claim frequency and higher operating expenses. Particularly, VPIS' expense ratio is heightened when compared with the industry average as a result of its size and investment in technology in recent years. Investment income remains a key driver of the organisation's fiscal year 2024 operating earnings, with a net investment yield (including gains/losses) of 8.6%. VPIS is a not-for-profit organisation that provides predominantly professional indemnity insurance to veterinarians in New Zealand. The business profile assessment of limited reflects VPIS' small-scale operations, niche product focus and high geographic concentration. Nonetheless, VPIS has a dominant market position in its targeted segment, supported by its highly specialised knowledge and experience in New Zealand's veterinary industry. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Chee Yun Associate Financial Analyst +65 6303 5019 Yi Ding Associate Director, Analytics +65 6303 5021 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Yahoo
2 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Veterinary Professional Insurance Society Incorporated
SINGAPORE, June 20, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Veterinary Professional Insurance Society Incorporated (VPIS) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect VPIS' balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. VPIS' balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Despite this, AM Best considers VPIS to have a low regulatory solvency margin compared with its peers. Other offsetting balance sheet strength considerations include limited financial flexibility, and a small absolute capital base (NZD 3.7 million as of 30 September 2024), which increases the sensitivity of VPIS' capital adequacy to stress scenarios. Whilst VPIS' reinsurance programme protects the organisation against large single losses and aggregate exposure, AM Best views the organisation as having a high reliance on reinsurance. AM Best assesses VPIS' operating performance as adequate. As a not-for-profit members society, operating earnings has been driven historically by investment income rather than underwriting profits. In fiscal year 2024, VPIS recorded a return-on-equity ratio of 5.5%, with a combined ratio of 107.7%. The elevated combined ratio is driven by increased claim frequency and higher operating expenses. Particularly, VPIS' expense ratio is heightened when compared with the industry average as a result of its size and investment in technology in recent years. Investment income remains a key driver of the organisation's fiscal year 2024 operating earnings, with a net investment yield (including gains/losses) of 8.6%. VPIS is a not-for-profit organisation that provides predominantly professional indemnity insurance to veterinarians in New Zealand. The business profile assessment of limited reflects VPIS' small-scale operations, niche product focus and high geographic concentration. Nonetheless, VPIS has a dominant market position in its targeted segment, supported by its highly specialised knowledge and experience in New Zealand's veterinary industry. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Chee Yun Associate Financial Analyst +65 6303 5019 Yi Ding Associate Director, Analytics +65 6303 5021 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Scoop
11 hours ago
- Business
- Scoop
Air New Zealand, Air China, & Tourism NZ Announce Strategic Investment To Boost Chinese Travel Demand To Aotearoa
In a step to further support the revitalisation of Chinese tourism to New Zealand, Air New Zealand, Air China, and Tourism New Zealand have today announced a partnership aimed at strengthening travel from China to New Zealand. The tripartite partnership will see nearly half a million NZD invested from the three organisations going toward stimulating inbound tourism from China, in addition to Air New Zealand and Tourism New Zealand's existing investments in the market. Over the next 12 months, Air New Zealand will invest more than $700,000 in marketing through strategic partnerships – an addition to the airline's significant and ongoing marketing commitment in China. The new funding will be used to support a marketing campaign to drive greater awareness of New Zealand as a preferred destination for Chinese travellers. It is also an opportunity to highlight the longstanding alliance between Air New Zealand and Air China launched in 2015, which has provided greater connectivity, codeshare convenience, and a seamless customer experience for travellers between China and New Zealand. China is New Zealand's third largest source of international visitors, comprising around 8% of total visitor arrivals. In the year to March 2025, 248,000 Chinese travellers visited New Zealand, up 18 per cent on the prior year. Air New Zealand Chief Executive Officer Greg Foran said the airline's service between Shanghai and Auckland are going from strength to strength. "China is an incredibly important market for us, and we're proud of the role our Shanghai service has played in connecting people, cargo, and cultures over the past decade. This joint investment is an opportunity to further stimulate travel demand to encourage growth in inbound tourism from China to New Zealand. 'We're looking forward to having our brand-new cabins on our 787 aircraft flying to Shanghai on occasion, offering Chinese customers the opportunity to be among the first to experience our enhanced onboard experience. From October, we'll see a 33% increase in premium seats on the Shanghai–Auckland route, giving customers even more opportunity to travel with additional space and comfort to New Zealand." Mr. Ma Chongxian, the Chairman of CNAH, expressed confidence in the recovery of China-New Zealand market and the alliance partnership between Air China and Air New Zealand. 'New Zealand market has always been the key focus in our Asia-Pacific network. We have deeply engaged in Beijing-Auckland service since 2015. As our strategic alliance with Air New Zealand reinforces the mutual trust and support, our network, products and services have been optimized along the way. The partnership has played a positive role in jointly promoting economic and trade growth and fostering cross-cultural communication between China and New Zealand. 'Embracing the second decade of China-New Zealand Comprehensive Strategic Partnership and the tenth anniversary of the alliance partnership between Air China and Air New Zealand, we would like to join Air New Zealand and Tourism New Zealand in further facilitating market recovery and expanding collaborations to deepen practical cooperation and improve customer experience.' Tourism New Zealand Chief Executive René de Monchy said there is an audience of around 60 million people in China 'actively considering' a holiday to New Zealand. 'We're looking forward to working with Air New Zealand and Air China to get them booking trips to come and enjoy destination New Zealand sooner rather than later.' He said Chinese visitors were drawn to New Zealand's culture, friendliness, and natural scenery including mountains and lakes, hiking and national parks. "China's travel behaviour evolves rapidly. For example, we are seeing growth in smaller visitor groups that are staying for longer and getting out to enjoy more experiences and visit more regions.' New Zealand Prime Minister Christopher Luxon said: 'This partnership between Air New Zealand, Air China, and Tourism New Zealand is another step toward turbocharging New Zealand's tourism recovery and growth. As we work to rebuild our visitor economy, stimulating demand from key markets like China, which was our largest inbound tourism market pre-Covid, is essential to creating jobs, supporting businesses, and strengthening communities across the country. This strategic investment will not only boost awareness of Aotearoa as a unique and welcoming destination but also deepen the connections between our peoples and cultures. We are committed to backing initiatives that bring more visitors here, ensuring tourism continues to be a driver of prosperity for all New Zealanders.' This initiative reaffirms the strong commitment from both airlines and New Zealand's tourism sector to support economic recovery and reestablish vital people-to-people ties between the two nations.
India Today
2 days ago
- Business
- India Today
Indians in New Zealand can now host parents for 10 years under new visa rule
The New Zealand government has announced a new long-stay visa option for parents of citizens and residents, called the Parent Boost Visa, which allows eligible parents to stay in the country for up to 10 years. The visa, set to open for applications from September 29, 2025, is a multiple-entry visitor visa, not a pathway to permanent this scheme, parents can initially stay for up to five years. A second application may extend their stay by another five years, provided all conditions are residency visas, this visitor visa does not provide permanent settlement rights, and holders must leave New Zealand before the visa expires. Overstaying the visa will make them liable for THIS MATTERS TO INDIANS New Zealand is home to a significant Indian diaspora, many of whom are citizens or permanent residents. Until now, parents could only visit under limited short-term new Parent Boost Visa gives Indian parents a chance to spend extended time with their children and grandchildren — without the need for frequent visa also provides flexibility and peace of mind for families looking to stay connected across continents, especially during key life events like births, festivals, and medical CAN APPLY?1. Indian Parents of NZ Citizens or ResidentsIf your son or daughter is a citizen or permanent resident of New Zealand, you may be eligible to apply. Adopted children are also included under the sponsorship Good Health and CharacterApplicants from India must pass standard health and background checks. Two medical checks are required — one during the first visa application and another in the third year, which must be completed outside New Zealand.3. No English RequirementUnlike many visa routes, this one does not require proof of English language skills — a key advantage for elderly parents from non-English speaking AND FINANCIAL REQUIREMENTSIndian families in New Zealand must show they earn at least the median wage to sponsor one parent (more if sponsoring jointly or multiple parents).Alternatively, parents can apply if they have personal income equal to New Zealand Superannuation (around NZD $32,600 per year for individuals).A savings route is also available -- applicants must show NZD $160,000 (single) or NZD $250,000 (couple) in personal must carry comprehensive health insurance throughout their stay. This must cover emergency medical costs, cancer treatment, and holders can't take up jobs in New Zealand but may study for up to three months a year or do remote work for offshore employers. Any income may trigger tax MAKES IT BETTER?Compared to the existing Parent and Grandparent Visitor Visa, which allows a maximum of 18 months over three years, the Parent Boost Visa offers a continuous five-year stay with the option to extend -- making it ideal for elderly Indian parents needing long-term support or citizens currently holding another parent visa can apply for the Parent Boost Visa -- but will only hold one visa at a time.
Techday NZ
3 days ago
- Business
- Techday NZ
One New Zealand invests NZD $100 million, wins top network award
One New Zealand has been recognised as the "Best in Test" mobile network for the fourth consecutive year following independent benchmarking by umlaut. Umlaut, a global mobile network testing specialist owned by Accenture, conducted detailed assessments of mobile operators across urban, regional, and rural regions. The evaluation combined on-the-ground drive testing with six months of crowd-sourced data from April and May 2025, providing a comprehensive review of New Zealand's mobile network performance. In the 2025 umlaut benchmark, One New Zealand achieved an overall score of 852 out of a possible 1000 (85.2%), ahead of Spark with 787 points and 2Degrees with 789 points. The testing criteria gave particular emphasis to real-life performance indicators including voice call quality, data speeds, and network reliability. Testing results According to the umlaut assessment, One New Zealand led in three core categories. These included voice services, which were measured by factors such as call setup time, continuity of data connectivity during calls, and overall voice quality. The company also ranked highest for data services, which examined web browsing performance, file download speeds, and the experience of streaming YouTube videos. Finally, One New Zealand was noted as the most reliable mobile network in New Zealand, leading on successful voice and data connections as well as call quality. Thaigan Govender, General Manager Mobile Access Networks at One New Zealand, outlined the reasons behind the network's continued recognition: Our fourth consecutive win is the result of smart, data-driven investment decisions that directly reflect how and where New Zealanders use our network and connectivity services. Govender detailed the level of investment and infrastructure development over the past year, noting, "Over the past full year, we've invested over NZD $100 million into our mobile network alone, building or upgrading almost 300 cell sites to 4G and 5G across metro, urban and regional areas, plus working with the Rural Connectivity Group. These improvements materially improve coverage and performance in the places Kiwis live, work, and travel." He continued, "We're stoked to be recognised as best in test for a fourth year running and are motivated to keep improving even further, using real-world data to deliver the best mobile experience in Aotearoa for One NZ customers and wholesale partners." Ongoing development One New Zealand has indicated further developments for the year ahead. Govender said, "We'll keep working to improve the network for our customers – whether that's through coverage and resilience innovation with the recently launched One NZ Satellite or through retiring legacy networks and re-using spectrum as we have planned with our 3G switch off from the end of the year – you can expect things to keep getting better as a One NZ customer." Umlaut's benchmarking methodology is recognised for incorporating a robust set of criteria, drawing on a mixture of controlled test data and metrics collected from real users. The benchmarks assess networks based not only on speed but also on reliability and quality of service in a variety of real-world conditions. The network's performance improvements over the past year are attributed by One New Zealand to substantial network investment. These included significant upgrades and new builds across different parts of the country, with a focus on upgrading cell sites to support the latest 4G and 5G technologies, and collaboration with initiatives aimed at expanding rural coverage. The latest umlaut testing affirms One New Zealand's position as the highest-performing national mobile network during the most recent evaluation period.
