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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Affirms Credit Ratings of Autosure Insurance Limited

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Autosure Insurance Limited (Autosure) (formerly known as DPL Insurance Limited) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Autosure’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also factor in a neutral impact from the company’s ultimate owner, Turners Automotive Group Limited (Turners), a motor vehicle retailer and financial services group domiciled in New Zealand.

Autosure’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was at the strongest level as of fiscal year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects the company’s risk-adjusted capitalisation to remain at the strongest level prospectively, supported by robust internal capital generation and appropriate retention of earnings. AM Best views Autosure’s investment strategy to be balanced, with the majority of its investment assets held in term deposits, albeit with a notable exposure to illiquid assets including investment properties. Partially offsetting balance sheet strength factors include a high dividend payout ratio in recent years and the significant volume of intangible assets arising from the company’s historical business acquisition in 2017.

AM Best assesses Autosure’s operating performance as strong. The assessment reflects the company’s track record of strong and stable operating performance metrics, supported by solid underwriting results and robust investment income. In fiscal year 2025, the company recorded a return-on-equity ratio of 14.7% and a combined ratio (net/net) of 82.6%, as calculated by AM Best. The company’s underwriting profitability is supported by its enhanced pricing and risk selection for its core insurance products, as well as cost-saving initiatives that were implemented. In fiscal year 2025, Autosure reported net investment yield (including gains/losses) of 4.6%.

AM Best views the company’s business profile as limited given its niche and relatively modest scale of operations. Autosure’s ownership and affiliation with Turners, which is the largest retailer of used motor vehicles in New Zealand, provides good access to business and creates a valuable distribution network. The company is exposed to a moderate level of pricing risk arising from its multi-year policies, predominantly motor mechanical breakdown insurance. However, this risk has been managed appropriately to date with no material deviation of loss experience from the pricing assumptions.

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 www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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