Fitch affirms Suncorp

Fitch Ratings said it affirmed Suncorp Group Ltd.'s long- and short-term issuer default ratings at A+ and F1, respectively.

At the same time, the agency affirmed the long-term IDR on AAI Ltd. at A+ and subordinated debt at A.

The outlooks are stable.

Fitch said the affirmations reflect the two entities' very strong brands and franchises, very strong operating performance, strong capital ratios, conservative investment approach, comprehensive reinsurance programs and well-monitored adequate non-life reserving.

These strengths are partly offset by large banking exposure through subsidiary Suncorp-Metway Ltd., the agency said.

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