Sovereign started out in 1989 as a life insurance and investment provider. The company expanded in 1996 with its acquisition of Metropolitan Life Assurance Company of N.Z. Limited. Providing personal and business insurance, health insurance, home loan, investment and superannuation products Sovereign has more than 650,000 customers.
In 1998 Sovereign was acquired by the ASB Group, which is owned by the CBA. When CBA merged with Colonial Limited in 2000, the Colonial New Zealand life and investment business was integrated with Sovereign, making it the largest life insurer in New Zealand.
Financial Strength Rating
The Insurance (Prudential Supervision) Act 2010 requires all licensed insurers to have a current financial strength rating that is given by an approved rating agency.
Sovereign has an A+ (Superior) credit rating from A.M. Best