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Global Credit Ratings
New Africa Capital
Registration number 2000/031756/06
(Incorporated in the Republic of South Africa)
JSE code - NAC
NSX code - NWC
ISIN number - ZAE 000033361
Metropolitan Life receives excellent first-time rating from Global Credit
Ratings
Metropolitan Life Limited, the leading life insurance company in the New Africa
Capital (NAC) financial services group, was recently awarded a claims
paying ability of AA- (double A minus) by international rating agency Global
Credit Ratings (GCR).
This was the first time that the company had applied for an official rating, a
decision prompted by a desire to obtain verification of its credit
standing from an autonomous, universally recognised body. Its intention was to
secure financial peace of mind for its customers in the current highly
volatile economic climate.
The AA- rating ranks Metropolitan Life`s claims paying ability as "very high".
This means that the company`s individual life and employee benefits
policyholders, as well as the intermediaries representing them, can rest secure
in the knowledge that the risks assumed by Metropolitan Life are
modest, although these may vary slightly over time due to changing economic and
underwriting circumstances.
Derek Pead and Abel Sithole, respectively head of the retail and the corporate
business cluster within Metropolitan Life Limited, are delighted that
the company has measured up to the international financial soundness standards
applied by GCR during their exhaustive investigations.
"While the costs associated with an assessment of this nature are not
inconsiderable, for us it is money well spent. It is most reassuring for the
guardians of public savings, such as the trustees of pension and provident
funds, as well as individual fund members and our entire retail customer
base, to have independent confirmation that Metropolitan has world-class
financial protection measures in place," says Sithole.
"We are in the business of being trusted to protect as well as to grow wealth.
It is therefore a major confidence booster for all concerned to have
the assurance that any financial risk to which they are exposed, is modest,
thanks to financial safeguards of global calibre."
Sithole also points out that "in the developing world official ratings are not
yet in as much demand as they are in the developed world.
Metropolitan, given its world-class aspirations and strong African roots, is
proud to be amongst the first life assurers in the country, and on the
continent, to have had its claims paying ability assessed by outside experts."
Metropolitan Odyssey, the second and considerably smaller of the two South
African based life companies in the NAC group, was awarded an A rating by
GCR, in terms of which its claims paying ability ranks as "high". This
indicates that its financial protection factors are above average despite its
relative lack of size.
END
ISSUED BY SUE SNOW
FINANCIAL MEDIA SPECIALIST
NEW AFRICA CAPITAL
TEL 021 9406119 OR 083 300 9745
DATE 29 JANUARY 2003
QUERIES TYRREL MURRAY
GENERAL MANAGER: GROUP FINANCE
NEW AFRICA CAPITAL
TEL 021 9405083 OR 082 889 2167
WILHELM VAN ZYL
GROUP ACTUARY
NEW AFRICA CAPITAL
TEL 021 9406637 OR 082 575 3841
Date: 29/01/2003 11:02:13 AM Produced by the JSE SENS Department
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