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MET
MET
Metropolitan receives excellent ratings from international ratings agency Fitch
Metropolitan Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 2000/031756/06
JSE Code: MET
NSX Code: MTD
ISIN Code: ZAE000050456
("Metropolitan")
Metropolitan receives excellent ratings from international ratings agency Fitch
Metropolitan Life Limited, the primary operating entity and leading life
insurance company in the Metropolitan financial services group, has been
awarded a national insurer financial strength (IFS) rating of AA- (double A
minus) (zaf) by the London-based agency Fitch Ratings.
Metropolitan Holdings Limited, the ultimate holding company of the group, was
awarded a national long-term rating of A (zaf).
The outlook for the ratings is stable.
Group chief executive Peter Doyle pointed out that the decision to request a
rating was an integral part of the group"s capital management programme.
However, he went on to say that it was also driven by a desire to obtain
independent verification of its financial strength from an autonomous,
universally recognised body. "We are continually entering new territories,
in terms of new business opportunities and new businesses, both in South
Africa and other countries, and this external confirmation provides an
additional layer of confidence to the parties with whom we are
transacting."
The national IFS rating of AA- (zaf) with stable outlook ranks Metropolitan
Life"s capacity to meet its contractual obligations to policyholders as
"very strong relative to all other issues or issuers in the same country,
across all industries and obligation types. The risk of ceased or
interrupted payments differs only slightly from the country"s highest rated
issues or issuers."
This means that the company"s individual life and employee benefits
policyholders, both existing and prospective, as well as the intermediaries
representing them, can rest secure in the knowledge that Metropolitan Life
is managing the risks it assumes efficiently and effectively.
Doyle is delighted that the group has measured up to the international financial
soundness standards applied by Fitch during their exhaustive
investigations.
"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 we have
world-class financial protection measures in place.
"We are in the business of creating prosperity for the people of Africa and this
strong rating is a major confidence booster for all concerned."
ISSUED BY NICO OOSTHUIZEN
MANAGER: INVESTOR RELATIONS
METROPOLITAN HOLDINGS LIMITED
TEL 021 9406111 OR 083 285 7092
DATE 9 NOVEMBER 2006
QUERIES TYRREL MURRAY
GENERAL MANAGER: GROUP FINANCE & INVESTOR RELATIONS
METROPOLITAN HOLDINGS LIMITED
TEL 021 9405083 OR 082 889 2167
Date: 09/11/2006 03:00:06 PM Produced by the JSE SENS Department
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