On 12 February 2003, following a review of the AXA SA Group, Standard and Poor's has announced a revision to the rating of the Group to "AA-" and has changed the outlook to "stable".
This rating applies to all core operating companies
within the AXA SA Group, including The National Mutual Life Association of Australasia Limited (NMLA), trading
as AXA.
In adjusting the rating, Standard and Poor's noted that
the AXA SA Group "have successfully managed to counterbalance - the effect of equity market weakness - This illustrates management's ability to leverage the entire organisation so as to adapt to adverse operating conditions".
AXA S.A. owns 51 percent of AXA Asia Pacific Holdings Limited (AAPH) and NMLA is a wholly owned subsidiary of AAPH.
The National Mutual Life Association of Australasia Limited (incorporated in Victoria, Australia), 80 The Terrace, Wellington. Telephone: (04) 474 4500.