A.M. Best has affirmed the credit ratings of Sun Life Financial, as well as its subsidiaries.
The credit rating agency affirmed the Long-Term ICR of “a-” and existing Long-Term Issue Credit Ratings (Long-Term IR) of Sun Life Financial.
Additionally, A.M. Best affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Sun Life Assurance Company of Canada and Sun Life and Health Insurance Company US.
The agency also affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Wilmington, DE-based Independence Life & Annuity Company, as well as the FSR of B++ (Good) and the Long-Term ICR of “bbb+” of Professional Insurance Company in Dallas, TX.
“Sun Life’s leading positions in its core Canadian markets – group life and health benefits, group pension and individual insurance – are complemented by its focus on the US group insurance and voluntary benefits space,” A.M. Best said in its release.
The agency noted Sun Life’s expansion in Asia through local subsidiaries and partnerships, which have contributed to the organization’s results. A.M Best also observed that although Sun Life focuses its US operations on markets and businesses “that lack sensitivity to interest rates and equity market fluctuations,” the group faces considerable competition in those markets.
Sun Life continues to be a market leader in Canada’s employee benefits market, the agency observed, and its acquisition from
Assurant has raised its profile in the US market. The insurer was also noted to maintain a diversified investment portfolio, with a focus on high credit and strong liquidity profiles, while retaining exposure to real estate-linked assets.
.jpg)
