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Insurance ratings actions: S&P affirms Sun Life Financial

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.

U.S. and Canada

Moody's affirmed the A3 insurance financial strength rating of Bermuda-based Sirius International Group Ltd. operating subsidiaries Sirius International Insurance Corp. and Sirius America Insurance Co. The outlook is stable.

The subsidiaries' rating reflects their broad geographic and product diversification, good profitability over the cycle, and good capitalization and high-quality investment portfolio, according to Moody's.

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S&P Global Ratings affirmed the AA insurer financial strength and long-term issuer credit ratings of Sun Life Financial Inc. and its operating subsidiaries.

The outlook is stable, considering the rating agency's expectation that the group will keep its excellent business risk profile and very strong financial risk profile.

Europe

A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Spain-based Ocaso SA Seguros y Reaseguros. The outlook is stable.

The ratings reflect the insurer's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Asia-Pacific

Fitch Ratings affirmed the A insurer financial strength rating of South Korea-based Construction Guarantee. The outlook is stable.

The affirmation considers the rating agency's assessment that the insurer continues to have strong state support and has financially stable fundamentals with very strong capital supporting its moderate business profile.

Construction Guarantee's rating takes into account its moderate profitability and high business concentration risk in the domestic construction sector that is closely correlated with the economy, Fitch said.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.