Overseas premiums are projected to account for about 50% of non-life premiums and profits in FYE26, supported by its US$3.5bn acquisition of Aspen Insurance.
The upgrade to 'AA' reflects S&P's view that Sun Life will maintain strong capital support for its Hong Kong unit as it expands through agency, broker, and digital channels.
The Indonesian reinsurer's risk-based capital ratio fell to 163% at end-2025 from 228% a year earlier, with Fitch also assigning a negative outlook following the ratings downgrade.
The upgrade reflects the insurer's strong capitalisation, resilient operating performance, conservative reinsurance, and ownership ties to the Henan provincial government.
