Underwriting performance at Hanoi Re recovered in FY 2025, driven by favourable loss reserve development, lower management expenses and higher premium rates.
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.
