The ratings agency has maintained a positive watch on ClearView following a strategic business simplification and the announcement of a planned A$415m acquisition by Zurich.
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 upgrade reflects the insurer's strong capitalisation, resilient operating performance, conservative reinsurance, and ownership ties to the Henan provincial government.
The firm's new business profit also rose 12% to US$1.96bn for the first 9 months of 2025, driven by a 6% increase in annual premium equivalent and a stronger profit margin.
