Summary: Sun Life Hong Kong Ltd. Feb 12

Standard & Poors, February 2012

Abstract
The rating on Sun Life Hong Kong Ltd. (Sun Life HK) reflects strong implicit support from the insurer's parent, Sun Life Assurance Co. of Canada (AA-/Stable/A-1+). The rating also reflects Sun Life HK's strong capitalization and satisfactory business profile. The insurer's higher exposure than peers' to 'BBB'-rated fixed-interest investments; its volatile, albeit improving, operating performance; and its exposure to the competitive nature of Hong Kong's life insurance market counterbalance these strengths. We view Sun Life HK as a strategically important subsidiary of the wider Sun Life group, given the group's commitment to expansion in Asia. The insurer benefits from both financial and technical support--including risk management, investments, and internal audits--from its parent. Sun Life HK reports to the group's Hong...

Companies mentioned in this report are: Sun Life Hong Kong Ltd.
Action: Review

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Sun Life Hong Kong Ltd.

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