Singlife has announced that Fitch Ratings and Moody’s Investors Service have upheld its credit ratings for Singapore Life Holdings Pte. Ltd. and its subsidiary, Singapore Life Ltd., both with a stable outlook. This decision underscores Singlife’s robust financial position and improving profitability amidst competitive pressures in the insurance sector.
Fitch Ratings has maintained an “A” Issuer Default Rating for Singlife, citing its “Extremely Strong” Prism capital score and prudent financial management. The agency also regards Singlife as a “Very Important” subsidiary of Sumitomo Life, its parent company, due to its strategic significance in Southeast Asia. Moody’s has kept its “A2” Financial Strength Rating, noting Singlife’s growing market share in gross premiums and its strength in the financial advisory channel.
Singlife, the fifth-largest life insurer in Singapore, boasts total assets exceeding S$16b and a market share of approximately 9.5% in gross premiums. Both Fitch and Moody’s highlighted Singlife’s solid capital adequacy and low-risk investment mix, which contribute to its resilient business fundamentals.
Group CEO Pearlyn Phau commented, “These ratings affirm how our business is resilient, the strength of our balance sheet and the continued confidence of our parent company, Sumitomo Life.”
As Singlife continues to focus on value-added protection products, it remains well-positioned to seize growth opportunities in the region, further enhancing its financial freedom offerings for customers.
