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Fitch Revises Sun Life Financial Inc

(The following statement was released by the rating agency) CHICAGO, March 17 (Fitch) Fitch Ratings has affirmed the ratings of Sun Life Financial Inc. (TSE, NYSE: SLF) including its senior and subordinated notes, as well as the Insurer Financial canada goose black friday sale Strength (IFS) ratings of cheap Canada Goose SLF’s primary Canadian insurance subsidiary, Sun Life Assurance Co. of Canada (SLAC), at ‘AA ‘. A full list of ratings follows at the end of this release. The Rating Outlook for all ratings has been revised to Positive from Stable. KEY RATING DRIVERS The Positive Outlook reflects Canada Goose Jackets SLF’s improved business profile, reduced earnings volatility, very strong capitalization, higher fixed charge coverage and solid asset quality. employee and voluntary benefits market and continued growth in emerging Asian markets. Offsetting factors include sustained low interest rates along with fee pressure in the increasingly competitive asset management business and potential volatility in fee income given high equity market concentration at MFS Investment Management (MFS). Fitch views SLF’s competitive position as strong in Canada, as one of the three largest insurers that serve more than two thirds of the insurance market. SLF is a significant competitor among the top three companies in every market and major product line in which it competes and has leading market share in group retirement services and group benefits in Canada. life insurance businesses, which reduced its capital and earnings sensitivity to interest rates and equity markets. group benefits market, which Fitch views as having a lower risk profile. The integration is proceeding in line with management’s expectations in terms of synergy and accretion targets. Fitch views SLF as very strongly capitalized on a risk adjusted basis, with a minimum continuing capital and surplus requirement (MCCSR) for SLAC of 226% at Dec. 31, 2016. The company’s strong balance sheet fundamentals also include extremely low asset and operating leverage. Financial leverage remained moderate at 17%. Following the redemption of CAD800 million canada goose store of subordinated debt in March 2017, SLF’s pro forma financial leverage declined to approximately 14%. SLF reported a modest 1% increase in underlying earnings in 2016. Results were primarily driven by increased fee income from greater average net assets and earnings growth in Asia. group benefits. SLF reported an underlying ROE of 12% in 2016, which is in line with its medium canadian goose jacket term objective of 12% Canada Goose Parka to 14%. Key challenges to profitability include sustained low canada goose coats on sale interest rates, currency movements, potential financial market volatility and an uncertain global economy. In addition to growth in underlying earnings, the net impact of market related impacts and assumption changes and management actions increased net income by CAD152 million in 2016, compared to a decrease of CAD52 million in 2015. The favorable effect of market related impacts in 2016 was primarily driven by favorable equity markets and higher interest rates partially offset by credit spreads. SLF’s fixed charge coverage, based on underlying earnings, has improved in recent years to 9.9x in 2016 compared with 10.4x and 7.8x in 2015 and 2014, respectively. The modest decline in 2016 reflects increased borrowing costs on higher financial leverage. The company’s recently announced debt redemption will reduce borrowing costs in 2017. SLF’s asset management business, made up of MFS and Sun Life Investment Management (SLIM), enhances the company’s earnings diversification and provides a source of unregulated cash flow to the holding company. The segment’s assets under management (AUM) decreased 1% to CAD625 billion at Dec. 31, 2016, which was somewhat suppressed by the canada goose outlet toronto factory strengthening of the Canadian dollar. AUM at MFS increased 3% in 2016, which was primarily driven by higher gross sales and asset appreciation, partially offset by redemptions. MFS’s pretax operating profit margin ratio remained very strong, albeit lower, at 36% as of Dec. 31, 2016, compared with 40% and 41% in 2015 and 2014, respectively. Fitch expects market volatility and industry trends to passively managed funds to present a challenging environment for MFS Canada Goose Outlet during 2017. The Office of the Superintendent of Financial Institutions (OSFI) issued the final Life Insurance Capital Adequacy Test (LICAT) guideline for Canadian life insurers with an effective date of Jan. 1, 2018, which will replace the MCCSR framework. Fitch expects SLF to remain in a strong capital position under the new framework, particularly given significant de risking initiatives that repositioned the company away from longer tail, capital intensive businesses. RATING SENSITIVITIES The key rating triggers that could result in an upgrade include: Consistent maintenance of fixed charge coverage, excluding the net impact of market factors, of over 10x; Sustained improvement in underlying and reported profitability with a ROE maintained above 12%; Stable balance sheet fundamentals evidenced by an MCCSR ratio at or above 220% and no change in view Canada Goose Online of capital under the LICAT framework; Financial leverage below 20%, total leverage below 25%. The key rating triggers that could result in a downgrade canada goose replica include: A decline in fixed charge coverage, excluding the net impact of market factors, to below 6x; A sustained drop in the company’s risk adjusted capital position, including the MCCSR ratio falling below 200%; Canada Goose sale An increase in financial leverage to over 25% or an increase in total leverage to over 35%; A large acquisition that involves execution and buy canada goose jacket integration risk or impacts the company’s leverage and capitalization. Fitch has affirmed the following ratings and revised the outlook to Positive from Stable: Sun Life Financial, Inc. Long Term Issuer Default Rating (IDR) at ‘A'; Senior notes at ‘A ‘; Subordinated notes at ‘BBB+'; Noncumulative preferred shares at ‘BBB ‘. Sun Life Assurance Co. of Canada IFS ratings at ‘AA ‘; Long Term IDR at ‘A+'; Subordinated notes at ‘A’. Sun Life Capital Trust Sun Life ExchangEable Capital Securities (SLEECS) at ‘A canada goose clearance sale ‘. Contact: Primary Analyst Dafina M. Dunmore, CFA Director +1 312 368 3136 Fitch Ratings, Inc. 70 W. 15 Sep 2016) here Additional Disclosures Dodd Frank Rating Information Disclosure Form here _id=1020766 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING buy canada goose jacket cheap THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. 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The manner of Fitch’s factual investigation and the scope of the third party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices canada goose clearance in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other Canada Goose Coats On Sale reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. 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