...Strong Capitalization with Low Leverage: Singapore Life Holdings Pte. Ltd.'s (SLH) capital strength, as measured by the Fitch Prism Global Model, remained 'Extremely Strong' on a consolidated basis at end-2025, supported by the steady accumulation of contractual service margin (CSM). The regulatory risk-based capital ratio of its core subsidiary, Singapore Life Ltd. (SL), declined to 187% by end- 2025, from 224% by end-2024, due to lower domestic interest rates and strengthening of reserves as a result of an assumption change. SLH's financial leverage ratio was 18% at end-2025, above the ratio guidelines for insurers rated in the Insurer Financial Strength (IFS) 'A' category. SLH is no longer subject to regulatory capital requirements at the holding company level, after the Monetary Authority of Singapore revoked its designated financial holding company status following its acquisition by Sumitomo Life Insurance Company (IFS Rating: A+/Stable). SLH refinanced SGD550 million of subordinated...
