...Strong and Diversified Business Profile: SLF's IFS rating of 'AA' is in line with its implied ratings of 'AA'. In Fitch's opinion, SLF benefits from a strong and diversified business profile, supported by its international operations across life insurance, group benefits, group retirement services, and asset management. The company holds leading market positions in several core product lines and has lower exposure than its peers to riskier legacy liabilities, such as universal life with secondary guarantees. Supportive Capitalization: SLF's capitalization is viewed as strong, although this is partially offset by relatively high goodwill and intangible assets which represent approximately 41% of shareholders' equity, including the contractual service margin. SLF's regulatory capital ratios for 2Q26 remained within Fitch's expectations, with a life insurance capital adequacy test (LICAT) ratio of 145% at the holding company and 133% at SLA. Manageable Financial Leverage: SLF's leverage remains...
