On February 28, 2023, DBRS Limited (DBRS Morningstar) confirmed all ratings on iA Financial Corporation Inc. (iA or the Company) and its related entities, including iA’s Issuer Rating, at “A” and Industrial Alliance Insurance and Financial Services Inc.’s Financial Strength Rating at AA (low). The trends on all ratings are Stable.
DBRS Morningstar released a commentary discussing our outlook for the Canadian life insurance industry in 2023. Key highlights include the following: -- Despite continued market uncertainty, the outlook for Canadian life insurers is stable, reflecting their strong fundamentals, diversified businesses, and high levels of capital. High current ratings and previous upgrades make rating movements less likely, particularly on the upside. -- Premium growth and net sales of managed funds may be lim...
On November 9, 2022, DBRS Ratings GmbH (DBRS Morningstar) confirmed all ratings of Great-West Lifeco Inc. and its related entities, including Great-West’s Issuer Rating at A (high) and The Canada Life Assurance Company’s Financial Strength Rating at AA. The trend on all ratings is Stable.
On October 27, 2022, DBRS Limited (DBRS Morningstar) confirmed all ratings of Sun Life Financial Inc. and its related entities, including SLF’s Issuer Rating at A (high) and the Financial Strength Rating of Sun Life Assurance Company of Canada at AA. The trends on all ratings are Stable.
Manulife Financial Corporation's core earnings declined 14% to $1.3 billion in Q3 2022 versus a year ago, mostly reflecting a provision for Hurricane Ian's estimated reinsurance losses of $256 million and the unfavourable impact of markets.
Great-West Lifeco Inc. reported Q3 2022 base and net earnings of $688 million, a 21% decline compared with the same quarter a year ago. Return on equity (as calculated by DBRS Morningstar) decreased to 11.7%, which is still good in our view considering the challenging macroeconomic environment. Both base and net earnings were negatively affected by a $128 million (after-tax) provision for estimated claims resulting from the impact of Hurricane Ian.
Great-West Lifeco Inc. (Great-West) reported Q2 2022 base earnings of $830 million, mostly unchanged from the same quarter a year ago. Despite a volatile economic environment, Great- West managed to produce resilient results during the quarter thanks to its diversified product portfolio, including an increasing footprint in the U.S. retirement services business. Base earnings in H1 2022 remained almost 5% higher compared with H1 2021.
Sun Life Financial Inc. reported good net income attributed to common shareholders of $858 million for Q1 2022 that resulted in a return on equity (as calculated by DBRS Morningstar) of 14.4%. However, net income decreased by 8.4% from $937 million reported in Q1 2021 owing to less favourable market-related impacts, partially offset by a restructuring charge from the prior year's quarter and better results from MFS Investment Management.
On March 2, 2022, DBRS Limited (DBRS Morningstar) confirmed all ratings on iA Financial Corporation Inc. and its related entities, including iA’s Issuer Rating at “A” and Industrial Alliance Insurance and Financial Services Inc.’s Financial Strength Rating at AA (low). The trends on all ratings are Stable.
On October 29, 2021, DBRS Limited (DBRS Morningstar) confirmed all ratings of Sun Life Financial Inc. (SLF or the Company) and its related entities, including SLF’s Issuer Rating at A (high) and the Financial Strength Rating of Sun Life Assurance Company of Canada (SLA) at AA. The trends on all ratings are Stable.
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