Singlife's Credit Ratings Maintained with Stable Outlook

Fitch Ratings (“Fitch”) and Moody’s Investors Service (“Moody’s”) have maintained Singlife’s credit ratings for both Singapore Life Holdings Pte. Ltd. and its wholly owned operating subsidiary, Singapore Life Ltd. They have also maintained a stable outlook for these entities.

The ratings affirm Singlife’s strong financial position, underpinned by its solid capital base, prudent financial profile and strategic importance to its parent company, Sumitomo Life Insurance Company (“Sumitomo Life”). Both rating agencies also highlighted Singlife’s improving underlying profitability and resilient business fundamentals. 

*Notes were fully redeemed as of 25 February 2026

Fitch noted that Singlife continues to demonstrate strong capital adequacy and low leverage, supported by its “Extremely Strong” Prism capital score and prudent financial management. It also assessed Singlife as having a “Moderate” company profile, reflecting its established franchise and diversified product suite.

Moody’s cited Singlife’s solid market position in Singapore, supported by a growing share of gross premiums and strength in the financial advisory channel for its assessment. It highlighted Singlife’s low-risk product and investment mix, underpinned by a high proportion of investment-grade assets and risk-sharing features within participating funds.

Both agencies noted that Singlife’s underlying profitability continues to improve, supported by a stronger investment performance and the Group’s continued focus on value-added protection products, despite ongoing competitive market conditions and cost pressures across the industry.

Fitch views Singlife as a “Very Important” subsidiary of Sumitomo Life, noting that it is Sumitomo Life’s sole wholly owned life insurance subsidiary in Southeast Asia, a region that offers higher growth potential than Japan’s mature life insurance market.

Pearlyn Phau, Group Chief Executive Officer, Singlife said: “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 we continue improving on profitability, we remain well-positioned to capture growth opportunities and deliver a better way to financial freedom for generations of our customers.”

Singlife is the fifth-largest life insurer in Singapore, with total assets of over S$16 billion and a market share of approximately 9.5% in terms of gross premiums as of 31 December 2024.

More information on the Fitch report is available here and the details on the redemption of Singlife’s subordinated notes here.