Standard & Poor’s has reviewed its assessment of 18 life insurers in the Asia-Pacific region, making only one change.

The agency affirmed the ratings of all 18 and the outlook of 17.

It upgraded Taiwan Life’s outlook from negative to stable because it predicts average business growth and modest earnings, with capital remaining less than adequate but not deteriorating. The insurer is rated BBB.

Affirmed ratings include Zurich Australia (A+/stable), ANZ Wealth Australia (A+/stable) and MetLife (A+/stable).

Standard & Poor’s has also revised its opinion on eight Japanese life insurers, affirming seven and upgrading one.

Sumitomo Life was upgraded from A-/stable to A/stable based on its strong business position and moderately strong financial risk profile, plus an improved capital position.

Ratings affirmed include Dai-ichi Life (A/stable), Mitsui Life (BBB-/stable) and Sony Life (A+/stable).

The agency has changed its methodology for assessing insurers to be more transparent about the way different credit factors affect ratings.

It has reassessed insurers worldwide, with most ratings affirmed, in line with expectations.