S&P Global Ratings has affirmed Suncorp Life and Superannuation’s financial strength and issuer credit ratings at A, and the outlook at stable.

The affirmation reflects the life insurer having an a- standalone credit profile.

“The [standalone credit profile] primarily reflects the insurer’s moderate competitive position and recent operating performance and extremely strong capital adequacy, according to our measures,” S&P says.

“We continue to view [the life insurer] as a strategically important entity to Suncorp Group, reflecting our expectation that the group would provide support… if required. The likelihood of support being required is lessened by the strong standalone financial risk profile.”

S&P has also removed the life insurer’s financial strength and issuer credit ratings from “credit watch with negative implications”, which it imposed in February after Suncorp announced plans for a strategic review of its life operations in the local market.