Rating agency Fitch has affirmed the AA+ financial strength ratings of The Canada Life Assurance Co. and its two wholly owned subsidiaries.

At the same time Fitch has assigned an AA long-term issuer rating to Canada Life and an AA- debt rating to Canada Life’s subordinated notes. Additionally, Canada Life Financial Corp. is assigned an A+ long- term issuer rating and its preferred stock is assigned an A rating. The rating outlook is Stable.

The ratings recognize the consolidated enterprise’s internationally diversified revenue streams, distribution channels and product lines; maintenance of solid capitalization and moderate financial leverage; consistency of sales and earnings results and an experienced management team. Offsetting factors are increased competitive challenges faced by companies operating in the mature Canadian wealth management and insurance markets and the need for Canada Life to add scale to its U.S. operations.

Fitch considers Canada Life’s capital to be strong with excellent quality due to moderate debt levels and very modest goodwill. Risked-based capitalization at approximately 190% is within Fitch’s expectation for the rating.