S&P Global has upgraded its outlook on Suncorp Life to positive after the business’ sale to TAL completed two weeks ago.

Suncorp Life has a sound market position as a mid-tier player, with a very strong capital position, the ratings agency says.

TAL’s parent Dai-ichi Life will likely provide extraordinary support to Suncorp Life if necessary, given the deal’s strategic nature S&P says.

The 20-year agreement for Suncorp to distribute TAL’s products supports that view, according to the ratings agency.