Hi Daniel,
It is no secret we like POW - it has been on our dividend Bull List for about a year. I would however, not discount SLF - which has been a solid play. In fact, it has been one of the best insurers in the country for a number of years. In fact, it has outperformed POW over the past year, 3YR, 5YR and 10YR periods.
I'd consider SLF one of the best in the industry and would not necessarily swap out one for the other. Where POW stands out is in terms of valuations - it has been chronically undervalued for the past few years. We see this company much like TFII which was undervalued for years before finally getting the due it deserved.
The other difference is that POW is morphing into more of an asset management company. It is making more and more investments outside of insurance and I see this trend continuing given it's recent success. So in a way, while POW generates most of earnings from insurance, it is slowly diversifying away which means, holding both isn't necessarily a bad thing.
In SLF, you have on of the industry's best - and if it was me, I'd keep it and then look to deploy fresh capital into POW. Obviously, you do you, but that is the approach I would take.
Hope this makes sense.
Mat