... Property Insurance Co., Ltd.'s (Groupama SDIG) Insurer Financial Strength (IFS) Rating incorporates a one-notch uplift from its standalone credit profile to reflect the support from Groupama Group, in line with Fitch Ratings' Insurance Rating Criteria. The insurer is a 50-50 joint venture between Groupama Group and Shudao Investment Group Co., Ltd (SDIG). The company underwrites its insurance products in China under the Groupama SDIG brand. Sound Capitalisation: We believe Groupama SDIG maintains sound capital strength to support expansion and cushion underwriting volatility, given the company's sound solvency buffer and stable net leverage. However, the level of capital buffer could decline due to steady premium growth. Higher capital requirements from asset risks lowered the comprehensive solvency ratio to 274.1% at end-1H26 from 295.0% at end-2025, despite steady growth in available solvency capital. Still, the ratio remains well above...
