Bulletin: Diversification Will Further Strengthen China Taiping Insurance Group

HONG KONG (S&P Global Ratings) April 2, 2019--S&P Global Ratings said today that China Taiping Insurance Group (HK) Co. Ltd. (TPGHK; BBB+/Stable/A-2) is likely to benefit from an increasing international presence and diversified earnings streams over the next two years. Compared with listed Chinese insurance groups, TPGHK has established market positions in Hong Kong and Macau, and continues to expand into the U.K. and Southeast Asian markets, including Singapore and Indonesia. TPGHK's overall performance for 2018 was in line with our expectation. Growth in value-in-force remained strong at 25% year over year (yoy) for its largest subsidiary, Taiping Life Insurance Co. Ltd. (TPL). This is despite a drop in reported shareholders' equity as of Dec. 31, 2018, at both the

...HONG KONG (S&P Global Ratings) April 2, 2019--S&P Global Ratings said today that China Taiping Insurance Group (HK) Co. Ltd. (TPGHK; ###+/Stable/A-2) is likely to benefit from an increasing international presence and diversified earnings streams over the next two years. Compared with listed Chinese insurance groups, TPGHK has established market positions in Hong Kong and Macau, and continues to expand into the U.K. and Southeast Asian markets, including Singapore and Indonesia. TPGHK's overall performance for 2018 was in line with our expectation. Growth in value-in-force remained strong at 25% year over year (yoy) for its largest subsidiary, Taiping Life Insurance Co. Ltd. (TPL). This is despite a drop in reported shareholders' equity as of Dec. 31, 2018, at both the group and TPL's level; the drop is due to volatility in the stock markets and foreign exchange movements. Correspondingly, TPL's comprehensive solvency margin fell to 224% as of Dec. 31, 2018 (2017: 246%). We expect TPGHK...

Bulletin