This report does not constitute a rating action. Overview Key strengths Key risks Extraordinary support from CPIC Group in most circumstances, given important role in the parent group's long-term overseas strategy Modest market standing with volatile operating performance Strong capital adequacy relative to risk China Pacific Insurance Co. (H.K.) Ltd. (CPIC HK) is important for its ultimate parent's internationalization strategy. CPIC HK supports China Pacific Insurance (Group) Co. Ltd.'s (CPIC Group) expansion beyond mainland China by acting as a gateway for the group to access offshore markets and insights. CPIC Group wholly owns CPIC HK through its flagship property/casualty (P/C) insurance subsidiary, China Pacific Property Insurance Co. Ltd. (CPPIC; local currency: A/Stable/--). In addition to capital funding, CPIC HK also
