Intermediate industry and country risk because China Taiping Insurance group's major operations are in China's life and property and casualty (P&C) insurance sector. Strong competitive position underpinned by the group's geographically diversified businesses, satisfactory market positions in China and Hong Kong, and diversified business lines. Lower capital amid the fast-growth strategy and likely weaker earnings. Strong financial flexibility and intermediate risk position. High likelihood of extraordinary support from the Chinese government. Adequate enterprise risk management and satisfactory management and governance. Strong liquidity profile with no refinancing needs and ample liquid assets. The ratings on the holding companies, China Taiping Insurance Group (HK) Co. Ltd. (TPGHK) and China Taiping Insurance Holdings Co. Ltd. (CTIH), are two notches lower than the 'A'
