The majority of China Taiping Insurance group's businesses are in China's life and non-life insurance sectors, underpinning intermediate industry and country risk. Strong competitive position, reflecting the insurance group's geographically diversified businesses, satisfactory market positions in China and Hong Kong, and a good level of control over its distribution channels. Reducing capital buffers amid a fast-growth strategy and heightening exposure to risky assets. Intermediate risk position with a diversified investment portfolio. Strong financial flexibility, underpinned by demonstrated access to capital markets and other external funding sources. 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
