China Taiping Insurance Group (HK) Co. Ltd., China Taiping Insurance Holdings Co. Ltd., And Operating Subsidiaries

The stable outlooks on TP Group reflect our view of a high likelihood of extraordinary support from the Chinese government over the next two years. We expect the group to maintain its strong competitive position in the mainland China and Hong Kong insurance markets, and sustain diversified earnings streams across different businesses and regions over the period. In addition, we expect the group to maintain satisfactory capitalization over the next two years. The outlooks on the insurance group's key rated operating subsidiaries reflect the outlook on TP Group. We could lower the ratings on TP Group if the likelihood of government support weakens, in our view. We may also downgrade the companies if TP Group's credit profile--before considering government support--weakens

...China Taiping Insurance Group (HK) Co. Ltd. (TPGHK) and China Taiping Insurance Holdings Co. Ltd. (CTIH)--collectively TP Group--will continue to benefit from the high likelihood of extraordinary support from the Chinese government. This reflects TP Group's important strategic role for China in increasing the presence of state-owned enterprises in overseas markets and the Greater Bay Area (Guangdong-Hong Kong-Macau), as well as its ultimate ownership by the Chinese central government. In times of financial distress for TP Group, we believe it will receive timely support from the Chinese government. Diversified earnings prospects with a well-established presence in its key markets underpin TP Group's robust competitive position. The group's focus on insurance margins will likely prompt more disciplined growth over the next two years. The continuous revamp of its portfolio will likely support prospective earnings, in particular under tightening regulations over product governance and agency...

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