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

Meanwhile, TP Group remains susceptible to credit and market risks. This is due to the group's large holdings of high-risk assets. Further asset impairment losses amid increasing counterparty risks could dilute the group's capital buffer. The stable outlook on TP Group and its rated subsidiaries reflects our view of a high likelihood of extraordinary support from the Chinese government. It also reflects our expectation that the group will maintain its strong competitive position in the mainland China and Hong Kong insurance markets, with a satisfactory financial profile, over the next two years. We also expect TP Group's stabilizing earnings and tightened oversight of debt leverage to support its debt-servicing ability. We may lower the ratings on the TP Group entities

...China Taiping Insurance Group (HK) Co. Ltd. (TPGHK) and China Taiping Insurance Holdings Co. Ltd. (CTIH) will continue to benefit from a high likelihood of extraordinary support from the Chinese government. This reflects the group's important strategic role in the central government's initiative to increase the presence of state-owned enterprises in the Guangdong-Hong Kong-Macau Greater Bay Area and overseas markets. It also reflects the ultimate ownership of the group by the Chinese central government. Capital buffer could help the group weather market headwinds and withstand demand from business growth. We anticipate TPGHK and CTIH (collectively TP Group) will maintain their capital buffer marginally below our risk-based capital requirements at the 99.5% confidence level. Meanwhile, TP Group remains susceptible to credit and market risks. This is due to the group's large holdings of high-risk assets. Further asset impairment losses amid increasing counterparty risks could dilute the group's...

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