We believe that Hang Seng Insurance and Hang Seng General Insurance have core roles in the HSBC group's bancassurance business. We raised the ratings on Hang Seng Insurance and Hang Seng General Insurance to 'AA' from 'A+'. The outlook is negative, reflecting the group's outlook. HONG KONG (Standard&Poor's) Dec. 21, 2009--Standard&Poor's Ratings Services today raised its long-term local-currency insurer financial strength and counterparty credit ratings on Hang Seng Insurance Co. Ltd. (Hang Seng Insurance) and Hang Seng General Insurance (Hong Kong) Co. Ltd. (Hang Seng GI) to 'AA' from 'A+'. The outlook is negative. The upgrade of the two companies reflects our recognition of their core roles in supporting the bancassurance model of their parent, Hang
