Low industry and country risk in Hong Kong's life insurance market. Strong market position, underpinned by the insurer's sound earnings, strong brand and reputation, and solid distribution network and customer base of Hang Seng Bank. Capital and earnings expected to improve to the upper adequate level over the next 24 months and continue to support the insurer's stand-alone credit profile. Adequate financial flexibility and an intermediate risk position, both of which are neutral ratings factors. The stable outlook on Hang Seng Insurance Co. Ltd. reflects the outlook on its ultimate parent, HSBC Holdings PLC (A/Stable/A-1). This reflects our belief that over the next 18-24 months the insurer will remain a core subsidiary of the parent banking group and benefit from
