The ratings on Hang Seng Insurance Co. Ltd. (Hang Seng Insurance) reflect the company's strong credit profile and the benefits of its being a key subsidiary of Hang Seng Bank Ltd. (Hang Seng Bank, Api/--/--). They also reflect the company's very good business profile, excellent operating performance, and strong capitalization. These factors are moderated by its high exposure to equity investments. Hang Seng Insurance is a wholly owned subsidiary of Hang Seng Bank, which in turn is 62.14% owned by Hongkong and Shanghai Banking Corp. Ltd. (HSBC, foreign currency ratings: A+/Stable/A-1; local currency ratings: AA-/Negative/A-1+). Together with its sister company, Hang Seng Life Ltd. (A+/Stable/--), Hang Seng Insurance forms the insurance arm of Hang Seng Bank. Hang Seng Insurance has
