Implicit support from The People's Insurance Co. (Group) of China Ltd. (PICC Group) under almost all circumstances as a highly strategic subsidiary. The ratings on PICC Reinsurance Co. Ltd. (PICC Re) reflect our view that the reinsurer plays a very important role in PICC Group's internationalization strategy. We expect that the China-based reinsurer will increasingly contribute to the group's risk management strategy and gradually introduce domestic and international insurance industry insights to the parent group. We therefore view PICC Re as a highly strategic subsidiary of its ultimate parent, PICC Group, and rate the reinsurer one notch lower than our assessment of the parent's group credit profile. PICC Re was established in February 2017, with PICC Group and PICC Property
