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. This role includes the group's initiative in serving Chinese corporates' insurance needs in overseas market. We also believe 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
