Implicit support from The People's Insurance Co. (Group) of China Ltd. (PICC Group) under almost all circumstances as a highly strategic subsidiary. The stable outlook on PICC Re reflects our view that PICC Group will maintain its group credit profile over the next two years. We expect the insurance group to maintain its very strong competitive position with modest capitalization, and benefit from a very high likelihood of extraordinary government support over the period. The outlook on PICC Re also reflects our expectation that the reinsurer will maintain its status as a highly strategic subsidiary of PICC Group over the next two years. We may downgrade PICC Re if we lower our assessment of the parent's group credit profile, possibly
