Research Update: China Pacific Insurance Co. (H.K.) Ltd. 'A- ' Ratings Affirmed Following Revised Capital Model Criteria; Outlook Stable

On Nov. 15, 2023, S&P Global Ratings published its revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Following implementation of our revised capital model and consideration of upcoming capital support from the parent group, we revised our capital and earnings assessment to strong from satisfactory for China Pacific Insurance Co. (H.K.) Ltd. (CPIC HK). We continue to view CPIC HK's stand-alone credit profile (SACP) as 'bbb', considering its modest market presence and still-subdued profitability. We affirmed our 'A-' long-term local currency issuer credit and financial strength ratings on CPIC HK. We continue to view the insurer as a strategically important subsidiary of the wider China Pacific Insurance (Group) Co. Ltd. (CPIC Group). The stable

...- On Nov. 15, 2023, S&P Global Ratings published its revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). - Following implementation of our revised capital model and consideration of upcoming capital support from the parent group, we revised our capital and earnings assessment to strong from satisfactory for China Pacific Insurance Co. (H.K.) Ltd. (CPIC HK). - We continue to view CPIC HK's stand-alone credit profile (SACP) as '###', considering its modest market presence and still-subdued profitability. - We affirmed our 'A-' long-term local currency issuer credit and financial strength ratings on CPIC HK. We continue to view the insurer as a strategically important subsidiary of the wider China Pacific Insurance (Group) Co. Ltd. (CPIC Group). - The stable outlook on CPIC HK reflects the outlook on CPIC Group's core operating entities....

Research Update