Research Update: China Taiping Insurance Group Entities 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"). We revised our capital and earnings assessment to satisfactory from fair for TP Group (collectively, China Taiping Insurance Group [HK] Co. Ltd. [TPGHK] and China Taiping Insurance Holdings Co. Ltd. [CTIH]). This reflects the enhanced buffer following the implementation of our revised criteria. We affirmed our ratings on the insurance group's holding companies, TPGHK and CTIH, and its operating subsidiaries. The stable rating outlooks on the TP Group entities reflect our view of a high likelihood of extraordinary support from the Chinese government. We also expect the group to maintain its strong business franchise and satisfactory financial

...- 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"). - We revised our capital and earnings assessment to satisfactory from fair for TP Group (collectively, China Taiping Insurance Group [HK] Co. Ltd. [TPGHK] and China Taiping Insurance Holdings Co. Ltd. [CTIH]). This reflects the enhanced buffer following the implementation of our revised criteria. - We affirmed our ratings on the insurance group's holding companies, TPGHK and CTIH, and its operating subsidiaries. - The stable rating outlooks on the TP Group entities reflect our view of a high likelihood of extraordinary support from the Chinese government. We also expect the group to maintain its strong business franchise and satisfactory financial profile over the next two years....

Research Update