We expect Hang Seng Insurance to maintain its strong competitive position as a top-10 participant in the high-growth Hong Kong life insurance market. We continue to view Hang Seng Insurance as a core subsidiary of HSBC Asia-Pacific, which provides ratings uplift on the basis of highly likely explicit support if needed. We are revising down our view of the insurer's stand-alone credit profile to 'bbb+' because capital and earnings have weakened to lower adequate following losses in 2015 and 2016. We are affirming our 'AA-' local currency long-term financial strength and counterparty credit ratings on Hang Seng Insurance. We are also affirming our 'cnAAA' long-term Greater China regional scale rating on the insurer. The stable outlook reflects our view that
