Nan Shan Life's capitalization has weakened due to slower capital accumulation. However, we believe the insurer's overall creditworthiness remains comparable to that of its similarly rated peers based on its very strong competitive position and its resilient distribution force. We are affirming the 'BBB+' local currency long-term issuer credit rating and financial strength rating on Nan Shan Life and its subsidiary Nan Shan General. The negative outlook reflects the industrywide challenges to maintain stable financial strength over the next one to two years. The difficulties come from the prolonged low interest rate environment and high uncertainty about the evolution of the coronavirus pandemic, which could result in capital market shocks in the coming quarters. On Nov. 26, 2020, S&P Global
