Following a review of Nan Shan Life under our revised insurance criteria, we are affirming our 'A-' local currency long-term counterparty credit and insurer financial strength ratings on the insurer. At the same time, we are affirming our 'cnAA' long-term Greater China regional scale rating on Nan Shan Life. The ratings predominantly reflect our view of the insurer's strong business risk profile and upper-adequate financial risk profile, based on its very strong competitive position and lower adequate capital and earnings. The stable outlook reflects our view that Nan Shan Life will maintain a prudent growth strategy and investment policy. We anticipate that the insurer's capital adequacy will remain in the lower adequate range in the next two years under our
