Research Update: PICC Re 'A-' Ratings Affirmed Following Revised Criteria; Outlook Remains Stable

On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Implementation of our revised insurance capital model criteria has no material impact on the credit profile of PICC Group, the ultimate parent of PICC Reinsurance Co. Ltd. We continue to view PICC Re as a highly strategic subsidiary of PICC Group. We affirmed our 'A-' local currency long-term issuer credit and financial strength ratings on PICC Re. The stable rating outlook on PICC Re reflects our expectation that the reinsurer will maintain its importance to PICC Group over the next two years. We also expect PICC Group to sustain its very strong competitive position with modest capitalization over the

...- On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). - Implementation of our revised insurance capital model criteria has no material impact on the credit profile of PICC Group, the ultimate parent of PICC Reinsurance Co. Ltd. We continue to view PICC Re as a highly strategic subsidiary of PICC Group. - We affirmed our 'A-' local currency long-term issuer credit and financial strength ratings on PICC Re. - The stable rating outlook on PICC Re reflects our expectation that the reinsurer will maintain its importance to PICC Group over the next two years. We also expect PICC Group to sustain its very strong competitive position with modest capitalization over the period....

Research Update