TP Group's reform in its life insurance subsidiary—done earlier than peers--will help strengthen its earnings profile over the next two years. The insurance group continues to have a strong market presence in the China and Hong Kong markets, and benefits from a high likelihood of extraordinary government support. We expect TP Group to maintain satisfactory capitalization despite the planned redemption of its US$600 million subordinated perpetual securities, which we now view as having no equity content. We have raised our assessment of the insurance group's credit profile before considering government support to 'a-' from 'bbb+'. The group credit profile of 'a' after considering government support, is unchanged. We are affirming our ratings on the group's holding companies, TPGHK and CTIH,
