We have raised our assessment of Cathay Life's financial risk profile to moderately strong from upper adequate because of a material increase in the insurer's total adjusted capital. We are affirming our 'A-' local currency insurer financial strength and issuer credit ratings on Cathay Life, as well as the 'cnAA' Greater China regional scale rating on the insurer. The stable outlook reflects our view that Cathay Life's capital adequacy will remain in the upper-adequate range over the next two years, supported by the insurer's satisfactory increase in the value of in-force business, stable technical results, and largely balanced growth of investment assets. On Sept. 24, 2014, Standard&Poor's Ratings Services affirmed its 'A-' local currency insurer financial strength and
