Union Insurance has actively and selectively adjusted its business profile toward personal line insurance with satisfactory business quality over the past two years. We believe the company will uphold its prudent underwriting skills and improved underwriting performance in the coming two to three years. We are raising our long-term issuer credit rating and financial strength rating on Union Insurance to 'A-' from 'BBB+'. We are also raising our long-term Greater China regional scale rating on the insurer to 'cnAA' from 'cnA+'. The stable outlook reflects our expectation that Union Insurance will maintain its stable underwriting performance in line with the domestic industry average over the next 12-24 months while maintaining extremely strong capital adequacy. On Sept. 11, 2015, Standard&
