Summary: China Taiping Insurance Group (HK) Co. Ltd., China Taiping Insurance Holdings Co. Ltd., And Operating Subsidiaries

The ratings on China Taiping Insurance Group (HK) Co. Ltd. (TPGHK) and China Taiping Insurance Holdings Co. Ltd. (CTIH) (collectively TP Group) reflect the group's high likelihood of receiving extraordinary support from the Chinese government. The ratings also reflect TP Group's strong competitive position in China and Hong Kong and its established access to capital markets. The insurance group's mediocre capitalization tempers these strengths. The ratings on TPGHK and CTIH, the holding companies of the group, are two notches lower than those on the core operating companies, Taiping General Insurance Co. Ltd. (TPI), China Taiping Insurance (HK) Co. Ltd. (CTPHK), and Taiping Reinsurance Co. Ltd. (TPRe). This reflects the structural subordination of the holding companies to their regulated insurance subsidiaries,

...The ratings on China Taiping Insurance Group (HK) Co. Ltd. (TPGHK) and China Taiping Insurance Holdings Co. Ltd. (CTIH) (collectively TP Group) reflect the group's high likelihood of receiving extraordinary support from the Chinese government. The ratings also reflect TP Group's strong competitive position in China and Hong Kong and its established access to capital markets. The insurance group's mediocre capitalization tempers these strengths. The ratings on TPGHK and CTIH, the holding companies of the group, are two notches lower than those on the core operating companies, Taiping General Insurance Co. Ltd. (TPI), China Taiping Insurance (HK) Co. Ltd. (CTPHK), and Taiping Reinsurance Co. Ltd. (TPRe). This reflects the structural subordination of the holding companies to their regulated insurance subsidiaries, and the strength of the prospective cash flows from the subsidiaries. TP Group's ultimate ownership by the Chinese government and its role in conducting insurance business overseas...

Summary