Low industry and country risk in Hong Kong's life insurance market. Strong competitive position, benefiting from the strong brand and reputation of the insurer's direct parent, Hang Seng Bank, operating under a bancassurance model. Capital and earnings is likely to be only adequate over the next two years, limiting the insurer's stand-alone credit profile. Adequate financial flexibility and an intermediate risk position, both of which are neutral ratings factors. Highly likely explicit support, if needed, as a core subsidiary of The Hongkong and Shanghai Banking Corp. Ltd. (HSBC Asia Pacific). This support provides a ratings uplift from the insurer's stand-alone credit profile. The stable outlook on Hang Seng Insurance Co. Ltd. reflects the outlook on its Hong Kong-based intermediate parent,
