...The ratings on Hang Seng Insurance Co. Ltd. reflects our view that the insurer's business is integrated with the wealth-management strategy of the wider group, The Hongkong and Shanghai Banking Corp. Ltd. (HSBC Asia Pacific) (##-/Stable/A-1+). Hang Seng Insurance distributes most of its policies solely through Hang Seng Bank's customer network and benefits from ongoing financial support from HSBC Asia Pacific. We therefore view Hang Seng Insurance as a core subsidiary of HSBC Asia Pacific and equalize the rating on Hang Seng Insurance with the group's credit profile. Supporting Hang Seng Insurance's stand-alone credit profile is its position as one of Hong Kong's top-tier life insurer, and its overall satisfactory capital position. Hang Seng Insurance benefits from the strong brand name and broad distribution network of its immediate parent Hang Seng Bank, which gives it a competitive advantage over peers. We expect that the company's capital position will remain modest over the next two...
