The ratings on Hang Seng Insurance Co. Ltd. (Hang Seng Insurance) reflect the company's very good business profile, excellent operating performance, and strong capitalization. These factors are offset by its limited growth and high exposure to equity investments. Hang Seng Insurance was the ninth-largest insurer in Hong Kong's general insurance sector in 2001, with a market share of 2.3% in terms of premiums. The company belongs ultimately to the HSBC group and is wholly owned by Hang Seng Bank Ltd. (Api/--/--), the third-largest domestic bank in Hong Kong in terms of deposits. Hang Seng Bank is 62.14% owned by Hongkong and Shanghai Banking Corp. (local currency, AA-/Stable/A-1+; foreign currency, A+/Stable/A-1). Hang Seng Insurance had good premium growth of 10% in
