The ratings on Hang Seng Insurance Co. Ltd. (Hang Seng Insurance) reflect the company's consistently good operating performance, its strong capitalization, and the advantages it derives from being owned by Hang Seng Bank Ltd. (Hang Seng Bank; AA-/Stable/A-1+). These positive factors are counterbalanced by the company's small market share in a competitive industry, and this is partly reflected in a high expense base. Hang Seng Insurance's parent, Hang Seng Bank, is 62.14% owned by Hongkong&Shanghai Banking Corp. Ltd. (HSBC; AA-/Stable/A-1+). Together with its sister company, Hang Seng Life Ltd. (Hang Seng Life; A+/Stable/--), Hang Seng Insurance forms the insurance arm of Hang Seng Bank. Hang Seng Insurance has a good business profile as it generates the majority of
