The rating on Hang Seng Insurance Co. Ltd. reflects the implicit support for the company from its parent, Hang Seng Bank Limited (AA/Stable/A-1+; cnAAA/cnA-1+), and the wider HSBC group in the key market of Hong Kong. Hang Seng Insurance's strong business position, prudent investment profile, and sustainable operating performance support the rating. The insurer's weaker operating performance than previous years' and moderate capitalization temper these strengths. We consider Hang Seng Insurance to be a core part of Hang Seng Bank, which fully owns the insurance company. Hang Seng Bank is 62% owned by the Hongkong and Shanghai Banking Corp. (AA/Stable/A-1+; cnAAA/cnA-1+). The insurer fits in closely with the parent bank's strategy of providing comprehensive financial services, including wealth management, as
