The ratings on Hang Seng Insurance Co. Ltd. reflect the implicit support for the insurer 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 also support the rating. The insurer's moderate operating performance tempers these strengths. We consider Hang Seng Insurance to be a core part of Hang Seng Bank, which fully owns the insurance company. The Hongkong and Shanghai Banking Corp. Ltd. (HSBC: AA-/Stable/A-1+; cnAAA/cnA-1+) owns 62% of Hang Seng Bank. The insurer fits in closely with the parent bank's strategy of providing comprehensive financial services, including wealth management, as a one-stop shop. We
