Viewed as core subsidiary of China Taiping Insurance Group. Reflect the group overall credit profile, which considers a high likelihood that the China-based insurer will receive extraordinary government support during distress. The issuer credit rating on Taiping General Insurance Co. Ltd. (TPI) reflects our assessment that the company is a core subsidiary of China Taiping Insurance Group (HK) Co. Ltd. (TPGHK: BBB+/Stable/A-2; cnA+/cnA-1), which has a group credit profile of 'a'. We believe potential government support to the group is likely to benefit the entity's stand-alone credit profile. We therefore equalize the rating with TPGHK's 'a' group credit profile, which factors in support from the Chinese government. We view TPI as a core entity of the group because it is
