...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). We therefore equalize the rating on TPI with our 'a' group credit profile assessment of TPGHK. We believe the property and casualty (P&C) insurance business of TPI is integral to the insurance-centric business strategy of the wider TPGHK group. TPI is the group's only P&C insurer in China, which is the group's core market. The insurer's contribution to the group's total reported capital is significant, at about 8% as of end-2015. We expect the contribution to remain material over the next two years. In our view, TPGHK is highly unlikely to sell its interest in TPI. We recognize the long-term commitment of group support provided to TPI. The insurer benefits from sharing the group's brand and strategy. TPI's operations are closely linked with that of the group, notably in areas of distribution channels, asset...
