...The rating on Taiping General Insurance Co. Ltd. (TPI) reflects our view that the insurer's property and casualty (P&C) insurance business is integral to the strategy of China Taiping Insurance Group (HK) Co. Ltd. (TPGHK). TPI is the TPGHK group's only P&C insurer in China, which is the group's core market. We therefore view TPI as a core subsidiary of TPGHK and equalize the rating on TPI with our 'a' group credit profile assessment of TPGHK. We believe the TPGHK group has a long-term commitment to support TPI. TPI 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 management, internal controls, and risk management. The insurer's contribution to the group's total reported capital and net profit is significant, at 9.7% and 8.9%, respectively, as of end-2016. In the first half of 2017, the P&C insurance business in China accounted for 6.5% of the net profit of TPI's immediate parent,...
