Taiping General Insurance Co. Ltd.

Core subsidiary of TPGHK. The 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 with TPGHK's 'a' group credit profile, which factors in support from the Chinese government. We view TPI as a core entity of the TPGHK group because it is the group's only property and casualty insurer in China, a core market. TPI fits well with the group's insurance-centric business strategy. The insurer's contribution to the group's total reported capital is significant, at about 20% as of end-2013. We expect the contribution to remain material over the next two years at least based on the

...*Unless otherwise noted, all ratings in this report are global scale ratings. Standard & Poor's credit ratings on the global scale are comparable across countries. Standard & Poor's credit ratings on a national scale are relative to obligors or obligations within that specific country. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS JANUARY 28, 2015 5...

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