Taiping General Insurance Co. Ltd.

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

...*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. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS FEBRUARY 4, 2016 5...

Full Report