Taiping General Insurance Co. Ltd.

Core subsidiary of China Taiping Insurance Group. 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.

...*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' 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 28, 2017 5...

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