Taiping General Insurance Co. Ltd.

Core subsidiary of China Taiping Insurance Group. 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,

...*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 JANUARY 31, 2018 5...

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