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 plays a critical role in the strategy of its parent group, China Taiping Insurance Group (HK) Co. Ltd. (TPGHK). TPI provides property and casualty (P&C) insurance coverage 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. TPI benefits from a long-term commitment of support from TPGHK in the areas of capital injections, distribution channels, asset management, internal controls, and risk management. TPGHK has made several capital injections into TPI in the past few years.

...The rating on Taiping General Insurance Co. Ltd. (TPI) reflects our view that the insurer plays a critical role in the strategy of its parent group, China Taiping Insurance Group (HK) Co. Ltd. (TPGHK). TPI provides property and casualty (P&C) insurance coverage 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. TPI benefits from a long-term commitment of support from TPGHK in the areas of capital injections, distribution channels, asset management, internal controls, and risk management. TPGHK has made several capital injections into TPI in the past few years. The China-based P&C insurer also benefits from sharing the group's brand and strategy. As of end-2017, TPI's contribution to the group's total reported capital and net profit remains material, at 8.8% and 4.7%, respectively. In the first half of 2018, the P&C insurance business in China accounted for 8.7%...

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