Taiping General Insurance Co. Ltd.

High likelihood of group support if needed as a 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, China Taiping Insurance Group. TPI broadens the group's financial service offerings by providing property and casualty (P&C) insurance coverage in the group's core market. We therefore view TPI as a core subsidiary of China Taiping Insurance Group and equalize the rating on TPI with the 'a' group credit profile. TPI benefits from sharing China Taiping Insurance Group's brand and strong strategy, and a long-term commitment of parental support in capital injections, distribution channels, asset management, internal controls, and risk

...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, China Taiping Insurance Group. TPI broadens the group's financial service offerings by providing property and casualty (P&C) insurance coverage in the group's core market. We therefore view TPI as a core subsidiary of China Taiping Insurance Group and equalize the rating on TPI with the 'a' group credit profile. TPI benefits from sharing China Taiping Insurance Group's brand and strong strategy, and a long-term commitment of parental support in capital injections, distribution channels, asset management, internal controls, and risk management. We expect TPI to remain the second-largest subsidiary within the group over the next two years, with a substantial capital contribution. The P&C insurance business in China accounted for 8% of the total reported capital of TPI's immediate parent, China Taiping Insurance Holdings Co. Ltd. (CTIH) as on June 30,...

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