Implicit parent support under all circumstances, 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 group, China Taiping Insurance Group. The China-based insurer supports the group's provision of property/casualty (P/C) insurance coverage in the group's core market, including the strategic Greater Bay Area (Hong Kong, Macau, and Guangdong). We therefore view TPI as a core subsidiary of China Taiping Insurance Group and equalize the rating on TPI with the parent group's 'a' group credit profile. TPI benefits from sharing the parent group's brand and strategy, and a strong long-term commitment of parental support in the
