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 will continue to play a key 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 to the group's core markets of mainland China and the strategic Greater Bay Area (Hong Kong, Macau, and Guangdong). We therefore view TPI as a core subsidiary of the group and equalize the rating on the insurer with our assessment of the group credit profile of 'a'. We also believe extraordinary support from the Chinese government to its parent group
