Implicit parent support under all circumstances, given status as a core subsidiary of China Taiping Insurance Group. The rating on Taiping General Insurance Co. Ltd. (TPI) reflects the insurer's key role in the insurance-centric strategy of its parent group, China Taiping Insurance Group. The wholly owned subsidiary helps provide property and casualty (P/C) insurance coverage to the group's core markets of mainland China and Greater Bay Area (Guangdong-Hong Kong-Macau). We therefore view TPI as a core subsidiary of the parent group, and equalize the rating on the insurer with our 'a' group credit profile assessment. We also believe extraordinary support from the Chinese government to the parent group would extend to TPI. In addition to sharing the parent group's brand
