Implicit parent support under all circumstances, as a core subsidiary of China Taiping Insurance Group (HK) Co. Ltd. and China Taiping Insurance Holdings Co. Ltd. (CTIH) --collectively the China Taiping Insurance Group. The rating on Taiping General Insurance Co. Ltd. (TPI) reflects the insurer's critical role in the insurance-centric strategy of its parent group, China Taiping Insurance Group. The China-based subsidiary helps provide property and casualty (P/C) insurance coverage to the group's core markets including mainland China and the 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. TPI is a wholly owned subsidiary of China Taiping Insurance
