A.M. Best Affirms Credit Ratings of Taiping Reinsurance Company Limited and Its Subsidiary
The ratings reflect Taiping Re’s balance sheet strength, which
Taiping Re’s capital and surplus has more than doubled over the past five years, mainly driven by a series of capital injections from CTIH and profit retention. Going forward,
The company has demonstrated a track record of profitable operating results, mainly attributed to favorable investment income from bonds and loan-type investments, as well as consistently positive underwriting results. Taiping Re’s non-life portfolio is geographically diversified with a focus in
The ratings of Taiping Re China reflect its strategic importance to Taiping Re, as well as its high level of integration with, and the explicit support it receives from, Taiping Re. Taiping Re China is the primary revenue contributor to Taiping Re’s
Offsetting rating factors include downward pressure on non-life underwriting margin stemming from the robust expansion in business from
Positive rating actions are unlikely in the near term. Negative rating actions may occur if there is a deteriorating trend in the company’s risk-adjusted capitalization or if CTIH reduces the level of support it provides to Taiping Re.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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