By a News Reporter-Staff News Editor at Investment Weekly News -- New York City has the green light to establish a workplace retirement savings option for private sector employees whose companies don't offer a pension or 401(k), and AARP is urging city leaders to step on the gas.

Hispanics have been hit harder than any group in New York as fewer businesses offer retirement savings plans to their employees. Two-thirds of Hispanic private sector workers statewide-more than 800,000 -HYPERLINK "http://www.aarp.org/content/dam/aarp/ppi/2015-07/AARP-NewYork-state-fact-sheet.pdf" nlack such an option, compared to 52 percent overall.

Mayor Bill de Blasio, Public Advocate Letitia James, Comptroller Scott Stringer and City Council Speaker Melissa Mark-Viverito HYPERLINK "http://states.aarp.org/aarp-to-promote-mayors-retirement-savings-plan-for-private-sector-workers/" njoined AARP and others last February to announce their HYPERLINK "http://www1.nyc.gov/office-of-the-mayor/news/204-16/mayor-de-blasio-leads-rally-retirement-security-all-new-yorkers#/0" nintention to create a workplace retirement savings option for private sector employees whose companies don't offer one.

City leaders have been awaiting clearance from the U.S. Department of Labor. That came last week when a new department HYPERLINK "https://www.dol.gov/newsroom/releases/ebsa/ebsa20161219" nregulation took effect allowing large cities to provide private sector employees with a workplace savings option.

A similar HYPERLINK "https://www.dol.gov/sites/default/files/ebsa/temporary-postings/savings-arrangements-final-rule.pdf" nrule clearing states to offer such an option took effect last August, and AARP is also urging Governor Andrew Cuomo and state lawmakers to act.

Recent AARP surveys show HYPERLINK "http://www.aarp.org/research/topics/economics/info-2016/countdown-ny-vanishing-middle-class.html" n83% of the city's Hispanic Generation Xers and Baby Boomers support this new retirement savings option, as do 68% of HYPERLINK "http://www.aarp.org/research/topics/economics/info-2016/2016-ny-sbo-survey.html?CMP=RDRCT-PRI-OTHER-NA" nsmall businesses across the state.

"Our city and state leaders have a golden opportunity to empower millions of New Yorkers to build financial security," said AARP New York State Director Beth Finkel. "The city and state should fill in the gaps left by an economy in which fewer companies are able to provide savings options."

AARP is urging the city to create an automatic enrollment option, by which a small percentage of an eligible employee's pay would be automatically deposited into a professionally-managed individual retirement account unless the worker opts out. Studies show HYPERLINK "https://www.ebri.org/pdf/programs/policyforums/Robinson0510PF.pdf" nup to 90% of employees participate.

"Auto enrollment is a win-win-win," added Finkel. "It helps workers save, allows companies that otherwise can't afford it to offer a valuable benefit to attract and retain employees at virtually no cost, and reduces dependence on public assistance by helping people remain financially independent."

Keywords for this news article include: AARP New York, Finance and Investment, Investment and Finance.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC

SINGAPORE--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of China Taiping Insurance (Singapore) Pte. Ltd. (CTPIS) (Singapore). The outlook of these Credit Ratings (ratings) is stable. CTPIS is a wholly owned subsidiary of China Taiping Insurance Holdings Company Limited, which is ultimately majority owned by China Taiping Insurance Group Ltd. (TPG), a China state-owned financial and insurance group.

The ratings reflect CTPIS’ balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). In addition, CTPIS benefits from rating enhancement as a member of the TPG group.

CTPIS’ balance sheet strength is underpinned by risk-adjusted capitalisation, which is expected to remain at the strongest level over the intermediate term, as measured by Best’s Capital Adequacy Ratio (BCAR). Additionally, CTPIS benefits from strong financial flexibility as demonstrated by capital injections provided by the TPG group in recent years to support the development of its life insurance operations. The company’s investment portfolio consists of cash, deposits and fixed-income securities, albeit with some exposure to higher-risk asset classes such as equities. CTPIS has a moderate reinsurance usage to support the underwriting of large limit risks and life insurance products; however, the credit risk is partially mitigated by the company’s utilisation of a well-rated reinsurance panel.

CTPIS’ operating performance is assessed as adequate, with a return-on-equity ratio of 6% in 2025 (2024: 5.8%). The 2025 operating income was mainly supported by profitable non-life business, while the life business showed improvement during the year. Operating performance remained profitable in the first half of 2026. CTPIS’ investment income is comprised mainly of interest and dividend income and continues to support overall profitability.

AM Best assesses CTPIS’ business profile as neutral. The company is a medium-size composite insurer, domiciled in Singapore, with a long-established position within that country’s non-life segment and an increasing position in the life segment. CTPIS maintains a well-diversified underwriting portfolio, with life insurance operations contributing approximately half of gross premiums written in 2025, albeit the portfolio is geographically concentrated in Singapore. The company benefits from its affiliation with the TPG group, which provides it a level of preferential access to insured risks associated with China-based enterprises in the Singapore market.

The rating enhancement reflects both the implicit and explicit support CTPIS receives from the TPG group. While CTPIS’ operations account for a small portion of the group’s consolidated revenue and earnings, it is considered strategically important to the group in terms of accessing the Singapore insurance market and growing its overseas business.

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 AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261016696180/en/

Sin Yee Chuah, CFA
Senior Financial Analyst
+65 6303 5022
sinyee.chuah@ambest.com

Victoria Ohorodnyk
Senior Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source: AM Best