A.M. Best Affirms Credit Ratings of The People’s Insurance Company of China (Hong Kong), Limited
The ratings reflect PICC HK’s balance sheet strength, which
PICC HK is well-capitalized as measured by Best’s Capital Adequacy Ratio (BCAR). Capital and surplus grew during the past five years through partial retention of net profits, and the capital position was further strengthened in 2017 due to the capital injection of
As PICC Group’s sole overseas subsidiary, PICC HK plays a strategic role in the group’s overseas development. In addition to capital support provided by the group, PICC HK also benefits from underwriting inward treaty from its affiliated company,
Offsetting rating factors include PICC HK’s limited business profile, as reflected by its small presence in Hong Kong’s non-life insurance market. The company mainly writes commercial lines business in the competitive domestic market under a prolonged soft market environment.
Positive rating actions may occur if PICC HK can improve its business profile significantly while maintaining adequate operating performance and risk-adjusted capitalization at a very strong level. Negative rating actions could occur if PICC HK’s operating performance deteriorates significantly and erodes its risk-adjusted capitalization. A reduced level of support from the
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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