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A.M. Best Affirms Credit Ratings of China Taiping Insurance (Macau) Co., Ltd.


FOR IMMEDIATE RELEASE

HONG KONG - MARCH 13, 2017

A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of China Taiping Insurance (Macau) Co., Ltd. (CTIM) (Macau). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CTIM’s strong risk-adjusted capitalization, consistently favorable operating performance and position as the leader in Macau’s non-life insurance market.

CTIM’s risk-adjusted capitalization level, as reflected by Best’s Capital Adequacy Ratio (BCAR), remains strong and supportive of its ratings. Capital and surplus was strengthened primarily through retention of operating profits, which have been consistently strong due to favorable underwriting performance and profitable investment results. CTIM maintains a leading market position in its core lines of business through diversified distribution channels including direct, brokers and agents, and financial institutions.

Offsetting rating factors include potential volatility of the company’s investment results due to market value fluctuations in fixed income securities and the expected slowdown in the market’s premium growth.

Positive rating actions are unlikely in the near term. Negative rating actions could occur if CTIM’s risk-adjusted capitalization weakens due to, for example, a larger-than-expected dividend payout, or if the company’s operating results deteriorate materially due to investment impairments or other negative factors.







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