AM Best Assigns Credit Ratings to China Ping An Insurance (Hong Kong) Company Limited
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to China Ping An Insurance (Hong Kong) Company Limited (CPAHK) (Hong Kong). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect CPAHK’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the support of its affiliated company, Ping An Property & Casualty Insurance Company of China, Ltd. (Ping An P&C).
CPAHK is wholly owned by Ping An Insurance (Group) Company of China, Ltd. (PAG), through China Ping An Insurance Overseas (Holdings) Limited. Ping An P&C is the leading non-life insurance arm of PAG and acts as the head office for CPAHK.
The ratings recognise the strategic importance of CPAHK in Ping An P&C’s international business strategy and Greater Bay Area (GBA) development. CPAHK acts as a vital link for Ping An P&C’s GBA initiatives in Hong Kong/mainland China cross-border insurance. Going forward, CPAHK is expected to become an essential component of Ping An P&C’s overseas development plan in its Chinese Interest Abroad (CIA) business. Ping An P&C provides extensive explicit and implicit support to CPAHK in the areas of reinsurance, brand recognition, board of director and senior management, business referral, underwriting, investment, and risk management.
