On 4 November 2020, Fitch Ratings announced its latest report on China Taiping Insurance (UK) Co Ltd (CTIUK), confirming that the company's Insurer Financial Strength (IFS) rating will continue to maintain the ‘A-’ level and that the rating outlook is Stable.
In the latest report, Fitch provided CTIUK with a positive evaluation in terms of capital reserve, solvency and investment strategy, and affirmed CTIUK’s important position in the internationalization strategy of China Taiping Insurance Group Ltd (the Group). According to the report, Fitch expects CTIUK’s underwriting performance to continue to benefit from the Group's strong support and international development strategy. Although the company faces challenges in the short term, its performance is believed to improve in the long run.
Given the unprecedented impact of the pandemic on the UK market, especially the recent escalation and volatility of the pandemic in the United Kingdom and Europe, which has brought many challenges to CTIUK, the company managed to retain its 'A-' rating.