Recently, Fitch Ratings Limited (hereinafter referred to as Fitch) has rated China Taiping Insurance (UK) Co Ltd. (TPUK) an Insurer Financial Strength (IFS) a score of ‘A-‘. The Outlook is Stable.
The rating reflects the ownership by China Taiping Insurance Group Ltd., the only state-owned Chinese insurance group headquartered in Hong Kong. Fitch expects that China Taiping Insurance (UK) Co Ltd. will continue to receive firm support from China Taiping Insurance Group Ltd., its premium income will continue to benefit from Group’s internationalisation strategy and also the increasing number of Chinese companies operating in Europe and the UK. The standalone assessment reflects China Taiping Insurance (UK) Co Ltd.’s moderate business profile, very strong capitalisation and strong profitability.
Fitch is one of the three major credit rating companies in the international capital markets. The IFS rating makes classification assessments by taking full consideration of insurance company's financial strength, solvency, management quality, market competition status, and other factors such as long-term business viability.