Fitch Affirms China Taiping Insurance (UK) Co Ltd at IFS 'A-'



On 4 May 2020, Fitch Ratings - one of the three major credit rating companies in the international market, has released its rating report and affirmed China Taiping Insurance (UK) Co Ltd's (CTIUK) Insurer Financial Strength (IFS) Rating at 'A-' (Strong) and the outlook is confirmed 'Stable'.


These results are based on Fitch's current assessment of the impact of the coronavirus pandemic, including its economic impact, under a set of ratings assumptions which were used by Fitch to develop pro-forma financial metrics for CTIUK that Fitch compared with both ratings guidelines defined in its criteria, and relative to previously established ratings for CTIUK.


The affirmation reflects the benefits of CTIUK's ownership by China Taiping Insurance Group Ltd (Group), its strong capitalisation and the importance of CTIUK to the international development strategy of the Group.


Although the UK's Covid-19 situation is still causing uncertainty and giving rise to further challenges to the company's operation and development, Fitch Ratings expects CTIUK to continue to benefit from the Group's overall strength and international development strategy, and its future underwriting performance will show gradual improvement and further stability.