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Fitch affirms ratings of China Taiping Insurance Group, units

Fitch Ratings affirmed China Taiping Insurance Group Ltd., China Taiping Insurance Grp (HK) Co. Ltd. and China Taiping Insurance Holdings Co. Ltd.'s issuer default ratings at A.

The rating agency said April 6 that it also affirmed the insurer financial strength ratings of China Taiping Life Insurance Co. Ltd. at A+ and of Taiping Reinsurance Co. Ltd. at A.

The outlook on the ratings is stable.

The rating affirmation reflects the group's solid capitalization, profitable operating results, diversified premium sources and ongoing business growth. China Taiping Insurance Group would likely receive government support if the need arises.

Fitch may downgrade the ratings of China Taiping Insurance Group, China Taiping Insurance Group (HK) and China Taiping Insurance Holdings if there is a significant reduction in the government's stake in China Taiping Insurance Group.

A downgrade may also occur if there is weakening in China Taiping Insurance Group's Fitch Prism capital score to lower than "strong" on a sustained basis or if there is an increase in the company's financial leverage to higher than 40% on a prolonged basis.

Conversely, a rating upgrade may arise from sustained improvement in China Taiping Insurance Group's earnings stability, a reduction in its financial leverage to below 25% and its ability to uphold its "very strong" capital score as measured by Fitch.