HONG KONG, June 22 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long -Term Issuer Credit Rating of “a-” of The People’s Insurance Company of China (Hong Kong), Limited (PICC HK) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect PICC HK’s solid risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which improved in 2016 as the company de-risked its investment portfolio by focusing on investment-grade bonds and blue chip stocks. The ratings also recognize the implicit and explicit support that PICC HK receives from its parent, The People’s Insurance Company (Group) of China Limited (PICC Group), in terms of business and capital support. PICC Group owns 75% of PICC HK, while Asia Insurance (Investment), Ltd. owns the other 25%.
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