"Ongoing remedial measures" helped steady the insurer's performance after natural catastrophe and large loss events caused volatility, the ratings agency said.
The Hong Kong subsidiary swung back to profit in 2024, with the ratings agency also pointing to the importance of its cross-border role linking mainland China and Hong Kong.
The country's three major non-life groups remain well capitalised after FYE26 earnings were supported by divestment proceeds and better pricing in domestic motor and property lines.
