Regulator has kept KWI Life under close watch due to concerns about its financial stability, but notes the insurer has made progress by raising its capital.
The rating agency expects margins to weaken in 2026 as abundant capacity and softer rates erode underwriting profitability, though capitalisation will remain strong.
The rating agency also revised the outlook to stable, from positive, with the Chinese health insurer demonstrating a very strong balance sheet and steady investment income.
