Stable underwriting results and a favourable loss ratio in the long-term line underpin the rating as the South Korean insurer pushes further into overseas specialty markets.
AM Best affirmed CBIC's A- ratings and still assesses its balance sheet as very strong, but a single concentrated unquoted stake pulled the insurer's capital adequacy score down and the outlooks with...
The parent's proposed CNY15bn (US$2.2bn) state injection, part of a broader CNY70bn package, underpins the change, though S&P affirmed the reinsurer's 'A-' ratings.
Both agencies said the benefit will hinge on how the five state-owned (re)insurance groups deploy the money, with heavier equity investment raising asset risk.
The group combines a technology platform, a BMA-authorised management company and a Class 3 insurer, and updates investors on their insurance investments in near real time.
China Life, PICC, China Taiping, Sinosure, and China Re will take up to CNY70bn (US$10.4bn) of a CNY360bn recapitalisation that also covers three state banks.
Alexander Roth will lead the unit, which pulls structured reinsurance, analytics and capital markets specialists together to serve clients in Europe, Asia and other markets.
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