Following issue of negative outlook for China's government credit ratings, Moody's downgrades outlook for nine Chinese insurers, inclusive of two captives, plus one overseas subsidiary.
The (re)insurer is developing its inward reinsurance portfolio and with its expansion to Macau can now provide motor policies which cover the greater bay area.
P&C, including combined ratio, will remain largely the same. But revenue recognition for its life business will drop by 67% under the new accounting standard.
