Bank of China Group Insurance assigned 'A-' rating - S&P |
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Thu, 20 Dec 2007 07:22
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BEIJING (XFN-ASIA) - Standard and Poor's Ratings Services said it has assigned Bank of China Group Insurance Co (BOCG Insurance) with 'A-' local currency issuer financial strength and counterparty credit ratings to reflect the company's solid fundamentals.The outlook is stable.'The ratings on BOCG Insurance reflect the company's good business position, strong financial flexibility, sound capitalization, and prudent investment management,' S&P analyst Connie Wong said in a statement.'Counterbalancing factors include the insurer's slightly below-average underwriting performance. However, its overall operating performance, supported by investment income, is satisfactory,' she said.Bank of China is the parent of BOCG Insurance, which is the third-largest domestic general insurer in Hong Kong, with a 5.2 pct market share in 2006, S&P said.It added that BOCG Insurance has a prudent investment profile, with 83 pct of its total invested assets in fixed income securities and cash at the end of 2006.'The insurer's investment portfolio is highly liquid and of good quality,' it said.will.davies@afxasia.com-xfnwd/xfntmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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S&P upgrades 21st Century Insurance 