China Re’s ratings unaffected by steep decline in profits
Saturday, 09 03 2016, Category: Insurance and Reinsurance, Country: China
The A+ ratings of China Re and its subsidiaries, China Property & Casualty Re and China Life Re, are unaffected by the 59 percent decline in the group’s net profit for the six-month period ending June 30, according to S&P Global Ratings.
S&P believes China Re’s capitalisation will remain supportive of its credit profile despite lower profits, which was largely due to a significant drop in net realised investment gains.
While the persistent weakness in investment conditions is expected to continue to put pressure on China Re’s operating performance, S&P anticipates that the combined ratio of the property/casualty segment will remain stable.
Source: Intelligent Insurer