TEXT-Fitch affirms China Taiping Insurance and operating entities

June 25 - Fitch Ratings A Confirmed China Taiping Insurance Holdings Limited (CTIH) Note Issuer Default (IDR) at 'BBB +'. The agency also said A CTIH operating companies, the Tai Ping Life Insurance Co Ltd (TPL) and Taiping Reinsurance Company Limited (TPR), the financial strength of the lawyer (IFS) 'A-' and 'A ', respectively. The prospect of stable EST All ratings. In Time of meme, CTIH of Senior Notes Guaranteed not, appoint emissions CIIH (BVI) Ltd, 'BBB' were confirmed.
The ratings reflect the Revenue Sources of Various CTIH enough BASED Hosea capitalization (tel. Quebec Measurement appoint the internal model of Fitch), and growth continues to en Its subsidiaries China. The assessments also recognize Continue to improve the margin of the Subscription CTIH The non-life operations in China.
Financial Leverage CTIH based on the UNE consolidated increased to 39.6% in 2011 A, after A Question of notes subordinated RMB300m appoint TPL in February. Higher interest expense, and the volatility of stock markets and losses Subscription DHS to catastrophic events, non-couverture chocolate lowers the interests of the UN CTIH environmental regulation Pour 2.6x 2011 from 9.1x in 2010 . However, Fitch expects that the interest coverage improve in 2012, due to improved pricing and a Reinsurance Underwriting Margin From stables set of operations of SES non-life.
Illicit drugs major natural disasters in Asia-Pacific significantly erode the margin Subscription TPR in 2011. The report of the Society Losses not increased to 74.7% in 2011 against 62.9% in 2010, even after the release of reserves from provisions HKD457.7m pour Losses last previous exercises. However, not favorable price environment initiatives and comfort From TPR to review the session property facultative business Decline in Thailand and Reduce Risks In stock Sera probably Turn Around son Operational margin 2012 fr.
A vote CTIH also factor Taiping General Insurance (TPI) progress in improving its operating profitability in 2011 and China Taping Company (HK) Limited (CTPI (HK)) technical results stables. Given the sound quality of the book of insurance TPI, Fitch believes that sera Subscription maintain profitability in 2012, with reports of the UN Combined Less than 100%. Fitch also expects a fact that the CFI measurement in sera A funder of its growth will appoint the internal bias excess premium, reduce the burden of the capital of CTIH.
A NPT maintained satisfactory growth of 15% In The New Business Value in 2011 and its intrinsic value increased an A HKD21.6bn end-2011 FROM HKD17.5bn dishes at the end-2010, en Reason efforts From its in the sale of United Nations High-Margin Regular premium policies. Son of a report or plan Regulatory Rest Is enough finned 178% to 2011, while the expansion in business courses continuation of pressure on capitalization do.
In the notation key triggers testimonial that could lead to a lowering Of CTIH AND ITS Operational entities include Treaty Leverage funders pupil constantly Above 40% coverage of interest from below below on the basis A consolidated 4x OR The deterioration Entities Operating Factors Of Keys autonomous credit.
TPR pour negative triggers include not miss a persistent increase Combined greater than 100% and significant exposure Net Loss and probable son Max, pour the TPL, not report or plan Regulatory EST Below 150% based on the standard A sustained. Fitch EST D'Avis Qc Any upgrade of operational entities CTIH AND SHORT TERM IS LITTLE likely, Tables son of Fort Leverage and only adequate capitalization A.


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