AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of TPRe and its wholly-owned subsidiary, TPRe China in a report published on 23 September. The outlook of these Credit Ratings (ratings) is stable. This is the ninth consecutive year that TPRe has been rated “A” by AM Best.
According to the report, the ratings of TPRe reflect its balance sheet strength, which AM Best assesses very strong, as well as its adequate operating performance, neutral business profile, and appropriate enterprise risk management. The ratings also acknowledge the continued support given by TPRe’s parent company, China Taiping Insurance Holdings Company Limited (CTIH), in terms of capital, investment, risk oversight, and shared operational resources, as well as TPRe China’s high level of integration with TPRe.
AM Best notes that TPRe has established a strong foothold in the Greater China region and maintains a leading position in the non-life reinsurance markets in Hong Kong and Macau. In addition, TPRe continues to expand into other Asia markets and optimises the product mix of its life portfolio by reducing saving-type products and expanding its protection line of business. AM Best also believes that CTIH, as the controlling shareholder, will continue to render strong capital and financial support to TPRe in a timely manner when necessary.