Nvidia Expects US License to Resume AI Chip Sales to China
Nvidia plans to resume sales of its H20 AI chip to China based on assurances from Washington that such shipments would be approved, a dramatic reversal from the Trump administration's earlier stance. Nasdaq 100 futures rose after the announcement, while Asian shares wavered as traders awaited key US inflation data.
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Pagaya Technologies (PGY) Soars 25.37% as Preliminary Q2 Results Suggest Exceeding Income Guidance
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AM Best Revises Outlooks to Positive for The People's Insurance Company of China (Hong Kong), Limited
HONG KONG, July 18, 2025--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of The People's Insurance Company of China (Hong Kong), Limited (PICC HK) (Hong Kong). The Credit Ratings (ratings) reflect PICC HK's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the strategic importance of the company to its parent, The People's Insurance Company (Group) of China Limited (PICC Group) (China). As the sole overseas insurance entity and a key component of PICC Group's overseas strategies, PICC HK receives implicit and explicit support from the parent, including business development, management personnel and financial support. The revision of the outlooks to positive from stable reflects continued improvement in PICC HK's business profile, as demonstrated by the enhanced market position and more diversified book of business. According to statistics published by its domestic regulator, PICC HK ranked 13th with a market share of 2.3% in terms of onshore and offshore combined gross premium written (GPW) in 2024. The company's GPW grew by 65% cumulatively from 2020 to 2024. The active expansion in inward reinsurance also has contributed to improved business diversification, which was concentrated moderately on a whole-account quote share (WAQS) sourced from its affiliated company, PICC Property and Casualty Company Limited (PICC P&C). The inward reinsurance business profile is diversified geographically with adequate profitability in the past four years. By leveraging the underwriting acumen and increasing synergies within the parent group, PICC HK expects the expanded business profile will be sustainable and profitable. PICC HK's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), remained at the strongest level at year-end 2024. The company's investment portfolio remains well-diversified, dominated by investment-grade bonds, cash and cash equivalents, and preference shares. Its investment strategy remains prudent, with limited exposure on unlisted funds and real-estate assets. Other supporting factors include a strong regulatory solvency position, as well as a strong liquidity position. PICC HK's operating performance remains adequate. It has maintained a mid-single digit return-on-equity ratio over the past two years. In 2024, the company's net profit was supported mainly by investment income consisting of mostly interest and dividend income. PICC HK also achieved positive underwriting results for 2024 as a result of the improved underwriting result of direct domestic business and a stable profit contribution from the WAQS. As the group's sole overseas insurance entity, PICC HK continues to be of strategic importance and plays a key role in the group's overseas strategies. There is a track record of multiple capital injections to PICC HK from PICC Group. In addition, the company continues to benefit from the group's resources and operational synergies, including business development, key management personnel, investment, information technology and overall risk management. Positive rating actions could occur if PICC HK's expanded business profile proves to be sustainable, while maintaining its underwriting profitability. Negative rating actions could occur if there is a decline in PICC HK's operating performance to a level that no longer supports AM Best's adequate operating performance assessment. Although unlikely, negative rating actions could occur if the support PICC HK receives from its parent weakens notably or the parent's credit fundamentals deteriorate materially. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Aaron Li Financial Analyst +852 2827 3426 Lucie Huang Senior Financial Analyst +852 2827 3414 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Sarepta (SRPT) Jumps Nearly 20% on Corporate Restructuring
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