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23 minutes ago
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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
Yahoo
41 minutes ago
- Yahoo
Rangebound patterns tighten rupee's correlation with Indian stocks
By Jaspreet Kalra MUMBAI(Reuters) - The Indian rupee and local equities have been increasingly moving in sync over the past month as muted portfolio flows alongside lingering uncertainty over U.S. tariffs continue to cloud investor sentiment. The rupee's 30-day correlation with the benchmark Nifty 50 index has tightened to 0.66, the highest level since mid-May, pointing to the currency's increased sensitivity to moves in local stocks. On the day, the Nifty 50 was down about 0.6%, while the rupee dipped to last quote at 86.2025 per U.S. dollar as of 10:50 a.m. IST, down 0.1%. Local equities diverged from regional peers, led by losses in financial stocks. Asian currencies, meanwhile, were trading mixed and the dollar index was little changed at 98.5. Amidst the largely rangebound moves, the rupee's 1-month implied volatility has eased to a near one-month low of 4.2%, while the stock volatility gauge, India VIX, has retreated to 11.6 from around 14 a month earlier. Foreign portfolio flows, a key driver for both the rupee and local stocks, have also been muted, contributing to rangebound price action, a trader at a state-run bank pointed out. Both the local equity and FX markets are "lacking a clear direction right now," said Apurva Swarup, vice president at Shinhan Bank India, referring to the rangebound moves. News on the U.S.-India trade deal would be key to watch, as it could push stocks and the rupee to move out of their prevailing ranges, Swarup added. The United States is very close to a trade deal with India, U.S. President Donald Trump said earlier this week. Country-specific reciprocal tariff rates on exports to the U.S. are slated to go into effect starting August 1. On the day, dollar bids from foreign and local private banks weighed on the rupee, with traders also pointing to heightened demand to buy dollars at the daily reference rate. 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
Yahoo
41 minutes ago
- Yahoo
Morning Bid: Stocks buoyant but Japan vote brings risk
A look at the day ahead in European and global markets from Stella Qiu Share markets continue to defy gravity. Wall Street closed at yet another record high as investors latched onto positive economic signals, spurring a rally in most Asian markets that looks set to continue in Europe. But a new source of worry has cropped up in Japan, where an upper house election on Sunday threatens the majority of Prime Minister Shigeru Ishiba's ruling coalition. The heightened political risk is weighing down Japanese shares, bonds and the yen. MSCI's broadest index of Asia-Pacific shares outside Japan hit its highest since late 2021 but Tokyo's Nikkei slipped 0.3%, while the yen was headed for a second straight week of losses, down about 0.7% to 148.45 per dollar and near a two-month low. Yields on 10-year JGBs slipped 1 basis point to 1.545% on Friday but have not strayed far from a 17-year high of 1.585% hit earlier in the week. European share markets are set for a higher open, with EUROSTOXX 50 futures up 0.3%. Japan's Sunday election could be its most consequential upper house election in years, potentially adding to political instability at a time of uncertainty over interest rates, mounting concerns about fiscal sustainability and little progress in trade talks with the U.S. Japan's core inflation slowed in June but stayed above the central bank's 2% target, highlighting the cost-of-living challenge that has been plaguing Ishiba. Apart from that, investors appear pretty happy with a still-resilient U.S. economy and robust corporate earnings. Wall Street futures are a tad firmer while results at Netflix exceeded forecasts, in part due to a weaker dollar, which could bode well for corporate America's export earnings. The economic and event calendars are mostly barren for the rest of the day. Fed Governor Christopher Waller reiterated his support for a rate cut at the end of this month, citing mounting risks to the economy. Fed funds futures, however, imply next to no chance of a move on July 30, while a September rate cut is just about 60% priced in. Total easing of 45 bps is expected this year. Key developments that could influence markets on Friday: -- Germany PPI for June -- German Finance Minister Lars Klingbeil and Bundesbank President Joachim Nagel speak on the sidelines of the G20 meeting in Durban -- U.S. University of Michigan Consumer Sentiment survey (By Stella Qiu; Editing by Edmund Klamann)
