AM Best maintains Ping An Property & Casualty Insurance Company of China, Ltd.’s credit ratings.

AM Best has upheld Ping An Property & Casualty Insurance Company of China, Ltd.’s (Ping An P&C) Financial Strength Rating at A (Excellent) and its Long-Term Issuer Credit Rating at “a+” (Excellent), affirming a stable outlook for these Credit Ratings.

These ratings reflect Ping An P&C’s robust balance sheet strength, characterized by AM Best as very strong, along with its solid operating performance, favorable business profile, and effective enterprise risk management.

The assessment of Ping An P&C’s balance sheet strength is supported by its exceptional risk-adjusted capitalization, evidenced by a very strong Best’s Capital Adequacy Ratio (BCAR). As of the end of 2022, the company’s consolidated capital and surplus stood at RMB 119.9 billion (USD 17.32 billion), marking a compound annual growth rate of 11.3% over the preceding five years through prudent net profit retention after dividend distribution. Additional strengths include a substantial and diversified investment portfolio predominantly composed of bonds or funds holding fixed-income assets, a healthy regulatory solvency position, and solid financial flexibility, demonstrated by its ability to access domestic debt markets via the issuance of capital supplementary bonds.

Ping An P&C’s operating performance is assessed as strong, exhibiting consistent profitability with a five-year average return on equity of 16.2% from 2018 to 2022. While the company encountered its first underwriting loss in over a decade in 2022, attributed to challenges in its credit and guarantee line, proactive measures have been taken to mitigate this, including halting underwriting of new policies since November 2023. Notably, the company maintains a competitive edge in its primary business line—motor insurance—thanks to effective control over distribution channels, data-driven underwriting expertise, and streamlined claims processing. Robust investment income further bolsters the company’s net profit, with an average investment yield of 4.8% from 2018 to 2022.

Ping An P&C’s favorable business profile is driven by its significant insurance portfolio, diversified distribution channels, nationwide presence in China, and strong brand recognition. As the second-largest non-life insurer in China since 2009, Ping An P&C commands approximately 20% of the market share based on 2022 non-life direct written premiums. In 2022, its gross premiums written (GPW) amounted to RMB 298 billion (USD 43.1 billion), with the motor insurance segment contributing around 68% of the total GPW. Moreover, the company is actively broadening its non-motor lines, such as accident and health, liability, and agriculture, while leveraging technology to enhance operational efficiency and risk management.

Ping An P&C is deemed well-positioned at its current ratings level. However, negative rating actions could arise from sustained deterioration in underwriting and operating performance or significant weakening of its balance sheet strength, such as heightened underwriting leverage or exposure to risky investments. Conversely, positive rating actions may occur if the company demonstrates enhanced global market presence while maintaining its strong financial metrics.

It’s worth noting that rated entities are informed of ratings prior to publication, and unless otherwise stated, ratings remain unchanged after this communication.

For detailed rating information and disclosures, please refer to AM Best’s Recent Rating Activity web page. For guidance on the use and limitations of Credit Rating opinions, consult the Guide to Best’s Credit Ratings. Additionally, for information on the appropriate use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments, and AM Best press releases, refer to the Guide to Proper Use of Best’s Ratings & Assessments.

AM Best, a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry, operates worldwide with offices in various regions. For more information, visit

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