{"id":14559,"date":"2021-07-22T17:37:43","date_gmt":"2021-07-22T09:37:43","guid":{"rendered":"https:\/\/newcorpdemo-uat.cntaiping.sg\/?post_type=newsroom&p=14559"},"modified":"2025-05-14T10:58:00","modified_gmt":"2025-05-14T02:58:00","slug":"am-best-affirms-credit-ratings-of-china-taiping-insurance","status":"publish","type":"newsroom","link":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/","title":{"rendered":"AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd."},"content":{"rendered":"\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tSINGAPORE, July 22, 2021<\/strong>\u2014AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of \u201ca\u201d (Excellent) of China Taiping Insurance (Singapore) Pte. Ltd. (CTPIS) (Singapore). The outlook of these Credit Ratings (ratings) is stable. CTPIS is a wholly owned subsidiary of China Taiping Insurance Holdings Company Limited, which is ultimately majority owned by China Taiping Insurance Group Ltd. (TPG), a Chinese state-owned financial and insurance group.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tThe ratings reflect CTPIS\u2019 balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). In addition, CTPIS benefits from rating enhancement to reflect its ownership by the TPG group.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tCTPIS\u2019 balance sheet strength assessment is underpinned by risk-adjusted capitalisation that AM Best expects to remain at the strongest level over the medium term, as measured by Best\u2019s Capital Adequacy Ratio (BCAR). AM Best expects planned capital injections and ongoing financial commitment from the TPG group to support CTPIS\u2019 capital adequacy as it continues to establish its life insurance operations over the medium term. A partially offsetting balance sheet strength factor is the company\u2019s modest absolute capital base, which increases the sensitivity of risk-adjusted capitalisation to growth beyond expectation or weaker than expected technical performance.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tAM Best views the company\u2019s operating performance as adequate with its non-life operations having generated robust underwriting profits over the past five years. Despite a deterioration in the non-life combined ratios for 2018 and 2019, technical performance has improved in 2020 with a lower loss ratio. The company\u2019s pre-tax operating income has also been impacted by elevated start-up costs and technical provisions associated with CTPIS initiating life insurance sales in Singapore. Investment activities remain a positive driver of overall earnings. Whilst AM Best expects CTPIS to exhibit adequate operating performance over the medium term, elevated expenses arising from the development of its life insurance operations, along with a level of potential volatility in both underwriting and investment results amid the COVID-19 environment, may dampen earnings over the near term.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tAM Best views CTPIS\u2019 business profile as neutral. The company is a medium size insurer in Singapore and has a long-established position within the domestic non-life segment. In addition, CTPIS has a developing profile in the domestic life segment, offering life insurance protection, savings and retirement planning products for high net worth and affluent individuals. Life insurance operations accounted for 70% of gross written premium in 2020 and are expected to remain at this level over the medium term as the company shifts its focus from growth to value generation. The company benefits from its affiliation with the TPG group, which gives it a level of preferential access to insured risks emanating from Chinese enterprises in the Singapore market.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tAM Best considers CTPIS\u2019 ERM approach to be appropriate given the size and complexity of its current operations. The company\u2019s ERM framework and capabilities have benefited over a number of years from technical support and guidance provided by the TPG group. Nonetheless, AM Best views CTPIS\u2019 developing life operations as presenting heightened execution risk over the medium term.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tDespite CTPIS\u2019 operations accounting for a relatively small portion of the TPG group\u2019s revenues and earnings, it is considered important to the group in terms of accessing the Singapore insurance market and growing its overseas business. CTPIS also benefits from implicit and explicit support from group companies that form part of TPG.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tRatings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tThis press release relates to Credit Ratings that have been published on AM Best\u2019s 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\u2019s Recent Rating Activity<\/a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best\u2019s Credit Ratings<\/a>. For information on the proper use of Best\u2019s Credit Ratings, Best\u2019s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best\u2019s Ratings & Assessments<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tAM 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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tCopyright \u00a9 2021 by A.M. Best Rating Services, Inc. and\/or its affiliates. ALL RIGHTS RESERVED.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

testing from expert<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"ocean_post_layout":"full-width","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"on","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","footnotes":"","_links_to":"","_links_to_target":""},"news-category":[10],"class_list":["post-14559","newsroom","type-newsroom","status-publish","hentry","news-category-corporate-activity","entry"],"acf":[],"yoast_head":"\nAM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance (Singapore) Pte Ltd<\/title>\n<meta name=\"description\" content=\"China Taiping Insurance helps create well-being in life with wide range of general insurance products including travel, motor, home, marine, hull insurance and more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance (Singapore) Pte Ltd\" \/>\n<meta property=\"og:description\" content=\"China Taiping Insurance helps create well-being in life with wide range of general insurance products including travel, motor, home, marine, hull insurance and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/\" \/>\n<meta property=\"og:site_name\" content=\"China Taiping Insurance (Singapore) Pte Ltd\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-14T02:58:00+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/\",\"url\":\"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/\",\"name\":\"AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance (Singapore) Pte Ltd\",\"isPartOf\":{\"@id\":\"https:\/\/www.sg.cntaiping.com\/en\/#website\"},\"datePublished\":\"2021-07-22T09:37:43+00:00\",\"dateModified\":\"2025-05-14T02:58:00+00:00\",\"description\":\"China Taiping Insurance helps create well-being in life with wide range of general insurance products including travel, motor, home, marine, hull insurance and more.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.sg.cntaiping.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Newsrooms\",\"item\":\"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.sg.cntaiping.com\/en\/#website\",\"url\":\"https:\/\/www.sg.cntaiping.com\/en\/\",\"name\":\"China Taiping Insurance Singapore Pte Ltd\",\"description\":\"\",\"alternateName\":\"China Taiping Insurance Singapore\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.sg.cntaiping.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance (Singapore) Pte Ltd","description":"China Taiping Insurance helps create well-being in life with wide range of general insurance products including travel, motor, home, marine, hull insurance and more.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/","og_locale":"en_US","og_type":"article","og_title":"AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance (Singapore) Pte Ltd","og_description":"China Taiping Insurance helps create well-being in life with wide range of general insurance products including travel, motor, home, marine, hull insurance and more.","og_url":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/","og_site_name":"China Taiping Insurance (Singapore) Pte Ltd","article_modified_time":"2025-05-14T02:58:00+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/","url":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/","name":"AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance (Singapore) Pte Ltd","isPartOf":{"@id":"https:\/\/www.sg.cntaiping.com\/en\/#website"},"datePublished":"2021-07-22T09:37:43+00:00","dateModified":"2025-05-14T02:58:00+00:00","description":"China Taiping Insurance helps create well-being in life with wide range of general insurance products including travel, motor, home, marine, hull insurance and more.","breadcrumb":{"@id":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/am-best-affirms-credit-ratings-of-china-taiping-insurance\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.sg.cntaiping.com\/en\/"},{"@type":"ListItem","position":2,"name":"Newsrooms","item":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/"},{"@type":"ListItem","position":3,"name":"AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd."}]},{"@type":"WebSite","@id":"https:\/\/www.sg.cntaiping.com\/en\/#website","url":"https:\/\/www.sg.cntaiping.com\/en\/","name":"China Taiping Insurance Singapore Pte Ltd","description":"","alternateName":"China Taiping Insurance Singapore","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.sg.cntaiping.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/newsroom\/14559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/newsroom"}],"about":[{"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/types\/newsroom"}],"author":[{"embeddable":true,"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/comments?post=14559"}],"version-history":[{"count":21,"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/newsroom\/14559\/revisions"}],"predecessor-version":[{"id":35901,"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/newsroom\/14559\/revisions\/35901"}],"wp:attachment":[{"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/media?parent=14559"}],"wp:term":[{"taxonomy":"news-category","embeddable":true,"href":"https:\/\/www.sg.cntaiping.com\/en\/wp-json\/wp\/v2\/news-category?post=14559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}