On October 22, 2015, the well-known international rating agency A.M. Best Co. affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating of “a” of China Reinsurance (Group) Corporation (China Re Group) and its members, China Property & Casualty Reinsurance Company Ltd. (China Re P&C), China Life Reinsurance Company Ltd. (China Re Life), and China Continent Property & Casualty Insurance Company Ltd. (CCIC). The outlook for all these ratings is stable.
The “A” rating of China Re P&C reflects its strategic importance to the group’s business strategies. As the core subsidiary of China Re Group and the only state-owned professional Property & Casualty reinsurer in China, China Re P&C maintains a solid leading position in the domestic reinsurance market and cultivates deep long term relationships with domestic cedants.
China Re P&C has maintained an “A” rating for six consecutive years, which reflects its stable underwriting profits, strong capitalization and the ongoing capital support from China Re Group. A.M Best Co. has acknowledged the improving risk management capabilities of China Re P&C due to our establishment of a risk appetite system, utilization of an internal economic capital model and strong risk-adjusted capitalization.