<div id="readability-page-1"><div>AM Best Affirms Credit Ratings of China Taiping Insurance (HK) Company Limited AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of China Taiping Insurance (HK) Company Limited [CTPI (HK)] (Hong Kong). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect CTPI (HK)’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also incorporate the rating enhancement that CTPI (HK) receives from its parent, China Taiping Insurance Holdings Company Limited (CTIH). CTPI (HK)’s balance sheet strength is assessed at the very strong level. The company’s risk-adjusted capitalisation was at the strongest level as of year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to remain robust over the short to intermediate term, even after absorbing the financial impacts from the recent major fire at Wang Fuk Court, a residential complex in Hong Kong’s northern district of Tai Po. AM Best believes the ultimate net claims amount from this event will be manageable for CTPI (HK), supported by its prudent reinsurance arrangement with a reinsurer panel of sound credit quality. AM Best also believes that CTPI (HK) is equipped with abundant liquidity to support the claim payments from this event. The company’s operating performance is assessed as adequate. Over the past decade, the company has delivered net profits with the exception of 2020, when there was a major impairment loss from its private funds. In addition, AM Best expects a material portion of the gross claims arising from the aforementioned fire incident to be transferred to reinsurers. The net retained loss amount is expected to be manageable for CTPI (HK), albeit negatively impacting the company’s underwriting result over the short term. Notwithstanding, AM Best anticipates that CTPI (HK)’s operating performance will remain at the adequate level. Looking ahead, AM Best expects the company’s underwriting margin to remain thin, while its bottom line continues to be supported by its investment income. AM Best assesses CTPI (HK)’s business profile as neutral. The company has been a longstanding player in Hong Kong’s highly competitive general insurance segment and its market share was 5.1% in terms of direct premiums written in 2024. CTPI (HK) maintains a diversified underwriting portfolio in terms of business lines, primarily consisting of fire, accident and health, motor and general liabilities. The company underwrites direct and inward reinsurance business. Over past four years, CTPI (HK) has reduced its reliance on inward business by increasing domestic direct premiums. Going forward, AM Best expects CTPI (HK) to maintain its market position in Hong Kong and continue to build a balanced portfolio focusing on direct business over the short to medium term. CTPI (HK) is a strategically important overseas operating subsidiary of CTIH and China Taiping Insurance Group Ltd. (TPG). The company plays a vital role in TPG’s footprint overseas and its strategy in the Greater Bay Area. CTPI (HK) is integrated in the group’s capital management and ERM. Additionally, CTPI (HK) receives a series of implicit support from the wider Taiping group, including brand recognition, investment, reinsurance, risk management and operations. AM Best believes CTIH will be supportive to CTPI (HK) in handling the recent fire loss. The stable outlooks reflect AM Best’s expectation that the Wang Fuk Court fire is unlikely to change the rating fundamentals of the company over the intermediate term. Negative rating actions could occur if there is a material decline in CTPI (HK)’s risk-adjusted capitalisation or in its absolute capital size. Negative rating actions also could occur if there is a sustained deterioration in its operating performance. Negative rating actions also may result if there is a change in the credit profile of CTIH, or from a reduced level of support from either or a reduction in CTPI (HK)’s strategic importance and integration to CTIH. Albeit less likely in the near term, positive rating actions could occur if CTPI (HK) demonstrates a sustained improvement in its operating performance that exceeds its industry peers, while the credit profile of CTIH materially strengthens. 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 &amp; 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 www.ambest.com. Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. 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中国太平

AM Best 已确认中国太平保险（香港）有限公司的财务实力评级为 A（优秀）和长期发行人信用评级为 “a”（优秀）。展望稳定，反映了该公司的强大资产负债表、适当的运营表现、中性的商业形象以及适当的企业风险管理。这些评级还得益于其母公司中国太平保险控股有限公司的支持

AM Best 确认了中国太平保险（香港）有限公司的信用评级