Recently, A.M. Best adjusted the long-term issuer credit rating outlooks of China Re Group, China Re P&C, China Re Life, China Continent Insurance and Chaucer Insurance Company Designated Activity Company from “stable” to “positive”, and confirmed the financial strength ratings and long-term issuer credit ratings are “A (Excellent)” and “a”, respectively, with stable financial strength rating outlooks. Meanwhile, A.M. Best confirmed the financial strength rating and long-term issuer credit rating of China Re Hong Kong are “A- (Excellent)” and “a-”, respectively, with a stable outlook.
For the first time since the launch of A.M. Best ratings, the long-term issuer credit rating outlooks of China Re Group and its subsidiaries are adjusted from “stable” to “positive”, reflecting China Re Group’s deepening internationalization strategy, solid domestic market position and diversified business portfolio.
China Re Group, China Re P&C and China Re Life have received A.M. Best’s “A” ratings for 11 consecutive years. Since 2014, China Continent Insurance has been awarded A.M. Best’s “A” rating for seven consecutive years. Both Chaucer Insurance Company Designated Activity Company and China Re Hong Kong received A.M. Best ratings for the first time in 2019, and maintained “A” and “A-” ratings in 2020, respectively. Excellent ratings reflect China Re Group’s “very strong” balance sheet strength, good operating performance and matching risk management level, and also reflect China Re’s important strategic role in the development of China’s insurance industry as the only state-owned reinsurance group in China. A.M. Best believes that China Re Group has maintained its leading position in the domestic P&C and life insurance and reinsurance markets, and is also one of the leading competitors in the domestic primary P&C insurance market. It is expected that China Re Group will maintain its solid strategic position in the domestic market in the medium term, and continue to enhance its influence in the global reinsurance market and achieve business diversification.
A.M. Best is a global credit rating agency focused on the insurance industry, with rating standards and results widely accepted by the international insurance and reinsurance industry.