China’s Top 25

Insurers
Contents
November 2017

Foreword p. 01

The China Insurance Sector’s ‘Year Of Living Dangerously’ Is Over. What’s Next? p. 02

China’s Insurers Turn To Big Data And Digital Technology For Competitive Edge p. 08

China’s Top Life Insurers p. 14

China’s Top Property & Casualty Insurers p. 26

China’s Top Reinsurer p. 38

Market Share Of China’s Life Insurers p. 39

Market Share Of China’s Property & Casualty Insurers p. 40

Contacts p. 41
 China’s Top 25 Insurers

Foreword
S&P Global Ratings presents China's Top 25 Insurers, a comprehensive guide to leading companies in the
fast-growing Chinese insurance marketplace. This publication includes recent articles from our analytical
team on the sector's outlook and dynamics. In the back of the book, please find credit profiles on 25
leading sector companies: 12 life insurers, 12 property and casualty (P&C) insurers, and a re-insurer.

China's insurance sector continues to expand at a rapid clip. Rising demand for insurance in China comes
on the back of the country's aging demographics and increasing affluence among its citizens, who are
seeking wealth protection against unexpected events and preparing for retirement.

The rapid buildout in the country's insurance sector has contributed to volatility in performance and
increased regulatory oversight. Amid fast asset growth in 2015-2016, insurers increased their allocations
to risky investments in a quest to increase returns. Some cashed-up sectors sought to take over listed
companies in sectors ranging from property to tourism. Such risky behavior led the Chinese insurance
regulator to publish new rules and tighten discipline.

We believe technology will increasingly define China's insurance market. Sector leaders are offering more
products through digital means. Not only can this help cut costs amid intense competition and rising
regulatory burdens, the "big data" derived from online services could also help insurers to customize
services and offer more innovative products. As for China's mid-tier insurance companies, we believe
there remain significant opportunities to be tapped in the world's fastest-growing insurance marketplace.

We hope you will find this publication useful. As always, we welcome your comments and feedback on our
research and insights.

Vera Chaplin

Managing Director and Lead Analytical Manager

Financial Services Ratings

Foreword 1
China’s Top 25 Insurers

The China Insurance

Sector’s ‘Year Of
Living Dangerously’
Is Over. What’s Next?
Primary Credit Analyst:
Eunice Tan, Hong Kong, (852) 2533-3553; eunice.tan@spglobal.com

Secondary Contacts:
WenWen Chen, Hong Kong, (852) 2533-3559; wenwen.chen@spglobal.com
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com

Research Assistants:
Ce Wang, Hong Kong
Richie Jiang, Hong Kong

C
hina’s insurance sector is integral to the country’s deleveraging-related
reforms. This is because broadly speaking, insurers can either add to the
country’s financial risks, or help offset them.

In 2016, insurers seemed intent on adding to high-profiles forays overseas. Regulators

systemic risks. The sector attracted new premiums responded by substantially tightening sector
with customer-pleasing products, and increased investment rules and subjecting industry players
allocations to risky assets, in some cases taking to disciplinary investigations.
over listed Chinese companies or making

2 The China Insurance Sector’s ‘Year Of Living Dangerously’ Is Over. What’s Next?
 China’s Top 25 Insurers

whose managers have recently been investigated

Overview or sanctioned for misconduct or engaging in risky
practices include Anbang Insurance Group Co. Ltd.,
-- Regulators have issued new regulations Foresea Life Insurance Co. Ltd., and Evergrande
and sanctioned industry participants after Life Insurance Co. Ltd.
insurers undertook aggressive strategies
-- Officials are seeking more market While the overall risks in the system have been
discipline, in both investment allocation reduced, some of the conditions that helped fan
and product offerings the high-risk behavior persist. China’s insurance
-- Insurers are likely to increase allocations market is fast growing yet heavily competitive, with
to long-term infrastructure investments to sector players regularly poaching customers—and
better match their long-term liabilities employees—from each other. Interest rates remain
low by historical standards, and with China’s
economic growth rate set to structurally decline,
At the same time, other rules have been yield-hunting will remain a major pursuit.
liberalized to encourage insurance companies to
participate in state-guided investment activities The low interest rate environment will also force
to shore up indebted enterprises and underwrite insurers to increase their loss-reserve provisioning.
infrastructure investment. S&P Global Ratings We forecast that the discount rate for insurance
expects state planners will play a larger role in reserve provisions (the 750-day moving average
the sector’s investment allocations. This too could yield curve) will hit another new low for insurers
entail risk, however, if insurer’s balance sheets are in 2017. A lower discount rate means higher
channeled to bail out heavily indebted SOEs. provisioning, which in turn will hurt profitability
and could lead to capital pressure for insurers.
We believe insurers will struggle to absorb
higher regulatory costs over the next few years, Higher reserves will pinch the most for insurers
particularly in a low interest-rate environment. that are focused on underwriting short- to
Indeed, the challenge to boost investment returns medium-term duration products. For the
could encourage continued risky behavior, despite traditional life insurers focused on underwriting
an official emphasis on increased discipline. In our long-duration protection products (duration
view, China still has a long way to deepen its risk exceeding 40 years), the revised requirements will
management practices. help reduce regulatory capital pressures. This is
because recently updated reserve requirements
are intended to promote long-duration products.
The Rules Are Different,
But Conditions The Same Overall, we expect higher regulatory costs, low
The dismissal of Xiang Junbo, China’s top interest rates, and weaker profitability to chip
insurance regulator, in March 2017, signaled the away at the insurance sector’s capital buffers in
close of a period of aggressive market jostling by the coming year or two. To fund shortfalls, and
China’s fast-growing insurance sector. Not only given increasing capital controls and currency
have the rules changed (see table 1), but industry restrictions, we expect insurers will likely tap the
participants are keenly aware that they will face onshore debt markets.
career and disciplinary risks for undertaking
aggressive competitive strategies. Companies

The China Insurance Sector’s ‘Year Of Living Dangerously’ Is Over. What’s Next? 3
China’s Top 25 Insurers

TABLE 1: CIRC Rule Changes Are Focused On Strengthening Risk Controls

CIRC Circular
Date No. & Related Area Regulation Summary
20-Sep-2017 #67—Risk Management CIRC issues proposed guideline on C-ROSS Phase II.

28-Jul-2017 #299—Risk Management CIRC proposes enhanced regulation on asset liability management.

20-Jul-17 Regulatory Proposal CIRC releases the second draft request for comment on insurance companies’ shareholding management

11-Jul-2017 #174—Market Conduct CIRC takes action to strengthen discipline in the motor insurance market.

#163—
4-Jul-2017 CIRC implements guidelines on the design and regulatory registration of P&C insurance products.
Product Development

5-Jun-2017 #143—Market Conduct CIRC initiates industry-wide self-examination in areas of regulatory reporting and capital authenticity.

#134 CIRC reiterates the protection characteristic of life insurance products and implements guidelines on
23-May-2017
-Product Development product development.

9-May-2017 #128—Risk Management CIRC enhances compliance in insurance asset utilization to rein in risky investment behavior in the market.

7-May-2017 #44—Risk Management CIRC aims to plug regulatory loopholes and to step up supervision to overcome shortcomings in the system.

Insurance funds can finance PPP enterprises under their infrastructure investment plans by means of debt,
5-May-2017 #41—Investments
equity, or a combination of the two.
CIRC will speed up approvals for financing PPP projects related to programs such as Belt and Road initiatives,
5-May-2017 #41—Investments
development of the Beijing-Tianjin-Hebei region, etc.

4-May-2017 #42—Investments Incentives introduced for insurance funds to participate in national development strategies.

CIRC enhances market conducts in areas of capital authenticity, corporate governance, and
28-Apr-2017 #40—Market Conduct
investment behavior.

23-Apr-2017 #35—Risk Management CIRC outlines 39 points across 10 areas of risk.

#34—Risk Management,
20-Apr-2017 CIRC highlights upcoming regulatory enhancements.
Market Conduct

CIRC caps the amount investable by Chinese insurers in a single stock at 5% of the insurer’s total assets (from
24-Jan-2017 #9—Investments
previous 10%).

24-Jan-2017 #9—Investments Insurers are restricted to having 30% of their total assets invested in equities (from previous 40%).

CIRC narrows the scale of investments on listed companies, and limits targets on financial industry or
24-Jan-2017 #9—Investments
insurance-related businesses.
#115—
3-Jan-2017 CIRC implements guidelines on insurance product designs.
Product Development
Regulatory Proposal on
29-Dec-2016 CIRC updates shareholder ownership to cap individual ownership at 33% from 51%.
Shareholder Ownership
#22—
1-Dec-16 CIRC sets up sales limits on short-term insurance products.
Product Development

CIRC—China Insurance Regulatory Commission. PPP—Public-private partnerships. C-ROSS—China Risk Oriented Solvency System.
P&C—Property and Casualty. Sources: CIRC, S&P Global Ratings.

4 The China Insurance Sector’s ‘Year Of Living Dangerously’ Is Over. What’s Next?
 China’s Top 25 Insurers

So What’s Next? with, for example, insurers acquiring major stakes

in banks and real estate companies. However, we
The removal of the chairman of the China Insurance
anticipate the risk charges for long-term equity
Regulatory Commission (CIRC), numerous public
investments to tighten in the upcoming C-ROSS
statements by financial regulators, and the
Phase 2 review.
flurry of revised insurance-sector guidelines, all
point to a renewed focus on risk management
and tighter discipline. In our view, these actions Different products
reflect a return to the fundamental principles of On the product side, strong interbank liquidity
insurance—providing protection and prudent conditions have encouraged insurers and other
risk management. financial players to focus on profitable, short-term
endowment policies. However, these products
Reforms will affect both sides of the balance are vulnerable to abrupt changes in short-term
sheet: insurers will be selling a different liquidity and, amid closer regulatory scrutiny, such
mix of products; and investing their assets strategies will be harder to pursue.
differently as well.
Insurers have also responded to regulatory
pressures by selling more protection products. This
C-ROSS Phase 2
segment has a higher profit margin than savings
We believe that planned updates in the China Risk-
products, and has boosted insurers’ embedded
Oriented Solvency System (C-ROSS) framework
values. However, we expect intensified competition
over the next three years will help to rein in some
among the traditional life insurers in this product
of the risky equity investment behavior. C-ROSS
line, which could compress margins over time.
is a framework designed to bring the country’s
insurance sector in line with global solvency In our view, participating policies will become more
standards. With C-ROSS Phase 2 in the pipeline, attractive for the Chinese insurance market given
we anticipate the regulator will review risk their profit-sharing features with policyholders
charges to ready the regulations for upcoming (i.e., they pay dividends). The products, which
International Financial Reporting Standards (IFRS) combine a floor in investment returns with
accounting updates. Under IFRS 9 and IFRS 17, we upside potential (unguaranteed returns), will
anticipate that insurers’ financial performance will require insurers to invest in a combination of low-
become more volatile. and high-risk investments. The profit-sharing
features of participating insurance products
When S&P Global Ratings assesses the capital
will help mitigate some of the investment risks
position of Chinese insurers, we deduct entirely
faced by insurers.
some of the long-term equity investments
undertaken by insurers. This is because we While short-term universal life products have
consider such investments to be strategic in nature received bad publicity in China, we think that
and unlikely to be sold during volatile market mid-term (around five to 10 years) savings
conditions. By contrast, according to the current products will remain attractive for China’s under-
C-ROSS treatment, risk charges for long-term developed insurance market. For insurers, these
equity investments are lower when compared with endowment products have lower profit margin than
typical (passive) equity investments. In our view, protection products. However, these products,
this C-ROSS treatment prompted some insurers which provide a combination of life protection
to undertake aggressive investment strategies,

The China Insurance Sector’s ‘Year Of Living Dangerously’ Is Over. What’s Next? 5
China’s Top 25 Insurers

and wealth management, can potentially reduce is another likely source of future investments for
insurers’ exposure to asset-liability mismatch insurers’ expanding balance sheets.
risk. In addition, they can be easily explained to
policyholders, reducing mis-selling risk. We also anticipate that the insurance sector will
engage in privatization deals, debt for equity
swaps, and other transactions that will arise
And a shifting investment focus
from state-guided efforts to reduce financial
Another key question for regulators is where and risk and encourage corporate deleveraging. For
how insurance companies invest their rapidly example, China Life Insurance Co. Ltd. was one
expanding assets. This has been an issue going of 10 companies (both private and state-owned)
back to 2007, when Ping An Insurance (Group) that participated in a mega US$11.7 billion deal to
Co. of China Ltd. purchased the Dutch-Belgian sharply reduce China Unicom’s state ownership
financial services firm Fortis at a top-of- levels. China Life took a 10% stake in Unicom, the
the-market price. largest of all the deal participants.

In 2016, at a time when Chinese insurers’ asset China’s insurers collectively have Chinese renminbi
bases were rapidly expanding, the sector 16.43 trillion (US$2.15 trillion) in assets (see chart
participated in a number of headline-grabbing 1). As such, the sector is in a position to play a role
deals, including sizeable or controlling stakes in the country’s deleveraging and financial reform
in listed Chinese companies. Concerns of efforts. Still, questions remain, such as whether
concentrated exposure led the regulator to cap insurers will be properly compensated for any
individual investment stakes at no more than 5% of potential high-risk state-guided investments.
the insurer’s assets. This could come, for example, through guaranteed
returns, or deal sweeteners by way of tax breaks,
We expect the sectors’ real-economy investments
price discounts, or other benefits.
to expand, amid growing concerns and restrictions
on equity investments. Regulators have put in
place supportive policies and tax incentives to Chart 1: Investment Allocation In China's Insurance Industry
facilitate this new paradigm. For example, we see Other investments Stocks and funds Bonds Bank deposits Total
Chinese insurers increasingly shifting their fixed- (RMB tril.)
income investments toward local government 16

and infrastructure-related projects. By doing so,

14
the insurers are able to benefit from capital gains
tax-free policies, in particular for local government 12

fixed-income investments. 10

Another benefit of increasing allocations to 8

infrastructure: this sector provides long-term 6

investments that will help alleviate the sector’s
asset-liability mismatch problem. New guidelines 4

and an emphasis on the private-public partnership 2

(PPP) model should provide further opportunities.
0
The central government’s “Belt and Road” initiative 2014 2015 2016 2017H1

RMB: Renminbi. tril.: Trillion. H1: First half. % yoy: Year on year percentage growth.
Source: China Insurance Regulatory Commission.

6 The China Insurance Sector’s ‘Year Of Living Dangerously’ Is Over. What’s Next?
 China’s Top 25 Insurers

TABLE 2: China Insurance Premiums Have Seen Multi-Year Growth

2013 2014 2015 2016 2017H1

Total Direct Premiums* (RMB bil.)

Life 1,074 1,269 1,586 2,169 1,786

P&C 648 754 842 927 528

No. of Insurers

Life 64 65 73 81 83

P&C 70 71 75 77 82

* As of June 30, 2017. RMB: Chinese renminbi. bil.: Billion. P&C: Property and Casualty. H1: First half. Source: China Insurance Regulatory Commission

No Risk, No Reward underlying assets in these alternative investments

are commonly tied to the infrastructure and
More stringent risk and discipline controls will not real estate sectors. In our view, these shadow-
completely shut down recent trends, or instantly banking-related investments are high credit risks
mature the sector’s risk management culture. Risk and less transparent when compared with vanilla
management remains an evolving story in China. fixed-income investments. We consider these
instruments as illiquid, and have observed that
Amid concerns of reckless and ill-timed forays
some Chinese insurers continue to hold them.
into the global investment markets, we expect
overseas activity to slow. Tighter capital controls Keep in mind that in the past year, a large volume
also act as constraint on overseas acquisitions. of guidelines has been introduced over a short
That said, we believe Chinese insurers will continue span of time. Effectively executing the new rules
to show interest in global activity, given the wider could prove challenging, given that the changes
world’s broader choices of investments. The have come swiftly, and China’s managerial risk-
current allocation towards overseas investments management know-how is still developing. While
is low, when compared with international insurers. we believe discipline will improve and risks become
Chinese insurers have only US$49 billion in more contained amid tighter supervision, we
foreign-currency investments. also expect that some risk-control efforts will
remain superficial. On the bright side, Chinese
We also note that allocations to alternative
policymakers seem to be quickly learning from
investments (wealth management, debt schemes,
their missteps, as indicated, for example, by the
and trust plans) reached a new high for most
planned revisions to the C-ROSS framework.
insurers in 2016 and remain high. Some alternative
investments benefit from credit enhancement Only a rating committee may determine a rating action and this
features that often come in the form of collateral report does not constitute a rating action.
or credit supports from external parties. The

The China Insurance Sector’s ‘Year Of Living Dangerously’ Is Over. What’s Next? 7
China’s Top 25 Insurers

China’s Insurers
.Turn To Big Data And
Digital Technology For
Competitive Edge
Primary Credit Analyst:
Eunice Tan, Hong Kong, (852) 2533-3553; eunice.tan@spglobal.com

Secondary Contacts:
WenWen Chen, Hong Kong, (852) 2533-3559; wenwen.chen@spglobal.com
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com

C
hina’s insurance marketplace is growing fast but the sector's profit margins
are moderate. Our survey of the 25 leading Chinese insurers shows that new
premiums written and assets under management continue to rapidly expand.

However, returns on equity and assets have credit profiles. We expect that insurers who can
edged down for many insurers, amid volatile master big data and adapt to new cost-saving
capital markets, low interest rates, and intense technologies will be better able to withstand
competition. While this year's strong Chinese stock pressures on earnings.
market performance might boost earnings in the
short run, in the long run we believe the country's Our study also highlights a continued widening
insurers need to improve their business strategies credit quality between the insurance majors and
and risk management in order to sustain their small and midsized players, with capitalization

8 China’s Insurers Turn To Big Data And Digital Techonology For Competitive Edge
 China’s Top 25 Insurers

Fast Growth, Slower Profits

Overview We examined the financial data of 25 Chinese
-- Competition is intensifying for insurers over the past several years: the top
Chinese insurers given the backdrop 12 life insurers, top 12 property and casualty
of slower economic growth and rising (P&C) insurers, and one reinsurer. Our survey
regulatory costs covered their premiums, investment assets, key
-- China's biggest insurers tend to have profitability metrics, and solvency ratios. One
stronger financial profiles and a better key takeaway is that assets are growing faster
capacity to adjust to a changing landscape than profits, which erodes capital bases. This is
-- New technologies will shape the ultimately an unsustainable path.
direction of insurance companies in
areas of distribution, pricing, and claims China's bigger players have the strongest financial
administration profiles and have been able to maintain their
-- A regulatory crackdown on risky practices dominant market shares. Of the four biggest
will cause pain to some insurers, but is life insurance companies, three have above-
necessary for long-term stability average business and financial profiles: China
Life Insurance Co. Ltd., Ping An Life Insurance
Co. Ltd., and China Pacific Life Insurance Co. Ltd.
The exception is Anbang Life Insurance Co. Ltd.
being the key constraint on credit profiles.
Anbang has jumped up the ranking to third from
Increasing allocations into alternative investments
fourth last year in the life segment, and has a 9%
and equities, in pursuit of investment yield, have
market share. But this aggressive growth has left
diluted capital positions. The bigger players
the company with a thinning regulatory solvency
tend to have the strongest stand-alone credit
buffer, given the capital intensive products that
profiles, due to their well-established franchises
Anbang has sold.
and extensive distribution networks, and better
access to funding.
Chart 1: Average Profitability Of 12 Leading Chinese Life Insurers
Return on equity Net investment yield*
That said, given strong overall market growth Return on asset § Adjusted return on asset ±

for insurance products, the future is still (%)

18
wide open. A key deciding factor might be
technology. We believe technology will disrupt 16

traditional insurance business models. One 14

example is Zhong An Online Property & Casualty 12

Insurance Co., an online Chinese insurer which 10

recently filed to list on the Hong Kong stock
8
exchange. Digitalization, big data analytics,
6
and access to multi-distribution channels
will increasingly dictate the future of China's 4

insurance marketplace. 2

0
2013 2014 2015 2016

*Net investment yield calculation includes realized gains/losses, shares of profits of affiliates, and
excludes unrealized gains/losses. §Return-on-asset calculation excludes investment gains/losses.
±Adjusted-return-on-asset calculation includes investment gains/losses .
Source: Company information, S&P Global Ratings' calculations.

China’s Insurers Turn To Big Data And Digital Techonology For Competitive Edge 9
China's Top 25 Insurers

While the biggest players have not escaped the played pioneering roles in providing insurance
margin pressures arising from intense competition coverage to the inland cities. Such coverage
and rising regulatory costs, small and midsize (medical, pension, agriculture and catastrophe) is
insurers are more vulnerable to these trends. For often thin in margins.
example, this year the China Insurance Regulatory
Commission (CIRC) imposed sales limits on short- Given their huge asset bases, GRE insurers have
to medium-duration products, which were popular also been directed to buy shares to stabilize the
for their potential for investment gains, and has stock market in financial downturns. In recent
guided the sector to focus more on long-term years, GRE insurers have expanded overseas,
protection products. This shift has forced the both through acquisitions and organically. This is
smaller players--many of which relied heavily on in part to support the insurance needs of Chinese
bancassurance distribution channels--to shift companies as they go global, including through
their product strategies and start building their "Belt and Road" initiatives. Increasingly, we expect
own agency force. This is costly. the big state insurers to allocate more assets to
real-economy development projects and national
One upside to the shift to longer-duration products development strategies. This could prove a good
is that they generally have higher margins, so in match for their long-term liabilities; on the other
the long run could shore up profitability. Again, hand, state-directed investments raise concerns
however, the more established players have over risk-versus-return calculations.
competitive advantages, due to their already
established agency sales forces. For them, the
main pressure of the new dynamics has been the
The P&C Sector: New Stress,
poaching of staff by smaller players trying to scale New Opportunities
up their agency forces. Big players have even a bigger sway in China's
P&C insurance market. PICC alone holds a 34%
The big get bigger but it's not all upside market share. The next biggest player in this
segment, Ping An Property & Casualty Insurance
The Chinese insurance industry's strong market
Co. of China Ltd., has nearly a 20% share. Add in
growth has created a few Chinese insurers that
the third largest, China Pacific Property Insurance
are among the largest globally in the life, nonlife,
Co. Ltd., and nearly 60% of this segment's market
and reinsurance sectors. This includes China
share is locked up.
Life Insurance, China Reinsurance (Group) Corp.,
and PICC Property and Casualty Insurance Co.
We believe the launch of the second phase of
Ltd. These insurers continue to have strong
motor insurance pricing reforms in China will
relationships with the central government,
increase volatility in the underwriting performance
which feed through into lower funding costs
of P&C insurers over the next two years. That's
and bigger potential government support in the
because motor insurance contributes more than
case of distress.
70% of the sector's premium income. However, we
expect the reforms to support a more sustainable
However, Chinese government-related insurance
and healthy market discipline in the sector over
groups also have the responsibility to take on
the longer run.
some business that commercial players have
less incentive to provide. For example, the big
government-related entity (GRE) insurers have

10 China’s Insurers Turn To Big Data And Digital Techonology For Competitive Edge
 China's Top 25 Insurers

On June 9, 2017, CIRC announced updated motor insurance products) as part of the reforms
premium adjustment factors for motor insurance, will prompt policyholders to acquire motor
allowing for more pricing autonomy within the insurance policies directly from insurance
sector. In particular, the regulator will now companies, bypassing intermediaries. In our view,
allow for differentiated pricing floors for various this will result in insurers strengthening their
regions in the country. This follow on a liberalized efforts to establish strong tele-marketing and
pricing framework that was first implemented online sales channels.
in June 2015, and a year later applied to all
regions in China. Besides motor insurance pricing reforms, the P&C
sector is also hampered by slower new car sales,
Since the debut of motor insurance pricing and slower GDP growth. As such, this sector has
reforms, drivers with good driving records can also been hit hard by price wars.
enjoy more favorable premiums through the
application of a wider range of no claims discounts.
A number of large P&C players have already
Technology Will Disrupt, But Also Help
established various techniques to support more China is already a leader in digital technologies
efficient underwriting and claim-handling, and that allow customers to execute a range of
develop risk-classification models. financial services online or even on their mobile
phones. As a result, the pool of data on financial
We believe the small and midsize P&C insurers are customers is ever expanding. Chinese insurers
less prepared to adjust to these regulatory-led can use this data to improve customer services,
market changes. However, the higher discount enhance cross-selling, pinpoint marketing efforts,
factor permitted by CIRC for direct distribution and better understand the needs for policyholders.
channels (i.e. insurers can offer lower-premium

Chart 2: Average Profitability Of 12 Leading Property & Casualty Insurers

Net expense ratio Net loss ratio Net Investment yield* Return on equity
(left scale) (left scale) (right scale) (right scale)
(%)
120 25

100
20

80
15

60

10
40

5
20

0 0
2013 2014 2015 2016

*Net investment yield calculation includes realized gains/losses, share of profits of affiliates, and
excludes unrealized gains/losses.
Source: Company Information, S&P Global Ratings' calculations.

China’s Insurers Turn To Big Data And Digital Techonology For Competitive Edge 11
China's Top 25 Insurers

TABLE 1: Business And Financial Profiles Of China's Top 25 Insurers

Business Profile

Financial
Profile Below Average Average Above Average

Above Average

Sinosafe General Insurance Co. Ltd. China Life Insurance Co. Ltd.

Huatai Property & Casualty Insurance Co. Ltd. China Pacific Life Insurance Co. Ltd.

AXA Tianping Property & Casualty Insurance Co. Ltd. Ping An Life Insurance Co. of China Ltd.

China Reinsurance (Group) Corp.

Average

Yingda Taihe Property Insurance Co. Ltd. New China Life Insurance Co. Ltd. PICC Property & Casualty Insurance Co. Ltd.

Taiping Life Insurance Co. Ltd. Ping An P&C Insurance Co. of China Ltd.

China Pacific Property Insurance Co. Ltd.

Below Average

Anbang Life Insurance Co. Ltd. ABC Life Insurance Co. Ltd. Taikang Insurance Group Inc.

Huaxia Life Insurance Co. Ltd. ICBC AXA Assurance Co. Ltd.

BOC Insurance Co. Ltd. PICC Life Insurance Co. Ltd.

Sunshine Life Insurance Corp. Ltd.

China Life Property & Casualty Insurnace Co. Ltd.

China United Property Insurance Co. Ltd.

Sunshine Property & Casualty Insurance Co. Ltd.

Taiping General Insurance Co. Ltd.

Key:
Life Insurers
P&C Insurers
Reinsurer

12 China’s Insurers Turn To Big Data And Digital Techonology For Competitive Edge
 China's Top 25 Insurers

Moreover, having greater data sets at hand could The rapid expansion of some insurance companies
enable insurers to design customized products and in 2014-2016 is unlikely to repeat itself. Instead, a
break away from homogenous product offerings. more sustainable growth model that focuses on
One reason for price wars in the sector is that insurance protection products will likely emerge.
insurers are all pushing similar products, and as In our view, insurance companies will resume their
such can often only undercut the competition on focus on underwriting and cut back on speculative
price alone. Meanwhile, regulatory costs are on investments, while more prudently managing
the rise, and slowing economic growth will limit their regulatory solvency positions. The need to
investment opportunities. If deployed and adapted strengthen risk management and compliance will
properly, technology could help offset some of hike up operational costs, however, and once again
these pressures. this burden will fall more heavily on small and
mid-size insurance companies. This is because the
Over time, big data might be able to help insurers larger players already have more standardized risk
cut out middle men and get straight to the management frameworks in place.
customers, offsetting rising cost pressures. This
could particularly help smaller players that often However, hope is not all lost for the mid-tier
pay high distribution fees. That said, the biggest insurers. Speedier product customization, coupled
insurers have invested more in technology and may with precise or targeted geographic outreach,
thus have an advantage. Many of them already should allow mid-tier insurers to stay relevant
have a head start, and are operating various within China's under-penetrated insurance
well-established internet and WeChat platforms industry. The country's increasingly affluent
to support their insurance policy sales and claim population will provide an abundance of growth
handling process. opportunities for the still young insurance industry.

Only a rating committee may determine a rating action and this

Hope Remains For Mid-Size Insurers report does not constitute a rating action.

China has been getting tougher over rising risks

in the financial system, largely in response to a
spurt of risky investments by insurers with fast-
growing balance sheets. After a number of reforms
announced by CIRC this year, we expect market
discipline to improve and risk measures to tighten.

China’s Insurers Turn To Big Data And Digital Techonology For Competitive Edge 13
China’s Top 25 Insurers

China Life Insurance Co. Ltd.

Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com
Judy Chen, Hong Kong (852) 2532-8059; judy.chen@spglobal.com
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com

Business Profile: Above Average Chart 1: Gross Written Premium

-- Leading life insurer in China with extensive (Mil. RMB)
500,000 Regular premium (in-force)
geographic coverage 450,000
Regular premium (New)
400,000
-- Well-established brand in China supported by a strong 350,000 Single premium
300,000 Policyholder's investment fund
distribution network 250,000
200,000
-- Reduced market share due to sales initiatives on longer– 150,000
term, regular premium, protection-type products 100,000
50,000
0
2012 2013 2014 2015 2016
Financial Profile: Above Average
Chart 2: Investment Assets*
-- Demonstrated access to equity and debt capital markets
(Mil. RMB)
for funding requirements 3,000,000 Cash and short-term investments
Common stock
-- Strained capital and earnings profile, though moderated by 2,500,000
Preference stock
increasing sales of higher margin products 2,000,000
Bonds
1,500,000 Investment funds
-- Heightening exposure to credit and market risks due to 1,000,000 Loans
increasingly aggressive investment appetite Real estate
500,000
Investments in affiliates
0
Other Factors: 2012 2013 2014 2015 2016
Other investments
*Investment assets classification is based on annual report.
-- Core subsidiary of China Life Insurance (Group) Co. (CLG)
Chart 3: Profitability Metrics
-- Very high likelihood of extraordinary support from the 14% Return on assets*
Chinese government through CLG 12% Return on equity
Net investment yield§
10%
Major Shareholders 8%
6%
China Life Insurance (Group) Co. Ltd. 68.37%
4%

HKSCC Nominees Ltd. 25.88% 2%

0%
China Securities Finance Co. Ltd. 2.02% 2013 2014 2015 2016
*Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).
Central Huijin Asset Management Co. Ltd. 0.42%
Chart 4: C-ROSS Comprehensive Solvency Ratio
Background Information (Mil. RMB)
400,000 400% RBC: Insurance risk (left scale)
Type Life insurer 350,000 350% RBC: Market risk (left scale)
300,000 300%
Established 2003 250,000 250%
RBC: Credit risk (left scale)
Comprehensive solvency ratio
200,000 200%
Head office location Beijing (right scale)
150,000 150%
Top life average solvency*
Registered capital (mil. RMB) 28,265 100,000 100% (right scale)
50,000 50%
2017 1H Ranking by direct premium #1 0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
2017 1H Ranking by total policy written* #1 *Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average
figures calculation excludes solvency status of Anbang Life due to information unavailability.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.
S&P Global Ratings A+/Watch Neg
RMB—Renminbi.
*Total policy written includes direct premium and policyholder Sources: Company information
CIRC—China Insurance Regulatory Commission,
investment funds, excludes premium from unit-linked products S&P Global Ratings' calculation.

14 China’s Top Life Insurers

 China’s Top 25 Insurers

Ping An Life Insurance

Co. of China Ltd.
Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com
Serene Hsieh, Taipei (886) 2 8722-5820; serene.hsieh@spglobal.com

Business Profile: Above Average Chart 1: Gross Written Premium

-- Second-largest life insurer with diverse franchise in China (Mil. RMB)
300,000 Total premium
-- A high level of control on effective distribution channel with 250,000 Regular premium (in-force)

well-recognized brand strength 200,000

Regular premium (New)
Single premium
-- Sound operating performance supported by its strong 150,000 Policyholder's investment fund

focus on sales of high margin products and satisfactory 100,000

agency productivity 50,000

0
2012* 2013* 2014* 2015 2016
Financial Profile: Above Average *2012-2014 breakdown by payment types is unavailable for Ping An Life.

-- Demonstrated access to offshore debt capital markets Chart 2: Investment Assets*

(Mil. RMB)
-- Average capitalization supported by strong earnings and 2,000,000 Cash and short-term
investments
value generation, though moderated by high dividend 1,800,000 Common stock
payout to group 1,600,000 Bonds
1,400,000 Investment funds
-- Heightening sensitivity to market volatility due to increasing 1,200,000 Loans
exposure to high risk assets 1,000,000 Real estate
800,000 Investments in affiliates
600,000
Other Factors: 400,000
Other investments

200,000
-- Integral role for the wider Ping An Group’s strategy to
0
develop into a financial services conglomerate 2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.

-- Potential capital drain to support sister Chart 3: Profitability Metrics

company Ping An Bank 30% Return on assets*
Return on equity
25%
Net investment yield§
Major Shareholder 20%

15%
Ping An Insurance (Group) Co. of China Ltd. 99.51%
10%

5%
Background Information
0%
2013 2014 2015 2016
Type Life insurer *Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).
Established 2002
Chart 4: C-ROSS Comprehensive Solvency Ratio
Head office location Shenzhen
(Mil. RMB)
450,000
Registered capital (mil. RMB) 33,800 300% RBC: Insurance risk (left scale)
400,000
250% RBC: Market risk (left scale)
350,000
2017 1H Ranking by direct premium #2 RBC: Credit risk (left scale)
300,000 200%
2017 1H Ranking by total policy written* #2 250,000 150%
Comprehensive solvency ratio
200,000 (right scale)
100%
S&P Global Ratings Unrated 150,000 Top life average solvency*
100,000 (right scale)
50%
50,000
*Total policy written includes direct premium and policyholder 0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
investment funds, excludes premium from unit-linked products.
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average
figures calculation excludes solvency status of Anbang Life due to information unavailability.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information
CIRC—China Insurance Regulatory Commission,
China’s Top Life Insurers S&P Global Ratings' calculation. 15
China’s Top 25 Insurers

Anbang Life Insurance Co. Ltd.

Wenwen Chen, Hong Kong (852) 2533-3559; wenwen.chen@spglobal.com

Patty Wang, Taipei (886) 2 8722-5823; patty.wang@spglobal.com

Chart 1: Gross Written Premium

Business Profile: Below Average
(Mil. RMB)
-- Aggressive business growth driven by sale of short to 220000 P&C premium*
medium term products previously, though recent regulatory 200000
180000 Regular premium (in-force)
restriction had resulted in a slowdown in such product sales 160000 Regular premium (New)
140000
Single premium
120000
-- Uncertain future growth and profitability given tightening 100000 Policyholder's investment fund
regulatory purview and brand deterioration 80000
60000
40000
-- Limited control over distribution channels due to reliance 20000
on non-exclusive bancassurance channels 0
2012 2013 2014 2015 2016
*Property & casualty (P&C) premium due to consolidation of P&C business in 2015.

Financial Profile: Below Average Chart 2: Investment Assets*

-- Thin regulatory solvency buffer due to aggressive growth of (Mil. RMB)
Cash and short-term
1,400,000
thin-margin short-term products investments
1,200,000 Common stock

-- High financial leverage reflective of significant reliance on 1,000,000

Bonds
Investment funds
debt financing 800,000 Loans

-- Strain on liquidity due to pending hike in policy surrender 600,000

Real estate
Investments in affiliates
and limitation of new product offering 400,000 Other investments

-- Reduced investment concentration in financial sector 200,000

following divestment of major banks’ stocks 0

2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.
-- Manageable foreign exchange exposure given natural hedge
Chart 3: Profitability Metrics
of overseas assets and liabilities
40% Return on assets*
35% Return on equity
Other Factors: 30%
Net investment yield§

25%
-- Potential group support from Anbang Insurance Group 20%
15%
Major Shareholder 10%
5%
Anbang Insurance Group 100.00% 0%
-5%
2013 2014 2015 2016

Background Information *Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).

Type Life insurer Chart 4: C-ROSS Comprehensive Solvency Ratio

Established 2010 (Mil. RMB)
70,000 350% RBC: Insurance risk (left scale)
Head office location Beijing
60,000 300% RBC: Market risk (left scale)
Registered capital (mil. RMB) 30,790 50,000 250% RBC: Credit risk (left scale)
40,000 200% Comprehensive solvency ratio
2017 1H Ranking by direct premium #3 150% (right scale)
30,000
Top life average solvency*
2017 1H Ranking by total policy written* #3 20,000 100%
(right scale)
10,000 50%
S&P Global Ratings Unrated 0 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 0%
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average
*Total policy written includes direct premium and policyholder figures calculation excludes solvency status of Anbang Life due to information unavailability.
investment funds, excludes premium from unit-linked products. C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information
16 CIRC—China Insurance Regulatory Commission, China’s Top Life Insurers
S&P Global Ratings' calculation.
 China’s Top 25 Insurers

China Pacific Life

Insurance Co. Ltd.
Wenwen Chen, Hong Kong (852) 2533-3559; wenwen.chen@spglobal.com
Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com

Business Profile: Above Average Chart 1: Gross Written Premium

-- Solid competitive position as one of the top-four life (Mil. RMB)
160,000 Regular premium (in-force)
insurers, supported by leading market position and 140,000 Regular premium (New)
extensive geographic coverage in China 120,000 Single premium
100,000 Policyholder's investment fund
-- Increasing focus on long-term sustainable growth, backed 80,000
by growing agency force 60,000
40,000
-- Sound operating performance supported by strong new 20,000
business margin growth and good expense control 0
2012 2013 2014 2015 2016

Financial Profile: Above Average Chart 2: Investment Assets*

(Mil. RMB)
-- Above-average capitalization level despite rising sensitivity 900,000 Cash and short-term
investments
to credit and market risks 800,000 Common stock
700,000 Preference stock
-- Heightening exposure to risky assets including equity and 600,000
Bonds
alternative investments 500,000
Investment funds
400,000
Loans
-- Demonstrated access to onshore equity and debt capital 300,000
Real estate
markets for funding requirements 200,000
Other investments
100,000
0

Other Factors: 2012 2013 2014 2015

*Investment assets classification is based on annual report.
2016

-- Potential group support from China Pacific Insurance

Chart 3: Profitability Metrics
(Group) Co. Ltd.
20% Return on assets*
Return on equity
Major Shareholder 15% Net investment yield§

China Pacific Insurance (Group) Co. Ltd. 98.29% 10%

5%
Background Information
Type Life insurer 0%
2013 2014 2015 2016
*Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
Established 2001 gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).

Head office location Shanghai Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Registered capital (mil. RMB) 8,420
160,000 300% RBC: Insurance risk (left scale)
2017 1H Ranking by direct premium #4 140,000
250% RBC: Market risk (left scale)
120,000
RBC: Credit risk (left scale)
2017 1H Ranking by total policy* #4 100,000
200%
Comprehensive solvency ratio
80,000 150%
S&P Global Ratings Unrated (right scale)
60,000 100% Top life average solvency*
40,000 (right scale)
50%
*Total policy includes direct premium and policyholder investment 20,000
0 0%
funds, excludes premium from unit-linked products. 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average
figures calculation excludes solvency status of Anbang Life due to information unavailability.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information
CIRC—China Insurance Regulatory Commission,
S&P Global Ratings' calculation.

China’s Top Life Insurers 17

China’s Top 25 Insurers

PICC Life Insurance Co. Ltd.

Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com

Charles Wang, Hong Kong (852) 2533-3505; charles.wang@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Benefit of the PICC Group’s strong brand (Mil. RMB)
120,000 Regular premium (in-force)
-- Potential operating performance volatility following 100,000
Regular premium (New)
restructuring of business to focus on regular premium Single premium
80,000
Policyholder's investment fund
-- Heavy usage of bancassurance channel, which limits 60,000
effective control over quality of business 40,000

Financial Profile: Below Average 20,000

0
2012 2013 2014 2015 2016
-- Below-average capital position due to relatively
small capital base Chart 2: Investment Assets*
(Mil. RMB)
-- Significant investment risk sensitivity, owing to concentrated 400,000 Cash and short-term
investments
exposure to Industrial Bank Co. Ltd. and high exposure to 350,000 Common stock
risky assets including equity and alternative investments 300,000 Preference stock

250,000 Bonds
-- Ample sources of external capital and liquidity, benefiting Investment funds
200,000
from both group’s listed status and track record of capital Loans
150,000
injection from parent Real estate
100,000
Investments in affiliates

Other Factors: 50,000

0
Other investments

2012 2013 2014 2015 2016

-- Potential group support from The People’s Insurance Company *Investment assets classification is based on annual report.
(Group) of China Ltd., though small profit contribution
Chart 3: Profitability Metrics
12% Return on assets*
Major Shareholders 10% Return on equity
Net investment yield§
The People’s Insurance Company (Group) of China Ltd. 71.08% 8%

6%
Sumitomo Life Insurance Co. 10.00%
4%

PICC Property and Casualty Co. Ltd. 8.62% 2%

0%
Asia Financial Holdings Ltd. 5.00%
-2%
2013 2014 2015 2016
Bangkok Bank Public Co. Ltd. 5.00% *Return on assets calculation excludes investment gains/losses. §Net investment yield calculation
includes realized gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).

Background Information Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Type Life insurer 45,000 300% RBC: Insurance risk (left scale)
40,000
250%
Established 2005 35,000
RBC: Market risk (left scale)

30,000 200% RBC: Credit risk (left scale)

Head office location Shanghai 25,000 Comprehensive solvency ratio
150%
20,000 (right scale)
Registered capital (mil. RMB) 25,761 15,000 100% Top life average solvency*
10,000 (right scale)
50%
2017 1H Ranking by direct premium #5 5,000
0 0%
2017 1H Ranking by total policy written* #6 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average
figures calculation excludes solvency status of Anbang Life due to information unavailability.
S&P Global Ratings Unrated C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
*Total policy written includes direct premium and policyholder Sources: Company information
investment funds, excludes premium from unit-linked products. CIRC—China Insurance Regulatory Commission,
S&P Global Ratings' calculation.

18 China’s Top Life Insurers

 China’s Top 25 Insurers

Taiping Life Insurance Co. Ltd.

Wenwen Chen, Hong Kong (852) 2533-3559; wenwen.chen@spglobal.com

Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Benefit from parent group China Taiping Insurance (Mil. RMB)
100,000
Holdings Co. Ltd (CTIH)’s brand and reputation as a 90,000
Regular premium (in-force)
Regular premium (New)
government-related entity 80,000
Single premium
70,000
-- Average but growing presence among Chinese domestic 60,000 Policyholder's investment fund
50,000
life insurance companies, supported by focus on regular 40,000
premium products 30,000
20,000
-- Strengthening, though average, profitability, reflective of 10,000
0
improving expense ratio and increased contribution from 2012 2013 2014 2015 2016

high margin products Chart 2: Investment Assets*

(Mil. RMB)
Financial Profile: Average 350,000 Cash and short-term
investments

-- Average capital position due to fast-growth insurance 300,000 Common stock

Preference stock
strategy and deleveraging initiatives 250,000
Bonds
200,000
-- Expansion of financial leasing subsidiary, which may Investment funds
150,000 Loans
introduce volatility in earnings and require capital support Real estate
due to start-up phase 100,000
Investments in affiliates
50,000
Other investments
-- Increasing exposure to risky assets to maintain strong 0
investment performance, which widens its sensitivity to 2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.
market and credit risks
Chart 3: Profitability Metrics
Other Factors: 25% Return on assets*
Return on equity
20%
-- Integral position within CTIH group given dominant capital Net investment yield§

and profit contribution 15%

10%
-- Potential operational and financial support from joint-
venture partner Ageas Group 5%

0%
2013 2014 2015 2016
Major Shareholders *Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).
China Taiping Insurance Holdings Co. Ltd. 75.10%
Ageas Insurance International N.V. 12.45% Chart 4: C-ROSS Comprehensive Solvency Ratio
(Mil. RMB)
Cubemax Prime International Investment Ltd. 12.45% 80,000 300% RBC: Insurance risk (left scale)
70,000
Background Information 60,000
250% RBC: Market risk (left scale)
200% RBC: Credit risk (left scale)
Type Life insurer 50,000
Comprehensive solvency ratio
40,000 150%
Established 1984 (right scale)
30,000 100% Top life average solvency*
Head office location Shanghai 20,000 (right scale)
50%
Registered capital (mil. RMB) 10,300 10,000
0 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 0%
2017 1H Ranking by direct premium #6
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average
2017 1H Ranking by total policy written* #9 figures calculation excludes solvency status of Anbang Life due to information unavailability.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.
S&P Global Ratings Unrated
RMB—Renminbi.
*Total policy written includes direct premium and policyholder Sources: Company information
investment funds, excludes premium from unit-linked products. CIRC—China Insurance Regulatory Commission,
S&P Global Ratings' calculation.

China’s Top Life Insurers 19

China’s Top 25 Insurers

Taikang Insurance Group Inc.

(previously known as Taikang Life Insurance Co. Ltd.)

Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com

Charles Wang, Hong Kong (852) 2533-3505; charles.wang@spglobal.com

Business Profile: Above Average Chart 1: Gross Written Premium

-- Above-average profitability, reflective of strong (Mil. RMB)
120,000
Regular premium (in-force)
investment performance
100,000 Regular premium (New)

-- Good brand recognition and market position in the 80,000

Single premium

Chinese life insurance market 60,000

Policyholder's investment fund

-- Strengthening control over distribution channel through 40,000

development of agency force, telemarketing, and online 20,000

sales channels 0
2012 2013 2014 2015 2016

Financial Profile: Below Average Chart 2: Investment Assets*

(Mil. RMB)
-- Above-average reliance on subordinated debt to support 600,000
Consolidated portion
regulatory capital Cash and short-term investments
500,000

-- Extensive usage of repurchase agreement (repo) relative to 400,000

Loans
Real estate
absolute capital size
300,000 Investments in affiliates

-- Rising exposure to retirement home projects and real 200,000

estate, which may weaken its liquidity position 100,000

0
Major Shareholders 2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.
Guardian Investment Holdings Ltd. 23.8%
Chart 3: Profitability Metrics
The Goldman Sachs Group, Inc. 12.6%
35% Return on assets*
Tetrad Ventures Pte Ltd. 11.4% 30% Return on equity
Net investment yield§
25%
Beijing Wuhong Union Investment Co. Ltd. 11.0%
20%
15%
10%
Background Information 5%

Type Life insurer 0%

2013 2014 2015 2016
*Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
Established 2016 gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).

Head office location Beijing Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Registered capital (mil. RMB) 3,000
100,000 350%
RBC: Insurance risk (left scale)
90,000
2017 1H Ranking by direct premium #7 80,000
300%
RBC: Market risk (left scale)
70,000 250%
RBC: Credit risk (left scale)
2017 1H Ranking by total policy written* #7 60,000 200%
50,000 Comprehensive solvency ratio
S&P Global Ratings Unrated 40,000 150% (right scale)
30,000 100% Top life average solvency*
20,000 (right scale)
*Total policy written includes direct premium and policyholder 10,000
50%

investment funds, excludes premium from unit-linked products. 0

2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
0%

*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average figures
calculation excludes solvency status of Anbang Life due to information unavailability. C-ROSS: China-Risk Oriented Solvency
System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information
CIRC—China Insurance Regulatory Commission,
S&P Global Ratings' calculation.

20 China’s Top Life Insurers

 China’s Top 25 Insurers

New China Life

Insurance Co. Ltd.
Judy Chen, Hong Kong (852) 2532-8059; judy.chen@spglobal.com
Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Highly diversified business footprint with meaningful (Mil. RMB)
120,000
Regular premium (in-force)
nationwide network
100,000 Regular premium (New)

-- Declining top-line premium growth following deliberate 80,000

Single premium
Policyholder's investment fund
strategy transition to regular premium products 60,000

-- Improving earnings profile arising from sale of more- 40,000

profitable regular premium products, moderated by 20,000
upcoming maturity payouts
0
2012 2013 2014 2015 2016

Financial Profile: Average Chart 2: Investment Assets*

-- Above-average regulatory solvency partially supported by (Mil. RMB)
800,000 Cash and short-term
subordinated debt issuance, though subject to increasing 700,000
investments
Common stock
sensitivity to credit risk 600,000 Bonds
Investment funds
-- Reducing cash position, signifying greater allocation to 500,000
Loans
high-risk assets 400,000
Real estate
300,000
Investments in affiliates
200,000
Other Factors: Other investments
100,000
-- Potential government support flowing through state- 0
owned shareholders 2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.

Major Shareholders Chart 3: Profitability Metrics

18% Return on assets*
HKSCC Nominees Ltd. 33.10% 16% Return on equity
14% Net investment yield§
Central Huijin Investment Co. Ltd. 31.30% 12%
10%
China Baowu Steel Group Co. Ltd. 15.10% 8%
6%
China Securities Finance Co. Ltd. 2.98% 4%
2%
Central Huijin Asset Management Co. Ltd. 0.91% 0%
-2%
2013 2014 2015 2016
*Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
Background Information gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).

Type Life insurer Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Established 1996 120,000 350%
RBC: Insurance risk (left scale)
300%
Head office location Beijing 100,000 RBC: Market risk (left scale)
250%
80,000 RBC: Credit risk (left scale)
Registered capital (mil. RMB) 3120 200%
Comprehensive solvency ratio
60,000
150% (right scale)
2017 1H Ranking by direct premium #8
40,000 Top life average solvency*
100%
(right scale)
2017 1H Ranking by total policy written* #10 20,000 50%
0 0%
S&P Global Ratings Unrated 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average figures
calculation excludes solvency status of Anbang Life due to information unavailability. C-ROSS: China-Risk Oriented Solvency
System. RBC: Risk Based Capital.
*Total policy written includes direct premium and policyholder
investment funds, excludes premium from unit-linked products. RMB—Renminbi.
Sources: Company information
CIRC—China Insurance Regulatory Commission,
China’s Top Life Insurers S&P Global Ratings' calculation.
21
China’s Top 25 Insurers

Huaxia Life Insurance Co. Ltd.

Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com

Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com

Business Profile: Below Average Chart 1: Gross Written Premium

-- Weak operating performance, attributed to significant (Mil. RMB)
160000
Regular premium (in-force)
operating expenses and sale of low margin products 140000
Regular premium (New)
120000
-- High reliance on bancassurance, which limits company’s 100000
Single premium
Policyholder's investment fund
control over distribution channels 80000
60000

Financial Profile: Below Average 40000

20000
-- Significant financial leverage due to significant debt 0
2012 2013 2014 2015 2016
financing and potentially thin fixed-charge coverage
Chart 2: Investment Assets*
-- Very high exposure to risky assets, weakening its (Mil. RMB)
capital position 400,000 Cash and short-term
investments
350,000 Common stock
-- Potential liquidity pressure due to heightening policy 300,000 Bonds
maturity, partially moderated by high cash position 250,000 Investment funds

200,000 Loans

Major Shareholders 150,000

Real estate
Investments in affiliates
100,000
Beijing Shiji Lihong Computer Software Co. Ltd. 20.00% Other investments
50,000
Qianxi Shihao Electron Technology Co. Ltd. 20.00% 0
2012 2013 2014 2015 2016
Shandong Lingdu Juzhen Commerce and Trade Co. Ltd. 14.90% *Investment assets classification is based on annual report.

Beijing Zhongsheng Century Technology Co. Ltd. 13.40% Chart 3: Profitability Metrics
20% Return on assets*
Beijing Baili Bowen Technology Co. Ltd. 13.37% Return on equity
10%
Net investment yield§
0%
Background Information -10%

-20%
Type Life insurer
-30%
Established 2006 -40%

Head office location Beijing -50%

2013 2014 2015 2016
*Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
Registered capital (mil. RMB) 15,300 gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).

2017 1H Ranking by direct premium #10 Chart 4: C-ROSS Comprehensive Solvency Ratio
(Mil. RMB)
2017 1H Ranking by total policy written* #5
60,000 300%
RBC: Insurance risk (left scale)
S&P Global Ratings Unrated 50,000 250% RBC: Market risk (left scale)
40,000 200% RBC: Credit risk (left scale)
*Total policy written includes direct premium and policyholder Comprehensive solvency ratio
30,000 150%
investment funds, excludes premium from unit-linked products. (right scale)
20,000 100% Top life average solvency*
(right scale)
10,000 50%

0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average figures
calculation excludes solvency status of Anbang Life due to information unavailability. C-ROSS: China-Risk Oriented Solvency
System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information
CIRC—China Insurance Regulatory Commission,
S&P Global Ratings' calculation.
22 China’s Top Life Insurers
 China’s Top 25 Insurers

ICBC-AXA Assurance Co. Ltd.

Judy Chen, Hong Kong (852) 2532-8059; judy.chen@spglobal.com

Charles Wang, Hong Kong (852) 2533-3505; charles.wang@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Benefit of brand and reputation of both ICBC and AXA (Mil. RMB)
40,000
Total premium*
-- Below-average operating expenses due to cross-selling 35,000
Policyholder's investment fund
30,000
via parent bank
25,000

-- High reliance on reinsurance, diluting profitability and 20,000

15,000
competitive position
10,000
5,000
Financial Profile: Below Average 0
2012 2013 2014 2015 2016
-- Deteriorating capital adequacy due to rising exposure to *Breakdown by payment types is not available for ICBC-AXA.

credit risk despite capital injection from the parent Chart 2: Investment Assets*
-- Aggressive investment strategy, leading to high exposure (Mil. RMB)
100,000 Cash and short-term
to risky assets including equities, property, and 90,000
investments
Common stock
alternative investments 80,000
Bonds
70,000
-- Very low financial leverage, reflecting limited debt issuance 60,000
Investment funds
Loans
50,000
Other investments
Other Factors: 40,000
30,000
-- Potential capital and technical support from its 20,000

major shareholders 10,000

0
2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.
Major Shareholders
Chart 3: Profitability Metrics
Industrial and Commercial Bank of China Ltd. 60.0% 7% Return on assets*
6% Return on equity
AXA China S.A. 27.5% Net investment yield§
5%
China Minmetals Corp. 12.5% 4%
3%

Background Information 2%
1%
Type Life insurer 0%
2013 2014 2015 2016
Established 1999 *Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).
Head office location Shanghai
Chart 4: C-ROSS Comprehensive Solvency Ratio
Registered capital (mil. RMB) 8,705 (Mil. RMB)
9,000 300%
2017 1H Ranking by direct premium #15 RBC: Insurance risk (left scale)
8,000
250% RBC: Market risk (left scale)
7,000
2017 1H Ranking by total policy written* #16 6,000 200% RBC: Credit risk (left scale)
5,000 Comprehensive solvency ratio
S&P Global Ratings Unrated 4,000
150%
(right scale)
3,000 100%
Top life average solvency*
2,000 (right scale)
*Total policy written includes direct premium and policyholder 50%
1,000
investment funds, excludes premium from unit-linked products. 0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average figures
calculation excludes solvency status of Anbang Life due to information unavailability. C-ROSS: China-Risk Oriented Solvency
System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information
CIRC—China Insurance Regulatory Commission,
China’s Top Life Insurers S&P Global Ratings' calculation. 23
China’s Top 25 Insurers

Sunshine Life Insurance

Corp. Ltd.
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com
Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Average profitability given gradual shift to more-profitable (Mil. RMB)
50,000
Total premium*
protection-type products, though subject to investment 45,000
Policyholder's investment fund
market volatility 40,000
35,000
30,000
-- Potential deterioration of reputation following recent 25,000
disciplinary action from regulator 20,000
15,000
-- High reliance on uncontrolled bancassurance channel, 10,000
5,000
which limits company’s business quality 0
2012 2013 2014 2015 2016
*Breakdown by payment types is not available for Sunshine Life.
Financial Profile: Below Average
Chart 2: Investment Assets*
-- Deteriorating capitalization, reflecting its aggressive (Mil. RMB)
investment appetite 200,000 Cash and short-term
180,000 investments
Common stock
-- High exposure to equities, reflecting sizable equity stakes in 160,000
Bonds
some listed companies (e.g. Yili Group) 140,000
Investment funds
120,000
Loans
-- Unhedged foreign exchange exposure following sizable 100,000
Real estate
80,000
foreign-currency issuance, which introduces capital and 60,000 Investments in affiliates
earnings volatility 40,000 Other investments
20,000
-- High financial leverage, reflecting significant debt issuance 0
2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.
Other Factors:
Chart 3: Profitability Metrics
-- Potential group support from Sunshine Insurance Group 10% Return on assets*
and sister company, Sunshine P&C 8%
Return on equity
Net investment yield§
6%
Major Shareholder 4%

Sunshine Insurance Group Co. Ltd. 99.99% 2%

0%

Background Information -2%

2013 2014 2015 2016

Type Life insurer *Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).

Established 2007
Chart 4: C-ROSS Comprehensive Solvency Ratio
Head office location Sanya (Mil. RMB)
30,000 350%
RBC: Insurance risk (left scale)
Registered capital (mil. RMB) 9,171 25,000 300%
RBC: Market risk (left scale)
250%
2017 1H Ranking by direct premium #16 20,000 RBC: Credit risk (left scale)
200%
15,000 Comprehensive solvency ratio
2017 1H Ranking by total policy written* #14 150% (right scale)
10,000 Top life average solvency*
100%
S&P Global Ratings Unrated (right scale)
5,000 50%
0 0%
*Total policy written includes direct premium and policyholder 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
investment funds, excludes premium from unit-linked products. *Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average figures
calculation excludes solvency status of Anbang Life due to information unavailability. C-ROSS: China-Risk Oriented Solvency
System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information
24 CIRC—China Insurance Regulatory Commission, China’s Top Life Insurers
S&P Global Ratings' calculation.
 China’s Top 25 Insurers

ABC Life Insurance Co. Ltd.

Judy Chen, Hong Kong (852) 2532-8059; judy.chen@spglobal.com

Richie Jiang, Hong Kong (852) 2532-8003; richie.jiang@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Potential decline in top-line growth following tightened (Mil. RMB)
20,000
Regular premium (in-force)
regulations around sale of universal life policies 18,000
Regular premium (New)
16,000
-- Concentrated product offering of universal life policies, 14,000 Single premium
12,000 Policyholder's investment fund
reflective of high utilization of tied- bancassurance channel 10,000
through bank parent 8,000
6,000
4,000
Financial Profile: Below Average 2,000
0
-- Below-average capitalization, reflecting a thin regulatory 2012 2013 2014 2015 2016

solvency buffer, moderated by high reinsurance utilization Chart 2: Investment Assets*

(Mil. RMB)
-- Vulnerable to market volatilities and large losses due to 70,000 Cash and short-term
small capital base 60,000
investments
Common stock

-- Very low financial leverage, reflecting limited debt issuance 50,000 Bonds
Investment funds
40,000
Loans
Other Factors: 30,000
Real estate
20,000 Other investments
-- Potential group support from The Agricultural
10,000
Bank of China Ltd.
0
2012 2013 2014 2015 2016

Major Shareholders *Investment assets classification is based on annual report.

Agricultural Bank of China Ltd. 43.4% Chart 3: Profitability Metrics

15% Return on assets*
Beijing Zhongguancun Science City Construction 14.0% 10% Return on equity
Co. Ltd. 5%
Net investment yield§

Chongqing International Trust Co. Ltd. 10.3% 0%

-5%
Tibet Shannan Century Jinyuan Capital Co. Ltd. 11.7%
-10%
-15%

Background Information -20%

2013 2014 2015 2016
*Calculation excludes investment gains/losses. §Net investment yield calculation includes realized
Type Life insurer gain/(loss), share of profits of affiliates, and excludes unrealized gain/(loss).

Established 2005 Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Head office location Beijing 8,000 300%
RBC: Insurance risk (left scale)
7,000
Registered capital (mil. RMB) 2,511 250% RBC: Market risk (left scale)
6,000
200% RBC: Credit risk (left scale)
2017 1H Ranking by direct premium #18 5,000
4,000 150% Comprehensive solvency ratio
(right scale)
2017 1H Ranking by total policy* #20 3,000
100%
Top life average solvency*
2,000
(right scale)
S&P Global Ratings Unrated 1,000
50%

0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Total policy includes direct premium and policyholder investment
*Top life average solvency calculation includes the 12 Life insurers covered in this publication; 2017Q2 average figures
funds, excludes premium from unit-linked products. calculation excludes solvency status of Anbang Life due to information unavailability. C-ROSS: China-Risk Oriented
Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information
CIRC—China Insurance Regulatory Commission,
S&P Global Ratings' calculation.
China’s Top Life Insurers 25
China’s Top 25 Insurers

PICC Property and

Casualty Co. Ltd.
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com
Charles Wang, Hong Kong (852) 2533-3505; charles.wang@spglobal.com

Business Profile: Above Average Chart 1: Gross Written Premium

-- Very strong brand and reputation, supported by its long Chart
(Mil. 1: Gross Written Premium
RMB)
Chart
250,0001: Gross Written Premium
history in China’s P&C insurance sector (Mil. RMB) Motor
Chart
(Mil. RMB)
250,000
200,000 1: Gross Written Premium Nonmotor
Motor
-- China’s largest P&C insurer with extensive geographic 250,000
(Mil. RMB)
200,000
150,000
Motor
Nonmotor
presence in the country 200,000
250,000
150,000
Nonmotor
Motor
100,000
200,000
150,000 Nonmotor
100,000
50,000
Financial Profile: Average 150,000
100,000
50,000
0
-- Ample sources of external capital and liquidity as a listed 100,000
50,000
0
2012 2013 2014 2015 2016

company and regular bond issuer 2012

Chart 2: Investment
0
50,000
2013 2014
Assets*
2015 2016
2012 2013 2014 2015 2016

-- High allocation to equity and alternative investment, which Chart 02: Investment Assets*
(Mil. RMB)
2012 2013 2014 2015 2016
Chart
400,000
(Mil. RMB)2: Investment Assets*
increases insurer’s sensitivity to market risk 350,000
Cash and short-term investments
Chart
(Mil. RMB)
400,000 2: Investment Assets* Common
Cash and stock
short-term investments
300,000
400,000
-- Potential investment concentration risk given sizable 350,000
(Mil. RMB)
250,000
Preference
Cash stock
and stock
Common short-term investments
350,000
300,000
investment in Huaxia Bank Co. Ltd. 400,000
200,000
300,000
250,000
Bonds
Common
Cash
stock
Preference stock
and short-term investments
350,000 Investment funds
Preference stock
Bonds
150,000
250,000 Common stock
200,000
-- Potential turbulence from catastrophe risk given company’s 300,000
100,000
200,000
150,000
Real estate funds
Bonds
Investment
Preference stock
250,000
high exposure to agricultural and commercial property 50,000
150,000
100,000
200,000
Investments
Investment
Bonds
in affiliates
Real estate funds
0 Other investments
Real estate
business within China 100,000
50,000
150,000 2012 2013 2014 2015 2016
Investments
Investment in affiliates
funds
50,000
0 Investments
Other in affiliates
investments
100,000 assets
*Investment Real estate
0 2012 classification
2013 is based2014 on annual
2015 report.
2016 Other investments
Investments in affiliates
Other Factors: 50,000 2012 classification
*Investment assets
Chart 03:
2013 is based
Profitability
2014 on annual
Metrics
2015 report.
2016
Other investments
*Investment assets classification is based on annual report.
2012 2013 2014 2015 2016
-- Potential extraordinary government support given Chart 120%3: Profitability Metrics
*Investment assets classification is based on annual report.
25% Net expense ratio (left scale)
company’s majority ownership by the Chinese central Chart 100%
120%3: Profitability Metrics 25% Net
20% Net loss ratioratio
expense (left (left
scale)
scale)
government and role in carrying out government mandate Chart
120%
80%
100%3: Profitability Metrics 25%
20%
15%
Return
Net
Net on
expense
loss equity
ratio (left(right
ratio (left scale)
scale)
100%
60%
80%
120% 20%
25% Net investment
loss ratio yield*
(left scale)
Return
Net on
expenseequity
ratio(right scale)
(left scale)
15%
10% (right scale)
80%
40%
60%
100% Return on equityyield*
(right scale)
Net loss
investment
Major Shareholder 60%
20%
15%
20%
10%
5%
Net
(right
Net
ratio (left scale)
scale)
investment yield*
40%
80% Return on equity (right scale)
10%
15% (right scale)
The People’s Insurance Company (Group) 68.98% 40%
0%
20%
60% 5%
0% Net investment yield*
2014 2015 2016 2017 5%
10%
of China Ltd. 20%
0%
40%
*Net investment2014 yield calculation
0%
(right scale)
2015includes realized
2016 gain/(loss),
2017
share of 0%
20%profits of affiliates, and excludes unrealized gain/(loss). 0%
5%
*Net investment2014 2015includes realized
yield calculation 2016 gain/(loss),
2017
share 0%
of profits of affiliates, and excludes unrealized gain/(loss). 0%
Background Information Chart 4: C-ROSS Comprehensive Solvency Ratio
*Net investment yield calculation includes realized gain/(loss),
2014 2015 2016 2017
share of profits of affiliates, and excludes unrealized gain/(loss).
Chart 4: C-ROSS Comprehensive Solvency Ratio
(Mil. RMB)
*Net investment yield calculation includes realized gain/(loss),
Type P&C insurer Chart 4: C-ROSS Comprehensive Solvency Ratio
share of profits of affiliates, and excludes unrealized gain/(loss). 300%
80,000 RBC: Market risk (left scale)
(Mil. RMB)
70,000
Established 2003 Chart 4: C-ROSS Comprehensive Solvency Ratio
(Mil.80,000
RMB)
60,000
300%
250% RBC: Market
RBC: Credit risk
risk(left
(leftscale)
scale)
80,000
70,000 300%
(Mil.50,000
RMB) 250%
200% RBC: Insurance
RBC: Market
Credit riskrisk
risk (left
(left
(left scale)
scale)
scale)
Head office location Beijing 70,000
60,000
80,000 250%
300% RBC: Credit riskrisk
Comprehensive (left scale)
solvency ratio
40,000 200%
150% RBC:
RBC: Insurance (left
Market risk (left scale)
scale)
60,000
50,000 (right scale)
70,000 RBC: Insurance risk (left scale)
Registered capital (mil. RMB) 14,828 30,000
50,000
40,000
200%
250%
150%
100%
Comprehensive
RBC: P&C
Top Creditaverage solvency
risk (left scale)ratio
solvency*
60,000 (right scale)
Comprehensive solvency ratio
20,000
40,000 150% (right scale) risk
RBC: Insurance (left scale)
30,000 200%
2017 1H Ranking by direct premium #1 50,000
10,000
100%
50% (right
Top P&Cscale)
average solvency*
30,000
20,000 Comprehensive
(right scale) solvency ratio
40,000 100%
150% Top P&C average solvency*
20,000 0 50%
0% (right scale)
S&P Global Ratings Unrated 10,000
30,000 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 50%
(right scale)
10,000 100% Top P&C average solvency*
0 0%
*Top20,000
P&C average
2016Q1 solvency
2016Q2 calculation
2016Q3 includes
2016Q4 the 12 P&C
2017Q1 insurers covered (right scale)
2017Q2
0
in this publication. C-ROSS: China-Risk Oriented Solvency System. RBC: 0%
50% Risk Based Capital.
10,000 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C average solvency calculation includes the 12 P&C insurers covered
in thisP&C
*Top 0average solvency
publication. C-ROSS:calculation
China-Risk includes
Orientedthe
Solvency
12 P&CSystem. 0%
RBC:
insurers Risk Based Capital.
covered
RMB—Renminbi. 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
in this publication.
Sources: Company C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.
information,
*Top P&C average
RMB—Renminbi.
S&P Global Ratings'solvency calculation includes the 12 P&C insurers covered
calculation.
in this publication.
Sources: Company C-ROSS:
RMB—Renminbi. China-Risk Oriented Solvency System. RBC: Risk Based Capital.
information,
S&P Global
Sources: Ratings'information,
Company calculation.
S&P Global Ratings' calculation.
RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

26 China’s Top P&C Insurers

 China’s Top 25 Insurers

Ping An Property & Casualty

Insurance Co. of China Ltd.
Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com
Serene Hsieh, Taipei (886) 2 8722-5820; serene.hsieh@spglobal.com

Business Profile: Above Average Chart 1: Gross Written Premium

-- Well-established brand name and extensive geographic (Mil. RMB)
160,000
Motor
coverage as the second-largest P&C insurer in China 140,000
Nonmotor
120,000
-- High level of controls on distribution channels with majority 100,000
of premium incomes coming from direct sales, tele-and- 80,000
60,000
internet marketing, and cross-selling initiatives 40,000
20,000
-- Satisfactory underwriting performance, while growth of 0
guarantee insurance may cause volatility 2012 2013 2014 2015 2016

Chart 2: Investment Assets*

Financial Profile: Average (Mil. RMB)
250,000
Cash and short-term investments
-- Reducing capital buffers stemming from increased Common stock
allocation to high-risk assets 200,000
Bonds
Investment funds
-- Low foreign exchange exposure and satisfactory investment 150,000
Real estate
diversification Investments in affiliates
100,000
Other investments
-- Good access to capital markets owing to its parent group’s
50,000
listed status and track record of debt-raising activities
0
2012 2013 2014 2015 2016
Other Factors: *Investment assets classification is based on annual report.

-- Core operating subsidiary of Ping An Group, the only global Chart 3: Profitability Metrics
systematically important insurer in Asia-Pacific 120% 30%
Net loss ratio (left scale)
100% 25% Net expense ratio (left scale)
Major Shareholder 80% 20% Return on equity (right scale)
60% 15% Net investment yield*
Ping An Insurance (Group) Company of China Ltd. 99.51% (right scale)
40% 10%
20% 5%

Background Information 0%
2013 2014 2015 2016
0%

*Net investment yield calculation includes realized gain/(loss),share of profits of affiliates,

Type P&C insurer and excludes unrealized gain/(loss).

Established 2002 Chart 4: C-ROSS Comprehensive Solvency Ratio

Head office location Shenzhen (Mil. RMB)
45,000 350%
RBC: Market risk (left scale)
Registered capital (mil. RMB) 21,000 40,000 300%
35,000 RBC: Credit risk (left scale)
250%
30,000
2017 1H Ranking by direct premium #2 25,000 200%
RBC: Insurance risk (left scale)
Comprehensive solvency ratio
20,000 150%
S&P Global Ratings A-/Stable 15,000
(right scale)
100% Top P&C average solvency*
10,000
50% (right scale)
5,000
0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

China’s Top P&C Insurers 27

China’s Top 25 Insurers

China Pacific Property

Insurance Co. Ltd.
Wenwen Chen, Hong Kong (852) 2533-3559; wenwen.chen@spglobal.com
Effie Tsai, Taipei (886) 2 8722-5814; effie.tsai@spglobal.com

Business Profile: Above Average Chart 1: Gross Written Premium

-- A leading P&C insurer in China, supported by strong brand (Mil. RMB)
90,000
reputation and presence in the country 80,000
Motor

70,000 Nonmotor
-- Improved underwriting performance through continuous 60,000
50,000
business restructuring 40,000
30,000
-- Expanding footprint within the agriculture insurance 20,000
10,000
market following increase in investment stake in Anxin 0
2012 2013 2014 2015 2016
Agriculture Insurance Co. Ltd.
Chart 2: Investment Assets*
Financial Profile: Average (Mil. RMB)
120,000
Cash and short-term investments
-- Strong financial flexibility with good access to capital Common stock
100,000
markets and other external funding sources Preference stock
80,000
Bonds
-- Declining capital buffer stemming from increasing Investment funds
60,000
allocation to risky assets and catastrophe risk exposure Real estate
40,000
Investments in affiliates
-- Diversified investment portfolio, with increased investments
20,000 Other investments
in alternative assets
0
2012 2013 2014 2015 2016
Other Factors: *Investment assets classification is based on annual report.

-- Core subsidiary of China Pacific Insurance (Group) Co. Chart 3: Profitability Metrics
Ltd. (CPIC Group) 120% 20% Net expense ratio (left scale)
18%
100% 16% Net loss ratio (left scale)
14%
Major Shareholder 80%
12%
Return on equity (right scale)
60% 10% Net investment yield*
China Pacific Insurance (Group) Co. Ltd. 98.50% 40%
8% (right scale)
6%
20% 4%
2%
0% 0%
Background Information 2013 2014 2015 2016
*Net investment yield calculation includes realized gain/(loss),
Type P&C insurer share of profits of affiliates, and excludes unrealized gain/(loss).

Established 2001 Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Head office location Shanghai
20,000 350%
RBC: Market risk (left scale)
18,000
Registered capital (mil. RMB) 19,470 300%
RBC: Credit risk (left scale)
16,000
14,000 250% RBC: Insurance risk (left scale)
2017 1H Ranking by direct premium #3 12,000 200%
10,000 Comprehensive solvency ratio
S&P Global Ratings A/Stable 8,000 150% (right scale)
6,000 100% Top P&C average solvency*
4,000 (right scale)
50%
2,000
0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

28 China’s Top P&C Insurers

 China’s Top 25 Insurers

China Life Property &

Casualty Insurance Co. Ltd.
Judy Chen, Hong Kong (852) 2532-8059; judy.chen@spglobal.com
Richie Jiang, Hong Kong (852) 2532-8003; richie.jiang@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Well-recognized brand name benefiting from that of the (Mil. RMB)
60,000
broader China Life Group Motor
50,000 Nonmotor
-- Strong synergy through cross-selling strategy 40,000

within the group 30,000

20,000
10,000
Financial Profile: Below Average 0
2012 2013 2014 2015 2016
-- Diminishing capitalization due to exposure to riskier
nonmotor business Chart 2: Investment Assets*
(Mil. RMB)
-- Increasing risk appetite, reflecting high exposure to equity 60,000
Cash and short-term investments
and alternative investments 50,000 Common stock
40,000 Bonds

Other Factors: 30,000 Investment funds

Other investments
20,000
-- Potential extraordinary support from government Consolidated portion
10,000
through parent group and sister company, China Life
0
Insurance Co. Ltd. 2012 2013 2014 2015 2016
*Investment assets classification is based on the annual report disclosure.

Major Shareholders Chart 3: Profitability Metrics

120% 14%
China Life Insurance (Group) Co. Ltd. 60% Net expense ratio (left scale)
100% 12%
Net loss ratio (left scale)
China Life Insurance Co. Ltd. 40% 80%
10%
Return on equity (right scale)
8%
60% Net investment yield*
6%
40% (right scale)
Background Information 20%
4%
2%
Type P&C insurer 0% 0%
2013 2014 2015 2016

Established 2006 *Net investment yield calculation includes realized gain/(loss),

share of profits of affiliates, and excludes unrealized gain/(loss).

Head office location Beijing

Chart 4: C-ROSS Comprehensive Solvency Ratio
Registered capital (mil. RMB) 15,000 (Mil. RMB)
14,000 300% RBC: Market risk (left scale)
2017 1H Ranking by direct premium #4
12,000 250% RBC: Credit risk (left scale)
S&P Global Ratings Unrated 10,000
200% RBC: Insurance risk (left scale)
8,000 Comprehensive solvency ratio
150%
6,000 (right scale)
100% Top P&C average solvency*
4,000 (right scale)
2,000 50%

0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C Average Solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

China’s Top P&C Insurers 29

China’s Top 25 Insurers

China United Property

Insurance Co. Ltd.
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com
Effie Tsai, Taipei (886) 2 8722-5814; effie.tsai@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Second-largest agriculture insurance provider in China, (Mil. RMB)
30,000
with growing market presence Motor
25,000 Nonmotor

-- Average brand and reputation, in our view, due to prior 20,000

regulatory intervention 15,000

10,000

Financial Profile: Below Average 5,000

0
-- Below-average capitalization level due to significant 2012 2013 2014 2015 2016

catastrophe insurance risk (incurred from agriculture Chart 2: Investment Assets*

insurance portfolio) (Mil. RMB)
50,000
Cash and short-term investments
-- High allocation to risky assets such as equities and 45,000
Common stock
alternative investment, which exposes insurer to sizable 40,000
Bonds
35,000
market and credit risk 30,000 Investment funds

25,000 Real estate

Other Factors: 20,000 Investments in affiliates

15,000 Other investments
-- Potential support from ultimate parent China Orient Assets 10,000

Management Corp., through China United Insurance 5,000

0
Holding Co. Ltd., given company’s substantial contribution 2012 2013 2014 2015 2016

to the group in terms of assets and profit *Investment assets classification is based on annual report.

Chart 3: Profitability Metrics

120% 25% Net expense ratio (left scale)
Major Shareholders 100% 20% Net loss ratio (left scale)
80% Return on equity (right scale)
China United Insurance Holding Co. Ltd. 87.93% 15%
60% Net investment yield*
10% (right scale)
Zhongrong Xinda Group Co. Ltd. 7.79% 40%
20% 5%

0% 0%
Background Information 2014 2015 2016 2017
*Net investment yield calculation includes realized gain/(loss),
Type P&C insurer share of profits of affiliates, and excludes unrealized gain/(loss).

Established 2006 Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Head office location Beijing
12,000 350% RBC: Market risk (left scale)
Registered capital (mil. RMB) 14,640 10,000 300% RBC: Credit risk (left scale)
250% RBC: Insurance risk (left scale)
8,000
2017 1H Ranking by direct premium #5 200% Comprehensive solvency ratio
6,000
(right scale)
S&P Global Ratings Unrated 150%
4,000 Top P&C average solvency*
100% (right scale)
2,000 50%
0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C average solvency calculation includes the 12 P&C insurers covered in
this publication. C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

30 China’s Top P&C Insurers

 China’s Top 25 Insurers

Sunshine Property and

Casualty Insurance Co. Ltd.
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com
Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- One of the largest Tier 2 P&C insurers, with good geographic (Mil. RMB)

25,000
diversification and established network Motor

20,000 Nonmotor
-- Above-average exposure to risky guarantee insurance, 15,000
leading to potential volatility in operating performance
10,000

5,000
Financial Profile: Below Average
0
2012 2013 2,014 2,015 2,016
-- Diminishing capitalization, reflecting its rising insurance
and market risk exposures Chart 2: Investment Assets*
(Mil. RMB)
-- Growing allocation to risky and illiquid assets such as 30,000 Cash and short-term investments
equity, real estate, and alternative investments Common stock
25,000
Preference stock
-- Heightened financial leverage, given increasing reliance 20,000 Bonds
on debt issuance Investment funds
15,000
Real estate

Other Factors: 10,000 Investments in affiliates

Other investments
5,000
-- Potential capital drain to support Sunshine Group’s life
insurance subsidiary 0
2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.

Major Shareholders Chart 3: Profitability Metrics

Sunshine Insurance Group Co. Ltd. 95.83% 120% 25% Net expense ratio (left scale)
100% 20% Net loss ratio (left scale)
Sunshine Life Insurance Corp. Ltd. 4.17%
80% Return on equity (right scale)
15%
60% Net investment yield*
10% (right scale)
Background Information 40%
20% 5%
Type P&C insurer 0% 0%
2013 2014 2015 2016
Established 2005 *Net investment yield calculation includes realized gain/(loss), share of profits of affiliates,
and excludes unrealized gain/(loss).
Head office location Beijing
Chart 4: C-ROSS Comprehensive Solvency Ratio
Registered capital (mil. RMB) 5,088 (Mil. RMB)
10,000 300% RBC: Market risk (left scale)
2017 1H Ranking by direct premium #7 9,000
250% RBC: Credit risk (left scale)
8,000
S&P Global Ratings Unrated 7,000 200% RBC: Insurance risk (left scale)
6,000 Comprehensive solvency ratio
5,000 150% (right scale)
4,000
100% Top P&C average solvency*
3,000 (right scale)
2,000 50%
1,000
0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

China’s Top P&C Insurers 31

China’s Top 25 Insurers

Taiping General
Insurance Co. Ltd.
Wenwen Chen, Hong Kong (852) 2533-3559; wenwen.chen@spglobal.com
Judy Chen, Hong Kong (852) 2532-8059; judy.chen@spglobal.com

Business Profile: Average Chart 1: Gross Written Premium

-- Good brand and reputation benefiting from (Mil. RMB)
16,000
that of the group 14,000
Motor
Nonmotor
12,000
-- Improving control over distribution channels due 10,000
to increasing direct sales and coordination with 8,000
6,000
group resources 4,000
2,000
-- Above-average expense ratio due to high 0
2012 2013 2014 2015 2016
operating expenses
Chart 2: Investment Assets*
Financial Profile: Below Average (Mil. RMB)
20,000 Cash and short-term investments
-- Weakening capitalization reflecting rising 18,000
Common stock
sensitivity to asset risks 16,000
Preference stock
14,000
Bonds
-- Good access to the capital market given its parent 12,000
Investment funds
10,000
group’s listed status, and support from reinsurance 8,000 Real estate
companies if needed 6,000 Investments in affiliates
4,000 Other investments
2,000
Other Factors: 0
2012 2013 2014 2015 2016
-- Strong commitment of business and financial support from *Investment assets classification is based on annual report.
the parent group, underpinned by parent’s track record of
Chart 3: Profitability Metrics
capital injections to support Taiping’s business expansion
120% 16% Net expense ratio (left scale)
14%
100% Net loss ratio (left scale)
12%
Major Shareholder 80% 10% Return on equity (right scale)
60% 8% Net investment yield*
China Taiping Insurance Holdings Co. Ltd. 99.99% 6% (right scale)
40%
4%
20% 2%
Background Information 0%
2013 2014 2015 2016
0%

Type P&C insurer *Net investment yield calculation includes realized gain/(loss), share of profits of affiliates, and
excludes unrealized gain/(loss).

Established 2001
Chart 4: C-ROSS Comprehensive Solvency Ratio
Head office location Shenzhen (Mil. RMB)
5,000 300% RBC: Market risk (left scale)
Registered capital (mil. RMB) 5,070 4,500
250% RBC: Credit risk (left scale)
4,000
2017 1H Ranking by direct premium #8 3,500 200% RBC: Insurance risk (left scale)
3,000 Comprehensive solvency ratio
150%
S&P Global Ratings A/Stable 2,500 (right scale)
2,000 100% Top P&C average solvency*
1,500
(right scale)
1,000 50%
500
0 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 0%

*Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

32 China’s Top P&C Insurers

 China’s Top 25 Insurers

Yingda Taihe Property

Insurance Co. Ltd.
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com
Richie Jiang, Hong Kong (852) 2532-8003; richie.jiang@spglobal.com

Business Profile: Below Average Chart 1: Gross Written Premium

-- Benefits from parent group’s business referrals given status (Mil. RMB)
4,500
as the group’s sole P&C insurance subsidiary 4,000
Motor
Nonmotor
3,500
-- Good underwriting profitability over property insurance 3,000
2,500
business, though moderated by underwriting losses from 2,000
motor and liability insurance lines 1,500
1,000
500
0
Financial Profile: Average 2012 2013 2014 2015 2016

-- Stable, though below average regulatory solvency ratio Chart 2: Investment Assets*
due to sizable property insurance (subject to higher risk (Mil. RMB)

charge under C-ROSS) 10,000 Cash and short-term investments

9,000
Common stock
-- Very low financial leverage, reflecting limited debt issuance 8,000
Bonds
7,000
Investment funds
-- Potential sources of capital and earning volatility 6,000
Investments in affiliates
5,000
stemming from catastrophe exposure to property and 4,000 Other investments

engineering insurance 3,000 Consolidated portion

2,000
1,000
Other Factors: 0
2012 2013 2014 2015 2016
-- Potential group support from State Grid Corp. of China *Investment assets classification is based on annual report

Chart 3: Profitability Metrics

120% 10% Net loss ratio (left scale)
Major Shareholders 100% Net expense ratio (left scale)
8%
80%
Yingda International Holding Group Co. Ltd. 20.0% 6%
Return on equity (right scale)
60% Net investment yield*
China Power Finance Co. Ltd. 7.4% 40%
4% (right scale)

20% 2%
Provincial subsidiaries of State Grid Corp. of China* 72.6%
0% 0%
*Comprises 25 provincial subsidiaries, where each accounts for no 2013 2014 2015 2016
*Net investment yield calculation includes realized gain/(loss),
more than 5 % of the ownership. share of profits of affiliates, and excludes unrealized gain/(loss).

Background Information Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Type P&C insurer 3,500 300% RBC: Market risk (left scale)
3,000 RBC: Credit risk (left scale)
Established 2008 250%
2,500 RBC: Insurance risk (left scale)
200%
Head office location Beijing 2,000 Comprehensive solvency ratio
150% (right scale)
1,500
Registered capital (mil. RMB) 3,100 100% Top P&C average solvency*
1,000 (right scale)
2017 1H Ranking by direct premium #11 500 50%
0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
S&P Global Ratings Unrated
*Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

China’s Top P&C Insurers 33

China’s Top 25 Insurers

Sinosafe General
Insurance Co. Ltd.
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com
Richie Jiang, Hong Kong (852) 2532-8003; richie.jiang@spglobal.com

Business Profile: Below Average Chart 1: Gross Written Premium

-- Steady top-line growth supporting its position as a mid-tier (Mil. RMB)
10,000
Motor
P&C insurance company 9,000
8,000 Nonmotor
7,000
-- Above-average reliance on profitable motor line, which is 6,000
susceptible to market competition and a high expense ratio 5,000
4,000
3,000
-- Weak underwriting performance over nonmotor lines such 2,000
1,000
as accident insurance and property insurance 0
2012 2013 2014 2015 2016

Financial Profile: Above Average Chart 2: Investment Assets*

(Mil. RMB)
-- Very low financial leverage, reflecting limited debt issuance 14,000
Cash and short-term investments

-- Volatile investment performance in the past few years, due 12,000 Common stock
Bonds
to risky investment strategies 10,000
Investment funds
8,000
-- Deteriorating regulatory solvency due to poor profitability Real estate
6,000
and heightening investment and insurance risk exposures Investments in affiliates
4,000 Other investments

2,000
Other Factors:
0
-- Potential reduction in management influence from single 2012 2013 2014 2015 2016
*Investment assets classification is based on annual report.
shareholder following new regulatory guidelines to
tighten shareholder ownership Chart 3: Profitability Metrics
120% 16%
Net expense ratio (left scale)
100% 14%
Net loss ratio (left scale)
Major Shareholders 80%
12%
10% Return on equity (right scale)
60% 8%
Tehua Investment Holding Co. Ltd. 20.0% Net investment yield*
40% 6% (right scale)
4%
Guangzhou Zeda Cotton & Hemp Textile Co. Ltd. 14.8% 20% 2%
0% 0%
HNA Capital Group Co. Ltd. 12.5% 2013 2014 2015 2016
*Net investment yield calculation includes realized gain/(loss), share of profits of affiliates,
Hunan Xianghui Asset Operation Co. Ltd. 12.1% and excludes unrealized gain/(loss).

Chart 4: C-ROSS Comprehensive Solvency Ratio

Background Information (Mil. RMB)
2,500 400% RBC: Market risk (left scale)
Type P&C insurer 350% RBC: Credit risk (left scale)
2,000
300% RBC: Insurance risk (left scale)
Established 1996 250%
1,500 Comprehensive solvency ratio
200%
Head office location Shenzhen 1,000
(right scale)
150% Top P&C average solvency*
Registered capital (mil. RMB) 2,100 500
100% (right scale)
50%
2017 1H Ranking by direct premium #12 0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
S&P Global Ratings Unrated *Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

34 China’s Top P&C Insurers

 China’s Top 25 Insurers

Huatai Property & Casualty

Insurance Co. Ltd.
Judy Chen, Hong Kong (852) 2532-8059; judy.chen@spglobal.com
Mark Li, Hong Kong (852) 2533-3585; mark.li@spglobal.com

Business Profile: Below Average Chart 1: Gross Written Premium

-- Niche business model of exclusive agent (EA) leading to (Mil. RMB)
5,000
Motor
good control over distribution channel 4,500
4,000 Nonmotor
3,500
-- Modest operating performance reflecting a high expense 3,000
2,500
ratio, and above-average reinsurance utilization 2,000
1,500
1,000
Financial Profile: Above Average 500
0
2012 2013 2014 2015 2016
-- Very low financial leverage, reflecting limited debt issuance
Chart 2: Investment Assets*
-- Deteriorating but above-average regulatory solvency ratio (Mil. RMB)
12,000
Cash and short-term investments

Other Factors: 10,000 Common stock

Bonds
-- Potential group support from both Huatai Insurance Group 8,000
Investment funds
Co. Ltd. and wider Chubb Insurance Group 6,000 Other investments
Consolidated portion
4,000
Major Shareholder
2,000
 Huatai Insurance Group Co. Ltd. 100.0%
0
2012 2013 2014 2015 2016

Background Information *Investment assets classification is based on annual report.

Type P&C insurer Chart 3: Profitability Metrics

120% 18% Net expense ratio (left scale)
Established 2011 100%
16%
14% Net loss ratio (left scale)
Head office location Beijing 80% 12% Return on equity (right scale)
10%
60% Net investment yield*
8%
Registered capital (mil. RMB) 3,000 40% 6%
(right scale)
4%
2017 1H Ranking by direct premium #14 20%
2%
0% 0%
S&P Global Ratings Unrated 2013 2014 2015 2016
*Net investment yield calculation includes realized gain/(loss), share of profits of affiliates,
and excludes unrealized gain/(loss).

Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
2,500 450%
RBC: Market risk (left scale)
400%
2,000 350% RBC: Credit risk (left scale)
300% RBC: Insurance risk (left scale)
1,500
250% Comprehensive solvency ratio
200% (right scale)
1,000
150% Top P&C average solvency*
500 100% (right scale)
50%
0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

China’s Top P&C Insurers 35

China’s Top 25 Insurers

AXA Tianping Property &

Casualty Insurance Co. Ltd.
Sandy Lau, Hong Kong (852) 2532-8057; sandy.lau@spglobal.com
Charles Wang, Hong Kong (852) 2533-3505; charles.wang@spglobal.com

Business Profile: Below Average Chart 1: Gross Written Premium

-- Largest foreign-owned P&C insurer in China (Mil. RMB)
8,000
Motor
7,000
-- Significant concentration and revenue dependency on 6,000
Nonmotor

highly competitive motor insurance businesses 5,000

4,000
-- Persistent high expense ratio contributes to weak 3,000
2,000
profitability, despite improving loss experience 1,000
0
2012* 2013* 2014 2015 2016
Financial Profile: Above Average *2012/2013 figures refer to the premiums for Tianping Auto Insurance Co. Ltd.

-- Above-average and improving capitalization, underpinned Chart 2: Investment Assets*

by low insurance risk and reduced appetite for (Mil. RMB)
9,000
risky investments Cash and short-term investments
8,000
Real estate
-- Low financial leverage given limited debt issuance 7,000
Investments in affiliates
6,000
Consolidated portion
5,000
Other Factors: 4,000
3,000
-- Potential capital and technical support from the single 2,000
largest shareholder, AXA Group 1,000
0
2012 2013 2014 2015 2016
Major Shareholders *Investment assets classification is based on annual report.

AXA Versicherungen AG 50.0% Chart 3: Profitability Metrics

120% 8%
Net expense ratio (left scale)
Shanghai Yike Venture Capital Co. Ltd. 14.9% 100% 7%
6% Net loss ratio (left scale)
Hainan Huage Industry Investment Co. Ltd. 10.1% 80% 5% Return on equity (right scale)
60% 4% Net investment yield*
Hubei Tianmao Group Co. Ltd. 9.3% 40% 3% (right scale)
2%
20% 1%

Background Information 0%
2013 2014 2015 2016
0%

*Net investment yield calculation includes realized gain/(loss), share of profits of affiliates,
Type P&C insurer and excludes unrealized gain/(loss).

Established 2004 Chart 4: C-ROSS Comprehensive Solvency Ratio

(Mil. RMB)
Head office location Shanghai
2,500 350%
RBC: Market risk (left scale)
Registered capital (mil. RMB) 846 2,000
300%
RBC: Credit risk (left scale)
250%
RBC: Insurance risk (left scale)
2017 1H Ranking by direct premium #15 1,500 200%
Comprehensive solvency ratio
S&P Global Ratings Unrated 1,000 150% (right scale)
100% Top P&C average solvency*
500 (right scale)
50%
0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

36 China’s Top P&C Insurers

 China’s Top 25 Insurers

BOC Insurance Co. Ltd.

Wenwen Chen, Hong Kong (852) 2533-3559; wenwen.chen@spglobal.com

Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com

Business Profile: Below Average Chart 1: Gross Written Premium

-- Strong business synergy with the parent bank, with a high (Mil. RMB)
4,000
Motor
level of controlled distribution and extensive geographic 3,500
Nonmotor
coverage in China 3,000
Life
2,500

-- Small but improving competitive position through an 2,000

1,500
expanded insurance product offering 1,000
500
0
Financial Profile: Below Average 2012 2013 2014 2015* 2016*
*Life premium due to consolidation of Life business in 2015.
-- Weakened capital and earnings due to increasing
investment appetite Chart 2: Investment Assets*
(Mil. RMB)
-- Aggressive investment strategy through higher allocation to 20,000
Cash and short-term investments
18,000
alternative investments 16,000
Common stock
Preference stock
14,000
-- Likely additional capital or liquidity support from the parent 12,000 Bonds
bank when needed 10,000 Investment funds
8,000 Loans
6,000 Real estate
Other Factors: 4,000 Other investments
-- Highly strategically important subsidiary of 2,000
0
Bank of China Ltd. 2012 2013 2014 2015§ 2016§
*Investment assets classification is based on annual report.
§Figures for 2015/2016 refer to consolidated results in the annual report.
Major Shareholder
Chart 3: Profitability Metrics
Bank of China Ltd. 100.00% 120% 16%
Net expense ratio (left scale)
14%
100% Net loss ratio (left scale)
12%
80% 10%
Background Information 8%
Return on equity (right scale)
60% Net investment yield*
6%
Type P&C insurer 40% 4% (right scale)
2%
20%
Established 2005 0%
0% -2%
2013 2014 2015 2016
Head office location Beijing
*Net investment yield calculation includes realized gain/(loss), share of profits of affiliates,
and excludes unrealized gain/(loss).
Registered capital (mil. RMB) 4,535
Chart 4: C-ROSS Comprehensive Solvency Ratio
2017 1H Ranking by direct premium #18
(Mil. RMB)
2,500 350%
S&P Global Ratings A-/Stable RBC: Market risk (left scale)
300%
2,000 RBC: Credit risk (left scale)
250%
RBC: Insurance risk (left scale)
1,500 200%
Comprehensive solvency ratio
1,000 150% (right scale)
100% Top P&C average solvency*
500 (right scale)
50%
0 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Top P&C average solvency calculation includes the 12 P&C insurers covered in this publication.
C-ROSS: China-Risk Oriented Solvency System. RBC: Risk Based Capital.

RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.

China’s Top P&C Insurers 37

China’s Top 25 Insurers

China Reinsurance
(Group) Corp.
Wenwen Chen, Hong Kong (852) 2533-3559; wenwen.chen@spglobal.com
Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@spglobal.com

Business Profile: Above Average

Chart 1: Gross Written Premium
-- Very strong competitive position as the largest reinsurer (Mil. RMB)
in China with established connection with Chinese 100,000 2014
domestic insurers 90,000
80,000 2015

-- Good operational diversity, with presence in life reinsurance, Chart

70,0001:
60,000
Gross Written Premium 2016

P&C reinsurance, and direct P&C insurance businesses (Mil.50,000

RMB)
40,000
250,000 Motor
30,000
-- Relatively lower geographical diversity, technical, 20,000
200,000 Nonmotor
10,000
and market knowhow outside China than global 0
150,000 China China Re China Re China Re
reinsurance peers Continent P&C Life Group
100,000

Financial Profile: Above Average Chart 2: Investment Assets*

50,000
(Mil. RMB)
-- Diminishing capitalization given increasing risky 0
180,000 2012 2013 2014 2015 2016 Cash and short-term investments
asset exposure 160,000 Common stock
Chart 2: Investment Assets*
140,000
-- Potential volatility in capital and earnings due to 120,000
Bonds
(Mil. RMB) Investment funds
catastrophe risks, and investment concentration in 100,000
400,000 Loans
Everbright Bank 350,000
80,000
Cash and short-term investments
Real estate
Common stock
300,000
60,000 Investments in affiliates
Other Factors: 250,000
40,000
Preference stock
Other investments
Bonds
200,000
-- High likelihood of extraordinary support from the 20,000
150,000
Investment funds
0
Chinese government 100,000 2012 2013 2014 2015 2016 Real estate
*Investment
50,000 assets classification is based on the annual Investments in affiliates
reports (China GAAP version) of China Re Group.
0 Other investments
Major Shareholders 2012 2013 2014 2015 2016
Chart 3: Profitability Metrics
*Investment assets classification is based on annual report.
Central Huijin Investment Ltd. 71.56% 14% Return on equity
Chart
12%3: Profitability Metrics
Ministry of Finance People’s Republic of China 12.72% Net investment yield§
120%
10% 25% Net expense ratio (left scale)
Return on assets*
Background Information 100%
8% 20% Net loss ratio (left scale)
80%
6% Return on equity (right scale)
15%
Type Reinsurer 60%
4% Net investment yield*
10% (right scale)
2%
40%
Established 1996
0%
20% 5%
2012 2013 2014 2015 2016
Head office location Beijing 0% metrics above refer to that of China Re Group. 0%
Profitability
2014 2015 2016 2017
§Net investment yield calculation includes realized gain/(loss),
Registered capital (mil. RMB) 42,480 *Net
shareinvestment
of profits of yield calculation
affiliates, includes
and excludes realizedgain/(loss).
unrealized gain/(loss),
share of profits of affiliates,
*Return-on-assets calculationand excludes
excludes unrealized
investment gain/(loss).
gains/losses.
S&P Global Ratings A/Stable
Chart 4: C-ROSS Comprehensive Solvency Ratio
Group Status S&P Global (Mil. RMB)
8,000,000 350%
Major Subsidiaries (if any) Ratings 80,000 300%
Recognized capital (left scale)
RBC: Market risk (left scale)
7,000,000 300%
70,000 RBC (net off diversification effects)
6,000,000 250% RBC: Credit risk (left scale)
China Continent 60,000
250% (left scale)
5,000,000 RBC: Insurance risk solvency
(left scale) ratio*
Property and Casualty Not available Unrated 50,000
200%
200% Comprehensive
4,000,000 (right scale) solvency ratio
Comprehensive
Insurance Co. Ltd. (China Continent) 40,000
3,000,000
150%
(right scale)
30,000 100%
2,000,000 100% Top P&C average solvency*
China Property and 20,000
50%
(right scale)
1,000,000 50%
Casualty Reinsurance Co. Ltd. Core A/Stable 10,000
0 0%
(China Re P&C) 0 2015H2 2016H1 2016H2 2017H1 0%
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
*Comprehensive solvency ratio above refers to the consolidated
*Top P&Cstatus
average solvency calculation includes the 12 P&C insurers covered
China Life Reinsurance solvency of China Re Group. C-ROSS: China-Risk Oriented
Core A/Stable in this publication.
Solvency C-ROSS:
System. RBC: China-Risk
Risk Based Capital.Oriented Solvency System. RBC: Risk Based Capital.
Co. Ltd. (China Re Life)
RMB—Renminbi.
Sources: Company information,
S&P Global Ratings' calculation.
38 China’s Top Reinsurer
 China’s Top 25 Insurers

Market Share Of China’s Life Insurers

Reported premium Market share Market share
(Mil. RMB) as of 2017 1H (by policy written [a]+[b] ) ( by direct premium [a])

Direct Policyholder
premiums investment Market 2017 1H 2016 Market 2017 1H 2016
Company Ownership [a] fund [b] share ranking ranking share ranking ranking

China Life Insurance Co. Ltd. Domestic 346,168.6 52,099.3 18.7% 1 1 19.4% 1 1

Ping An Life Insurance Co. of

Domestic 226,516.3 54,913.3 13.2% 2 2 12.7% 2 2
China Ltd.

Anbang Life Insurance Co. Ltd. Domestic 188,861.1 2,755.3 9.0% 3 3 10.6% 3 4

China Pacific Life Insurance Co. Ltd. Domestic 110,551.3 8,869.2 5.6% 4 7 6.2% 4 3

Huaxia Life Insurance Co. Ltd. Domestic 54,660.7 59,000.2 5.3% 5 4 3.1% 10 12

PICC Life Insurance Co. Ltd. Domestic 83,288.5 7,945.4 4.3% 6 10 4.7% 5 7

Taikang Insurance Group Inc. Domestic 76,110.9 13,980.6 4.2% 7 8 4.3% 7 10

Funde Sino Life Insurance Co. Ltd. Domestic 58,003.4 25,886.2 3.9% 8 5 3.2% 9 8

Taiping Life Insurance Co. Domestic 78,935.1 2,933.3 3.8% 9 12 4.4% 6 9

New China Life Insurance Co. Ltd. Domestic 61,239.3 3,106.3 3.0% 10 9 3.4% 8 5

Tianan Life Insurance Co. Ltd. of

Domestic 33,917.7 21,636.8 2.6% 11 13 1.9% 13 15
China

Hexie Health Insurance Co. Ltd. Domestic 35,932.0 1,311.2 1.7% 12 6 2.0% 11 6

Guohua Life Insurance Co. Ltd. Domestic 34,263.3 2,487.2 1.7% 13 17 1.9% 12 17

Sunshine Life Insurance Co. Domestic 28,207.3 5,097.7 1.6% 14 14 1.6% 16 13

China Post Life Insurance Co. Ltd. Domestic 32,213.7 2.8 1.5% 15 20 1.8% 14 16

ICBC-AXA Assurance Co. Ltd. Foreign 31,496.3 44.2 1.5% 16 18 1.8% 15 14

CCB Life Insurance Co. Ltd. Domestic 17,737.4 10,454.9 1.3% 17 16 1.0% 21 11

Aeon Life Insurance Co. Ltd. Domestic 19,093.2 4,721.1 1.1% 18 24 1.1% 19 21

PICC Health Insurance Co. Ltd. Domestic 16,542.8 5,825.5 1.0% 19 21 0.9% 23 18

ABC Life Insurance Co. Ltd. Domestic 20,666.6 948.2 1.0% 20 22 1.2% 18 22

Evergrande Life Assurance Co. Ltd. Foreign 15,524.5 5,974.6 1.0% 21 15 0.9% 25 41

Qian Hai Life Insurance Co. Ltd. Domestic 21,016.5 268.9 1.0% 22 11 1.2% 17 19

June Life Insurance Co. Ltd. Domestic 18,168.5 77.3 0.9% 23 19 1.0% 20 44

Union Life Insurance Co. Ltd. Domestic 15,615.3 1,980.8 0.8% 24 25 0.9% 24 20

Happy Life Insurace Co. Ltd. Domestic 16,741.8 466.5 0.8% 25 23 0.9% 22 26

Source: China Insurance Regulatory Commission.

Market Share Of China’s Life Insurers 39

China’s Top 25 Insurers

Market Share Of China’s Property & Casualty Insurers

(Mil. RMB) 2017 1H premium data Market share (by direct premium)
Company Ownership Direct premium Market share 2017 1H ranking 2016 ranking

PICC Property and Casualty Co. Ltd. Domestic 179,317.1 34.0% 1 1

Ping An Property & Casualty Insurance Co. of China Ltd. Domestic 103,443.0 19.6% 2 2
China Pacific Property Insurance Co. Ltd. Domestic 51,963.7 9.8% 3 3
China Life Property & Casualty Insurance Co. Ltd. Domestic 31,880.1 6.0% 4 4
China United Property Insurance Co. Ltd. Domestic 21,651.1 4.1% 5 5
China Continent Property & Casualty Insurance Co. Ltd. Domestic 18,601.6 3.5% 6 6
Sunshine Property and Casualty Insurance Co. Ltd. Domestic 16,378.7 3.1% 7 7
Taiping General Insurance Co. Ltd. Domestic 10,684.1 2.0% 8 8
China Export & Credit Insurance Corp. Domestic 7,964.1 1.5% 9 9
Tianan Property Insurance Co. Ltd. of China Domestic 7,233.7 1.4% 10 10
Yingda Taihe Property Insurance Co. Ltd. Domestic 5,859.7 1.1% 11 13
Sinosafe General Insurance Co. Ltd. Domestic 5,512.0 1.0% 12 11
Yongan Property Insurance Co. Ltd. Domestic 4,389.8 0.8% 13 12
Huatai Property & Casualty Insurance Co. Ltd. Domestic 4,051.6 0.8% 14 15
AXA Tianping Property & Casualty Insurance Co. Ltd. Foreign 3,980.9 0.8% 15 14
Alltrust Insurance Co. Ltd. Domestic 3,411.1 0.6% 16 16
Anbang Proprety & Casualty Insurance Co. Ltd. Domestic 3,298.5 0.6% 17 17
BOC Insurance Co. Ltd. Domestic 2,829.0 0.5% 18 18
Guoyuan Agricultural Insurance Co. Ltd. Domestic 2,655.2 0.5% 19 21
Sunlight Agricultural Mutual Insurance Co. Domestic 2,631.9 0.5% 20 29
ZhongAn Online P&C Insurance Co. Ltd. Domestic 2,567.3 0.5% 21 25
Zking Property & Casualty Insurace Co. Ltd. Domestic 2,514.8 0.5% 22 19
Dinghe Property Insurance Co. Ltd. Domestic 2,452.1 0.5% 23 27
Anhua Agricultural Insurance Co. Ltd. Domestic 2,407.8 0.5% 24 20
Du-Bang Property & Casualty Insurance Co. Ltd. Domestic 2,072.2 0.4% 25 22

Source: China Insurance Regulatory Commission.

40 Market Share Of China’s P&C Insurers

 China’s Top 25 Insurers

ASIA-PACIFIC OFFICE LOCATIONS

Beijing Regional Subsidiaries:
Suite 1601, 16/F Tower D,
Mumbai
Beijing CITC
CRISIL Limited
A6 Jianguo Menwai Avenue
CRISIL House, Central Avenue
Chaoyang District
Hiranandani Business Park
Beijing 100022, P.R. China
Powai, Mumbai 400 076 India
+86 10 6569 2909
+91 22 3342 3000
Hong Kong
Taipei
Unit 1, Level 69
Taiwan Ratings Corp. (TRC)
International Commerce Centre
49th Floor, Taipei 101 Tower
1 Austin Road West, Kowloon
No. 7, Xinyi Road, Section 5
Hong Kong
Taipei 11049, Taiwan R.O.C.
+852 2533 3500
+886 2 8722 5800
Melbourne
Regional Affiliates:
Level 45, 120 Collins Street
Melbourne Vic 3000 PT. Pefindo (Indonesia)
Australia Panin Tower Senayan City
+61 3 9631 2000 17th Floor
Jl. Asia Afrika Lot.19
Mumbai
Jakarta 10270, Indonesia
Cts Number 15 D
+62 21 7278 2380
Central Avenue, 8th Floor
Hiranandani Business Park RAM Rating Services Berhad
CRISIL House Suite 20.01, Level 20,
Powai, Mumbai 400 076 India The Gardens South Tower
+91 22 3342 3000 Mid Valley City,
Lingkaran Syed Putra
Seoul
Kuala Lumpur 59200
6F Seoul Finance Center,
Malaysia
136 Sejongdaero, Joong-gu,
Tel: +60 3 7628 1000 / 2299 1000
Seoul 100-768, Korea
(General Line)
+82 2 2022 2300
TRIS Rating Co., Ltd.
Shanghai
Level 24
23/F, 1000 Lujiazui Ring Road
Silom Complex Building
Hang Seng Bank Tower
191 Silom Road, Bangrak,
Pudong New Area
Bangkok 10500
Shanghai, 200120, P.R. China
Thailand
+86 21 2208 0880
Tel: +66 2231 3011
Singapore
Level 23,
Marina Bay Financial
Centre Tower 3,
12 Marina Boulevard,
Singapore 018982
+65 6438 2881
Sydney
Level 22, 400 George Street
Sydney NSW 2000, Australia
+61 2 9255 9800
Tokyo
28F Marunouchi Kitaguchi Building
1-6-5 Marunouchi Chiyoda-ku
Tokyo, Japan, 100-0005
+81 3 4550 8000

Contacts 41
China’s Top 25 Insurers

FINANCIAL SERVICES RATINGS -- ANALYTICAL CONTACTS

Vera Chaplin
Managing Director and Lead Analytical Manager
Financial Services Ratings
+61-3-9631-2058
vera.chaplin@spglobal.com

Greater China
Terry Sham Eunice Tan Wenwen Chen
Senior Director and Analytical Manager Director and Lead Analyst Associate Director
+852-2533-3590 +852-2533-3553 +852-2533-3559
terry.sham@spglobal.com eunice.tan@spglobal.com wenwen.chen@spglobal.com

Mark Li Sandy Lau Judy Chen

Associate Associate Associate
+852-2533-3585 +852-2532-8057 +852-2532-8059
mark.li@spglobal.com sandy.lau@spglobal.com judy.chen@spglobal.com

Charles Wang Richie Jiang

Credit Program Analyst Credit Program Analyst
+852-2533-3505 +852-2532-8003
charles.wang@spglobal.com richie.jiang@spglobal.com

Pacific
Peter Sikora Mark Legge Caroline Strahan
Senior Director and Analytical Manager Senior Director and Lead Analyst Director and Lead Analyst
+61-3-9631-2094 +61-3-9631-2041 +61-3-9631-2185
peter.sikora@spglobal.com mark.legge@spglobal.com caroline.strahan@spglobal.com

Craig Bennett Daiwyn Naidoo Kelvin Bannan

Director and Lead Analyst Associate Director Associate
+61-3-9631-2197 +61-3-9631-2175 +61-2-9255-9895
craig.bennett@spglobal.com daiwyn.naidoo@spglobal.com kelvin.bannan@spglobal.com

South & Southeast Asia

Philip Chung Trupti Kulkarni Billy Teh
Senior Director and Analytical Manager Associate Director Associate
+65-6239-6343 +65-6216-1090 +65-6216-1069
philip.chung@spglobal.com trupti.kulkarni@spglobal.com billy.teh@spglobal.com

Jason Sum
Credit Program Analyst
+65 6216 6306
jason.sum@spglobal.com

42 Contacts
 China’s Top 25 Insurers

GENERAL MANAGEMENT AND BUSINESS CONTACTS

General Management
Simon Jin
President, S&P Global
Greater China
+86-10-6569-2707
simon.jin@spglobal.com

Business
Denis O’Sullivan
Managing Director
Head of Sales, Asia-Pacific
+852-2533-3522
denis.osullivan@spglobal.com

Greater China
Hong Shan Chen Kenneth Tam Michael Wang
Head of Greater China Sales Director, Greater China Associate Director, Greater China
+86-10-6569-2912 Business Management Business Management
hongshan.chen@spglobal.com +852-2532-8083 +86-21-2208-0915
kenneth.tam@spglobal.com michael.wang@spglobal.com

Pacific
Benjamin Fleming John Birch
Director, Pacific Director, Pacific
Relationship Management Sales and Relationship Management
+61-3-9617-2046 john.birch@spglobal.com
benjamin.fleming@spglobal.com +61-2-9255-9816

South & South East Asia

Anthony Foo Kanchan Arora
Director, Southeast Asia Director, South Asia
Business Development Business Development
+65-6239-6368 +91-22-3342-3075
anthony.foo@spglobal.com kanchan.arora@spglobal.com

Market & Franchise Development

Xenthe Bang Grace Guo Daniel Antman

Director, Asia Pacific Director, Greater China Director, Pacific
Mass Outreach Investor Relations Investor Relations
+65-6239-6371 +86-21-2208-0882 +61-3-9631-2145
xenthe.bang@spglobal.com grace.guo@spglobal.com daniel.antman@spglobal.com

Randhir Prakash
Director, South & Southeast Asia
Investor Relations
+65-6216-1078
randhir.prakash@spglobal.com

Communications
Chris Davis Richard Noonan
Director, Greater China Senior Manager, Pacific, South & Southeast Asia
Communications Communications
+852-2533-3511 +61-3-9631-2152
chris.g.davis@spglobal.com richard.noonan@spglobal.com

Contacts 43
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