S&P affirms Chung Kuo

Standard & Poor's said it affirmed its BBB+ insurer financial strength and counterparty credit ratings on Chung Kuo Insurance Co. Ltd.

The outlook is stable.

"The ratings continue to reflect Chung Kuo's strong capitalization, good niche market position and prudent investment strategy. However, these strengths are partly offset by the company's volatile underwriting performance, partly as a result of its exposure to commercial insurance, which tends to produce more volatile underwriting results than personal lines," said S&P credit analyst Chun Huang.

The ratings may be raised if Chung Kuo improves its underwriting results and the group's capacity to provide support strengthens, according to the agency.

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