S&P alters Shin Kong Life view to stable

S&P said it revised its outlook for Shin Kong Life Insurance Co. Ltd. to stable from negative and affirmed its BBB rating.

“Shin Kong Life's capital adequacy improved slightly in 2021 following a capital injection and strong growth of value of in-force. The insurer's stronger capital growth has outweighed the capital requirement from its balance sheet, and we expect this improved capital adequacy to sustain during 2022-2023. Shin Kong Life's value of in-force grew by 21% in 2021 due to improved investment returns and a steadily enhanced contract service margin,” the agency said in a press release.

S&P said the stable outlook mirrors the view that Shin Kong Life is a core subsidiary of Shin Kong Financial Holding Co. Ltd. group and that the group will keep its competitive position in Taiwan’s financial services sector.

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