Fitch rates Pacific Century IFS A-

Fitch Ratings said it assigned an insurer financial strength rating of A- to Pacific Century Insurance Co. Ltd. The outlook is stable.

Fitch said the rating reflects Pacific Century's robust capital base and solvency position, high-quality management, strong operating cash flows, moderate level of gearing as well as the recovery in performance following management reforms implemented in 2002 and 2003.

Offsetting factors include Pacific Century's small share of the competitive Hong Kong life insurance market, the lack of a significant bank distribution channel and its exposure to asset price volatility.

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