S&P rates Ping An A

Standard & Poor's said it assigned an A long-term counterparty credit and insurer financial strength ratings to Ping An Property & Casualty Insurance Co. of China Ltd.

The outlook is stable.

The ratings reflect the implicit support from the company's parent, its strong competitive position, good underwriting performance and reasonably prudent investment philosophy, S&P said.

The highly competitive nature of the Chinese insurance market partly offsets these strengths, the agency said.

The stable outlook reflects the company's strong competitive position, underpinned by a diversified distribution channel, improving underwriting performance and the wider group's strong support for the company, S&P added.

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