Moody’s: PICC Life view to stable

Moody's Investors Service said it changed the outlook on PICC Life Insurance Co. Ltd. to stable from negative and affirmed its insurance financial strength rating at A2.

PICC Life was the fourth largest life insurance company in China by premium income in the first half of 2016. It is 80% directly and indirectly owned by the People's Insurance Co. (Group) of China Ltd. (PICC Group, unrated), which is majority-owned by government through the holding of shares by the Ministry of Finance and the Social Security Fund.

Moody’s said the outlook change reflects that the standalone credit profile of PICC Life remains stable and the level of government support is unlikely to change over the medium-term despite the evolving nature of government policy.

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