Moody’s rates ZhongAn Online notes Baa2

Moody’s Investors Service said it assigned ZhongAn Online P&C Insurance Co., Ltd. a Baa2 rating to its proposed senior unsecured bonds.

“ZhongAn sells property & casualty (P&C) products exclusively online and is the largest online insurer in China, one of the world’s fastest-growing fintech markets. Strong business growth has consistently elevated ZhongAn’s market presence. In 2019, the company had a market share of 1.1% by direct premiums, ranking 11th among Chinese P&C insurers,” Moody’s said in a press release.

The notes will be junior to the liabilities of the policyholders, Moody’s said.

The outlook is stable.

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