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Rating Action:

Moody's changes eight Chinese and Hong Kong insurers' outlook to negative following sovereign rating action

 The document has been translated in other languages

03 Mar 2016

Hong Kong, March 03, 2016 -- Moody's Investors Service (Moody's) has changed to negative from stable the rating outlook of seven Chinese and Hong Kong insurers, and to negative from positive the rating outlook of one Chinese insurer, following Moody's decision to change to negative from stable the outlook on the Aa3 rating of China, as announced on March 2, 2016.

For full details, please refer to the webpage: http://www.moodys.com/viewresearchdoc.aspx?docid=PR_343931.

At the same time, Moody's has affirmed all the ratings of these insurers, and affirmed the a2 baseline credit assessment of China Life P&C Insurance Company Limited.

A Moody's rating outlook is an opinion regarding the likely rating direction over the medium term.

The affected insurers include: China Life Insurance Co Ltd, China Life Insurance (Overseas) Company Ltd., China Life P&C Insurance Company Limited, PICC Property and Casualty Company Limited, PICC Life Insurance Company Limited, China Pacific Property Insurance Co Ltd, ICBC-AXA Assurance Co., Ltd. and BOC Group Life Assurance Co. Ltd.

The insurance financial strength rating of CNPC Captive Insurance Company Limited remains on review for downgrade.

RATINGS RATIONALE

The change in the Chinese sovereign rating outlook to negative indicates that the central government's capability to support insurers on a broad basis could be weaker than we had previously assessed.

In addition, a primary driver in the change in the sovereign's outlook is concern that the government's balance sheet is exposed to growing contingent liabilities to support in times of stress these insurers as well as other entities such as other financial institutions, state-owned enterprise and regional local governments. Moody's believes that the continuing growth in these contingent liabilities -- along with stated government reform objectives to introduce more market discipline -- suggests that support from the government will increasingly be prioritized, based on the relative importance of each entity to the implementation of strategic national policy goals.

As a result, in accordance with Moody's joint default analysis approach for government-related issuers (GRIs), we consider that the ratings of these Chinese and Hong Kong insurers, which incorporate a degree of government support and uplift, either directly and/or indirectly through their parents, could potentially be impacted by the potential for weaker support from their owner governments in the future.

In view of the negative outlook, Moody's does not expect any upward rating pressure on these companies.

A return of the rating outlook to stable for these rated insurers could be considered if the rating outlook for China returns to stable and we believe that support for the particular insurer remains a priority and is unlikely to change despite the ongoing reform efforts.

The following ratings have been affirmed with outlook changed to negative from stable:

Issuer: China Life Insurance Co Ltd (Lead Analyst: Sally Yim)

.... Insurance Financial Strength, currently Aa3;

.... Outlook, Changed to Negative from Stable

Issuer: China Life Insurance (Overseas) Company Ltd. (Lead Analyst: Sally Yim)

.... Insurance Financial Strength, currently A1;

.... Outlook, Changed to Negative from Stable

Issuer: China Life P&C Insurance Company Limited (Lead Analyst: Stella Ng)

.... Insurance Financial Strength, currently A1;

.... Baseline Credit Assessment, currently a2;

.... Outlook, Changed to Negative from Stable

Issuer: PICC Property and Casualty Company Limited (Lead Analyst: Sally Yim)

.... Insurance Financial Strength, currently Aa3;

.... Outlook, Changed to Negative from Stable

Issuer: China Pacific Property Insurance Co Ltd (Lead Analyst: Stella Ng)

.... Insurance Financial Strength, currently A1;

.... Outlook, Changed to Negative from Stable

Issuer: ICBC-AXA Assurance Co., Ltd. (Lead Analyst: Sally Yim)

.... Insurance Financial Strength, currently A2;

.... Outlook, Changed to Negative from Stable

Issuer: BOC Group Life Assurance Co. Ltd (Lead Analyst: Stella Ng)

.... Insurance Financial Strength, currently A2;

.... Outlook, Changed to Negative from Stable.

The following rating has been affirmed:

Issuer: China Life Insurance Co Ltd (Lead Analyst: Sally Yim)

.... Junior Subordinated Debt Rating, currently A3(hyb).

The following rating has been affirmed with outlook changed to negative from positive:

Issuer: PICC Life Insurance Company Limited (Lead Analyst: Sally Yim)

.... Insurance Financial Strength, currently A2;

.... Outlook, Changed to Negative from Positive

The following rating remains on review for downgrade:

Issuer: CNPC Captive Insurance Company Limited (Lead Analyst: Stella Ng)

.... Insurance Financial Strength, currently A1;

. Remains under review for downgrade.

RATING METHODOLOGIES

The principal methodologies used in rating China Life Insurance Co Ltd, China Life Insurance (Overseas) Company Ltd., and PICC Life Insurance Company Limited were Global Life Insurers published in December 2015, and Government-Related Issuers published in October 2014. The principal methodologies used in rating China Life P&C Insurance Company Limited, PICC Property and Casualty Company Limited, and China Pacific Property Insurance Co Ltd were Global Property and Casualty Insurers published in December 2015, and Government-Related Issuers published in October 2014. The principal methodology used in rating ICBC-AXA Assurance Co., Ltd. and BOC Group Life Assurance Co. Ltd was Global Life Insurers published in December 2015. The principal methodology used in rating CNPC Captive Insurance Company Limited was Global Property and Casualty Insurers published in December 2015. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Sally Yim
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stella Ng
Asst Vice President - Analyst
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's changes eight Chinese and Hong Kong insurers' outlook to negative following sovereign rating action
No Related Data.
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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