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Rating Action:

Moody's downgrades AIG Taiwan's rating to A3 from A2; outlook stable

 The document has been translated in other languages

28 Aug 2015

Hong Kong, August 28, 2015 -- Moody's Investors Service has downgraded the insurance financial strength rating of AIG Taiwan Insurance Co Ltd (AIG Taiwan) to A3 from A2.

The rating outlook is stable.

This rating action concludes the review for possible downgrade initiated on June 15, 2015.

The review followed American International Group, Inc.'s (AIG, Baa1 stable) announcement on June 11, 2015 that AIG Asia Pacific Insurance Pte Ltd. (AIG API, insurance financial strength rating A2 stable) will sell its 100% stake in AIG Taiwan to Nan Shan Life Insurance Co Ltd (unrated) for a consideration of TWD4.923 billion (US$158 million).

This transaction will follow the transfer of renewal rights and existing reserves of the commercial insurance business of AIG Taiwan to a new Taiwanese branch of AIG API. Until the close of the transaction, AIG Taiwan will continue to benefit from internal reinsurance with AIG.

The transaction is expected to close in 2H 2016, subject to necessary regulatory approvals.

RATINGS RATIONALE

"The downgrade mainly reflects the removal of parental support from AIG since AIG announced its intention to sell AIG Taiwan to Nan Shan Life," says Sally Yim, a Moody's Vice President and Senior Credit Officer.

"AIG Taiwan's rating is now determined by our longer-term view of the company's standalone credit profile and also takes into account its future credit profile as a subsidiary of Nan Shan Life," adds Yim.

AIG Taiwan's A3 rating is one notch higher than its previous baa1 standalone credit profile, considering that -- following the transfer of the commercial lines to AIG API -- it will effectively become focused on the consumer as well as small- and medium-sized enterprise (SME) businesses.

"On a pro forma basis, we expect AIG Taiwan's capitalization to remain strong. Its exposure to catastrophe risk will also fall as many of its auto and SME policies do not have catastrophe cover," says Yim.

In addition, the product profile will become more granular and carry a lower level of risk, as the company's focus will be on auto and other short-tail consumer lines, as compared to the more volatile commercial risks that will be transferred to AIG API.

AIG Taiwan will also be able to leverage the large agency force and brand of Nan Shan Life, which is the third-largest life insurer in Taiwan with a 14.2% market share in 2014, for its distribution and marketing.

Nonetheless, the company's business scale will remain small in the beginning. In addition, it will lose the income stream and diversification derived so far from its commercial business.

Moreover, the Taiwanese property casualty insurance market remains highly competitive. Therefore, it is difficult for insurers to raise premium rates, which in turn constrains profitability. There is also uncertainty with regard to strategic direction, investment and capital management under Nan Shan Life's ownership.

RATING DRIVERS

Given that it will take some time before Nan Shan Life will fully integrate the business of AIG Taiwan, the possibility for an upgrade is limited. However, over the longer term, the rating could be upgraded if AIG Taiwan 1) builds its business scale with a higher market share; 2) improves its profitability, with a return-on-capital consistently above 12%; and/or 3) maintains a low level of catastrophe exposure relative to capital.

On the other hand, AIG Taiwan's rating could be downgraded if 1) its profitability declines substantially, with return-on-capital consistently below 4%; 2) its product profile becomes more risky with significant lumpy exposures which could cause a higher level of earnings volatility; 3) its capitalization deteriorates substantially with gross underwriting leverage at 3.0x or above; and/or 4) the credit profile of Nan Shan Life deteriorates significantly which would cause a disruption to AIG Taiwan's market position and distribution.

The principal methodology used in this rating was Global Property and Casualty Insurers published in August 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Headquartered in Taipei, AIG Taiwan Insurance Co Ltd is a property casualty insurer offering auto, marine & energy, liability, accident & health, and financial lines insurance, among other lines. At end-2014, total assets and shareholders' equity were TWD11.3 billion and TWD3.7 billion, respectively.

REGULATORY DISCLOSURES

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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

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 downgrades AIG Taiwan's rating to A3 from A2; outlook stable
No Related Data.
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