The ratings on Taiwan Life Insurance Co. Ltd. reflect the company's good liquidity profile as well as satisfactory mortality and expense surplus. Counterbalancing factors include the company's mediocre capitalization with relatively higher market risk exposure and modest competitive position compared with its peers'. Taiwan Life has a good liquidity profile, in our view, which reflects its stable operating cash flows from new business growth and business renewal, adequate persistency for traditional insurance products, and liquid asset portfolio with reasonable credit quality. The insurer's proactive liquidity management provides additional liquidity support to meet its claim requirements. Taiwan Life's mortality surplus and expense surplus remain satisfactory, underpinned by the insurer's established in-force book and reasonable persistency record. In the first half of...
Companies mentioned in this report are: Taiwan Life Insurance Co. Ltd.
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