Hang Seng Insurance Co. Ltd. Jul 12
Standard & Poors, July 2012
Abstract
Implicit support from parent Strong business position Prudent investment profile Moderate operating performance The ratings on Hang Seng Insurance Co. Ltd. reflect the implicit support for the insurer from its parent Hang Seng Bank Limited (AA-/Stable/A-1+; cnAAA/cnA-1+) and the wider HSBC group in the key market of Hong Kong. Hang Seng Insurance's strong business position, prudent investment profile, and sustainable operating performance also support the rating. The insurer's moderate operating performance tempers these strengths. We consider Hang Seng Insurance to be a core part of Hang Seng Bank, which fully owns the insurance company. The Hongkong and Shanghai Banking Corp. Ltd. (HSBC: AA-/Stable/A-1+; cnAAA/cnA-1+) owns 62% of Hang Seng Bank. The insurer fits in closely with the parent bank's strategy...
Companies mentioned in this report are: Hang Seng Insurance Co. Ltd.,Hang Seng Bank Limited
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Hang Seng Insurance Co. Ltd.,Hang Seng Bank Limited
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