巴黎人娱乐城

Capital Injection Uncertainty: 巴黎人娱乐城 expects Guoren Property & Casualty Insurance Co.,Ltd.'s (Guoren P&C) risk-based capitalisation to weaken on further delay in capital injections from its shareholders, undermining its ability to weather swings in its equity base alongside a volatile capital market. An increased exposure to risky assets and weak organic growth in capital have weighed on the insurer's capital strength. The capital buffer had decreased by end-2023 but its Prism Model score remained within the 'Adequate' category. The comprehensive solvency ratio was 221%, against 226% at end-2022. We expect the financial leverage ratio to remain high in 2024. The ratio was 68% at end-2023, up from 66% at end-2022, due to a lower equity base, despite CNY250 million senior debt maturing in June 2023. Increased Risky-Asset Ratio: We expect the risky-asset ratio to remain high in the coming 12 months. Risky assets, which include equity-type and 巴黎人娱乐城-adjusted non-investment-grade fixed income investments, were equivalent to 255% of shareholders' equity at end-2023, up from 205% at end-2022, and well above 巴黎人娱乐城's criteria guidelines for the 'BBB' Insurer Financial Strength (IFS) Rating category. An increase in equity-type investments exposes the insurer to the volatile capital market.