巴黎人娱乐城

'Very Important' to Chubb: The Insurer Financial Strength (IFS) Rating on Huatai Property & Casualty Insurance Co., Ltd. benefits from a one-notch uplift from its standalone credit quality, as we consider it a 'Very Important' operating subsidiary of Chubb Limited (Issuer Default Rating: A+/Stable). Chubb became the ultimate major shareholder of Huatai P&C in 2023 after taking control of Huatai Insurance Group Company Limited (HIG), which fully owns Huatai P&C. Chubb's stake in HIG increased to 85.5% as of February 2024, from 47.3% at end-2022. The synergy and integration between the parent and subsidiary are likely to increase in the longer term. The uplift reflects 巴黎人娱乐城' expectation that Chubb will provide operational and financial support to Huatai P&C, if needed. 'Strong' Capitalisation: We expect Huatai P&C's capital buffer to remain resilient to support its business expansion, although the transfer of Chubb China's portfolio to Huatai P&C has moderated its capital-adequacy ratio. Its regulatory comprehensive solvency ratio stood at 234% by end-3Q24, well above the 100% regulatory minimum. Its risk-based capitalisation, measured by the 巴黎人娱乐城 Prism Global model, declined to 'Strong' by end-3Q23, from 'Very Strong' at end-2022. We believe its capital will also hinge on its dividend policy under the group's capital management.