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For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

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AM Best Affirms Credit Ratings of Ping An Property & Casualty Insurance Company of China, Ltd

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Ping An Property & Casualty Insurance Company of China, Ltd (Ping An P&C) (China). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Ping An P&C’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.

Ping An P&C’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company has maintained steady growth in its consolidated capital and surplus (C&S) over the last decade. By the end of 2024, its C&S was RMB 136.7 billion (USD 18.7 billion), a 9.0% growth from the prior year. Its investment portfolio maintains steady growth in 2024, continuing to consist of mainly fixed-income assets. Ping An P&C’s financial flexibility is proven by its track record of issuing capital supplementary bonds in domestic debt markets. The issuance also enhances the company’s solvency position.

Ping An P&C’s operating performance is assessed as strong. The company has consistently delivered a double-digit return on equity (ROE) over the last decade, except for 2022 and 2023, due to unfavorable underwriting experience. In 2024, ROE recovered to 11.5% with a net profit after tax of RMB 15.0 billion. Given the company’s size and domicile, its underwriting profitability is better than the domestic peer average. The motor line remains a significant source of its insurance service revenue and underwriting profit. Despite increasing premium proportion from new-energy vehicle (NEV) policies due to escalating new NEV sales in domestic market, leverage on its competitive edge including granular operating model and pricing techniques, Ping An P&C continues to deliver a stable underwriting margin in its motor book. The negative impact from the credit and guarantee line in 2022 and 2023, was considered one-off, and Ping An P&C has already ceased underwriting new policies since November 2023. The company’s net income is also supported by its stable income from investments, interest and dividends, as well as realised and unrealised gains from investments.

Ping An P&C’s favourable business profile is supported by its sizeable insurance portfolio, diversified distribution channels and geographic span in China, as well as its strong brand recognition. The company has been the second-largest property/casualty insurer in China since 2009, and has maintained a domestic market share of around 20% over the last decade, in terms of property/casualty direct premiums written. In 2024, its insurance service revenue reached RMB 328.1 billion. Despite relentless efforts to grow its non-motor lines, Ping An P&C remains well recognised in the domestic market for its motor insurance, which contributed around 70% of the company’s top line for the last five years. Additionally, Ping An P&C’s investment in new technologies has yielded positive outcomes, evidenced by improvements in operational efficiency and enhancements in risk management.

Ping An P&C is well-positioned at its current ratings level. Positive rating actions could occur if the company demonstrates a strengthening trend in its footprint in the global market, while maintaining its current balance sheet strength and solid operating performance. Positive action could also occur if the company demonstrates sustainable enhancement in its balance sheet strength. Negative rating actions could arise if there is a sustained deteriorating trend in Ping An P&C’s underwriting and operating performance. Negative rating actions also could occur if the company’s balance sheet strength were to weaken significantly, for example, due to materially heightened underwriting leverage or investment exposure to risky assets.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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