Moody's Investors Service has affirmed the A2 insurance financial strength rating (IFSR) of New China Life Insurance Company Ltd. (NCI) (01336). At the same time, Moody's has changed the rating outlook to positive from stable.
The affirmation of the rating reflects the insurer's established market franchise and diversified product mix. It also has strong capital adequacy, with sustained growth in capitalization over the past few years. NCI has maintained one of the highest solvency ratios among the major peers - registering a strong comprehensive solvency margin ratio of 290% at the end of June 2019 - under China Risk Oriented Solvency System (C-ROSS). Its capitalization has consistently strengthened over the past few years, supported by strong profitability and prudent dividend payouts.
The change in outlook to positive reflects NCI's successful shift to an agency model and increased focus on long-term protection products. This strategy has resulted in increased agency productivity, improved product mix and higher new business margins, in turn supporting long-term profitability and capital generation.
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