S&P Affirms CIRe ‘A-‘ Ratings

October 26, 2005

Standard & Poor’s Ratings Services announced from its Hong Kong office that it has affirmed its “A-” insurer financial strength and counterparty credit ratings on China International Reinsurance Co. Ltd. (CIRe) with a stable outlook .

“The ratings reflect the company’s good business profile and strong capitalization and liquidity, along with its satisfactory operating performance given the tough global operating environment,” stated S&P credit analyst Paul Clarkson.

S&P noted: “The ratings are moderated by the company’s risk exposure outside its main markets and its limited technical resources compared with those of larger, international reinsurance companies.

“The company’s reported exposure to Hurricane Katrina was a manageable net loss of Hong Kong dollar 75 million as at Oct. 17. CIRe is a wholly owned subsidiary of China Insurance International Holdings Co. Ltd. (CIIH), which is 54.56 percent-owned by China Insurance (Holdings) Co. Ltd. of China. CIIH owns various interests in other insurance entities, including the rapidly growing Tai Ping Life Insurance Co. Ltd.”

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