A.M. Best Comments on Ratings of China Reinsurance (Group) Corporation and Its Subsidiaries Following Initial Public Offering

HONG KONG--()--A.M. Best has commented that the financial strength rating of A (Excellent) and the issuer credit ratings of “a” of China Reinsurance (Group) Corporation (China Re) and its subsidiaries, China Property & Casualty Reinsurance Company Ltd. (China Re P&C), China Life Reinsurance Company Ltd. (China Re Life) and China Continent Property & Casualty Insurance Company Ltd. (CCIC), remain unchanged following China Re’s initial public offering (IPO) and listing on the Hong Kong Stock Exchange (HKEx) on October 26, 2015. All the above companies are domiciled in China.

China Re raised approximately HK$15.6 billion (US$2.45 billion) from its IPO of 5.77 billion H shares on the HKEx at HK$2.70 per H share. The net proceeds after deducting the underwriting fees, commissions and expenses are estimated to be approximately HK$15.1 billion (US$2.38 billion) according to China Re’s announcement published on the HKEx’s website.

Following the listing on the HKEx, the listed H shares of China Re represent 15.05% of the total number of ordinary shares issued by China Re. As a publicly listed company, China Re will gain added financial flexibility and access to capital markets.

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

This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Ken Chow, +852-2827-3426
Senior Financial Analyst
ken.chow@ambest.com
or
Moungmo Lee, +65-6859-8412
Managing Director, Analytics
moungmo.lee@ambest.com
or
Christopher Sharkey, +(1) 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +(1) 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Ken Chow, +852-2827-3426
Senior Financial Analyst
ken.chow@ambest.com
or
Moungmo Lee, +65-6859-8412
Managing Director, Analytics
moungmo.lee@ambest.com
or
Christopher Sharkey, +(1) 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +(1) 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com