AM Best upgrades China Re Hong Kong's rating

AM Best has upgraded China Re Hong Kong's financial strength rating from "A-" to "A". The company's long-term credit rating has also been upgraded from "a-" to "a".

The outlook for the first rating remains stable, while the outlook for the second rating has been changed from stable to positive.

AM Best justifies its decision by the strategic importance and the integration of China Re Hong Kong within the China Re Group as the only overseas life reinsurance subsidiary. China Re HK is a subsidiary of China Re Life, which is entirely owned by China Re Group.

The ratings also reflect the Chinese group's strong balance sheet, operating performance, neutral business profile and appropriate enterprise risk management.