AM Best Upgrades PICC Hong Kong's Credit Ratings 

KUALA LUMPUR, July 16 (Bernama) -- AM Best has upgraded the financial strength rating of The People's Insurance Company of China (Hong Kong) Ltd (PICC HK) to A (Excellent) from A- (Excellent) and the long-term issuer credit rating to “a” (Excellent) from “a-” (Excellent).

Concurrently, the global credit rating agency also revised the outlook on these credit ratings (ratings) to stable from positive.

The ratings also reflect PICC HK's strategic importance to its parent, The People's Insurance Company (Group) of China Ltd (PICC Group).

In a statement, AM Best said the upgrades reflect sustained improvement in PICC HK's business scale, supported by a stronger market position and growth in its inward reinsurance business.

According to AM Best, PICC HK ranked eighth among Hong Kong's primary non-life insurers in 2025 with a 3.8 per cent market share based on gross premiums written.

PICC HK has expanded its inward reinsurance portfolio with global diversification and recorded double-digit premium growth by leveraging opportunities linked to Chinese interests abroad by leveraging its affiliated company, PICC Property & Casualty Company Limited (PICC P&C).

AM Best said the insurer maintained the strongest level of risk-adjusted capitalisation at the end of 2025, supported by a diversified investment portfolio, healthy solvency position and strong liquidity.

It also noted that PICC HK remains strategically important to the PICC Group, benefiting from operational synergies and both explicit and implicit support.

-- BERNAMA