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A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Ping An Health Insurance Company of China, Ltd. (Ping An Health) (China). The outlook assigned to these Credit Ratings (ratings) is stable.

Ping An Health is a specialized health insurer that provides group and individual health insurance products in its domestic market. Headquartered in Shanghai, the company has branches in Beijing, Shanghai, Tianjin, Guangdong, Shenzhen, Liaoning, Jiangsu and Zhejiang. Ping An Health is a joint venture between Ping An Insurance (Group) Company of China, Ltd. (Ping An Group) (71.26% share) and Discovery, Ltd. (24.99% share), whose subsidiary, Discovery Health (Proprietary) Limited, is a market leader in South Africa’s health insurance segment.

The assigned ratings reflect Ping An Health’s sound risk-adjusted capitalization under recent capital strengthening, its diversified distribution channels (including affiliates’ distribution platforms and third-party online distribution channels), and the financial flexibility it receives from its two major shareholders, including public financial guarantees. The ratings also benefit from the business and operational support Ping An Group provides to Ping An Health, which plays an important role in the group’s strategy.

Offsetting rating factors include historical weak operating performance due to intense market competition, the execution risk of an ambitious business plan, and the pricing risk from target growth products’ underlying loss ratio assumptions due to a short history of product experience.

Positive rating actions could occur if Ping An Health can turn around its negative underwriting performance and continuously demonstrate stable and favorable operating results. Negative rating actions could occur if Ping An Group reduces the level of support to Ping An Health or Ping An Health’s risk-adjusted capitalization declines sharply due to a material operating loss.

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

This press release relates to Credit Ratings 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 see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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