S&P affirms China Life

S&P said it affirmed the A+ long-term issuer credit ratings on China Life Insurance Co. Ltd. and affirmed the A- long-term issue rating on its unsecured core tier 2 notes.

The agency also affirmed the A long-term issuer credit rating on China Life Insurance (Overseas) Co. Ltd. and affirmed the A- long-term issue rating on its outstanding notes.

The outlook is negative.

The agency removed the ratings from CreditWatch, where they were placed with negative implications on Sept. 22.

“We affirmed the rating on China Life to reflect our view that the insurer's capital adequacy will remain at current levels, albeit with thinning capital buffers, over the next two years, given China Life's asset-growth plans and reserving provisions over the period,” S&P said in a news release.

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