ING General Insurance receives A- rating

Standard & Poor’s Ratings Services has raised the insurer financial strength and long-term counterparty credit ratings on ING General Insurance Co. Ltd. (ING GIHK) to ‘A-‘ from ‘BBB+’.
S&P’s says the outlook is stable.
“The rating action reflects the company’s strengthened capitalization and strong and sustainable profitability,” S&P’s credit analyst Paul Clarkson says.
It also reflects strong local integration in terms of distribution and other cost sharing activities with the Hong Kong operation of its parent group, ING GROEP N.V. (AA-/Stable/–), according to S&P’s. The Netherlands based ING GROEP N.V. is a global financial services company, providing banking, insurance, and asset management services. While in Hong Kong, the group’s operations encompass life insurance, pensions, and general insurance.
Wider group support includes extensive access to the group reinsurance company, according to S&P’s.
On a standalone basis S&P’s says the rating reflects the company’s conservative investment portfolio, which has strong liquidity.
Although supported by distribution through other group members, S&P’s says its business position remains modest in the competitive operating environment of Hong Kong.