Moody’s Ratings has announced the withdrawal of China Life Insurance Singapore’s A3 insurance financial strength rating (IFSR) at the request of the issuer. The decision, made on 21 March 2025, follows a review of the insurer’s request to discontinue its rating. Prior to this withdrawal, the outlook for China Life Singapore was stable.
China Life Insurance Singapore, established in 2015, operates as a licensed life insurer under the regulation of the Monetary Authority of Singapore. It is an indirectly wholly owned subsidiary of China Life Group, and a wholly owned subsidiary of China Life Insurance Overseas Company Ltd, which holds an IFSR of A1 with a negative outlook. As of the end of 2023, the company reported total assets of $385m (SGD526m) and shareholders’ equity of $96 million (SGD131 million).
Moody’s decision to withdraw the rating aligns with its policy on credit ratings withdrawal, which is detailed on its website. The withdrawal of the rating does not reflect any change in the financial health or operational status of China Life Singapore but is purely based on the issuer’s request.
The implications of this withdrawal are primarily procedural, as it removes the public credit rating assessment from Moody’s, which could impact the transparency of the company’s financial strength to potential investors. However, the company remains a significant player in the Singaporean insurance market, backed by the substantial resources of its parent group.
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