AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Samsung Property & Casualty Insurance Company (China), Ltd. (Samsung P/C China). The outlook of these Credit Ratings (ratings) is stable.

The ratings of Samsung P/C China reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Samsung P/C China is a non-life insurance company in China. The company is jointly owned by Samsung Fire & Marine Insurance Co. Ltd. (SFM), Shenzhen Tencent Domain Computer Network Company Limited (Tencent Domain), and four minority shareholders. Samsung P/C China continues to receive explicit and implicit support from SFM, including stable business relationships with affiliated Samsung entities and Korean Interests Abroad (KIA) clients, strong brand recognition, reinsurance support and underwriting know-how. The company also benefits from the distribution capabilities and extensive market outreach of Tencent Domain’s affiliated online platforms and overall management oversight.

AM Best assesses Samsung P/C China’s risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supplemented by its substantial capital buffer following the capital injection received in 2022, together with conservative investment strategy and relatively low level of underwriting leverage. The company holds a conservative investment appetite weighted towards fixed deposits and high-quality fixed-income products. AM Best views SFM and the parent group of Tencent Domain as being equipped with superior credit fundamentals. These shareholders also are expected to continue to provide financial and non-financial support to Samsung P/C China over the intermediate term.

Samsung P/C China has been one of the fastest growing non-life insurers despite having a market share of less than 1%. The company has built a stable commercial book and a growing personal line portfolio with the support of its two major shareholders. The company offers a wide range of insurance products including commercial property, liability, engineering, accident and health (A&H) and shipping return insurance. Samsung-affiliated businesses and KIA clients are primarily managed by Samsung P/C China’s direct channel, with client management, pricing and underwriting guidance supported by SFM. The company leverages on Tencent Domain’s affiliated platforms to acquire shipping return business and distribute A&H products, while continuing to diversify its third-party business sources by partnering with brokers, agents and external platforms. AM Best also views Samsung P/C China’s overall risk management practices as appropriate for its risk profile.

Samsung P/C China has delivered improved operating results despite a low single-digit return-on-equity in 2025. Group-related commercial business from the affiliated Samsung entities and KIA has been profitable and stabilises the company’s underwriting profitability. Shipping return and health insurance recorded double-digit premium growth and are expected to deliver gradually improving underwriting profits as Samsung P/C China continues to build scale and expand its customer base. Investment returns have been consistently positive, supported by a steady stream of interest income sourced from deposits and fixed-income investments.

Negative rating actions could occur if Samsung P/C China’s balance sheet strength materially deteriorates, due to a significantly reduced level of support from major shareholders, including financial flexibility and reinsurance. Negative rating actions could also arise if there is a reduced level of business and distribution support from major shareholders, which negatively impacts Samsung P/C China’s business profile assessment. While deemed unlikely over the intermediate term, positive rating actions may occur if the company demonstrates sustained and favourable operating performance with no material deterioration in its current balance sheet strength assessment.

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

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