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Fitch cuts Huaxia Life IFSR to BBB+
Fitch Ratings said it downgraded Huaxia Life Insurance Co. Ltd.'s insurer financial strength rating to BBB+ from A-.
The outlook is negative.
Fitch said the downgrade reflects the thin buffer in Huaxia Life’s risk-based capitalization partially due to dramatic increase in the company's exposure to equities and aggressive business expansion. The insurer financial strength rating is also constrained by the company's volatile operating results, with the 3Q15 results impaired by a decline in equity markets.
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