Can Huatai P&C accelerate commercial lines under Chubb?

S&P expects the insurer to benefit from Chubb’s expertise in underwriting, and more.

S&P Global Ratings expects Huatai P&C to capitalise on growth opportunities in China’s commercial line segment, forecasting a 5% to 7% increase in gross written premiums (GWP) over 2026 to 2027. 

The stable outlook reflects the insurer’s strategic role in Chubb Group’s expansion in China and the expectation of continued capital and operational support from the parent.

Huatai P&C became a Chubb subsidiary in July 2023, when the group acquired a controlling stake in Huatai Insurance Group and consolidated its legacy Chinese property and casualty operations. 

S&P expects the insurer to benefit from Chubb’s expertise in underwriting, reinsurance, and risk management whist pursuing profitable growth in commercial lines.

The insurer remains a mid-tier player in China, with around 0.6% market share by GWP, and retail lines accounted for 62.6% of premiums in the first nine months of 2025. 

S&P forecasts Huatai P&C’s combined ratio at 98%-99.5% over the next two years, reflecting thin but gradually improving underwriting margins, supported by tighter cost management and parent guidance.

Capital is expected to remain adequate, with solvency ratios well above regulatory minimums. 

High-risk asset exposure and expansion-related underwriting volatility are potential pressures, but S&P views parent support as sufficient to maintain a stable credit profile.