Cathay Life projects continued profitability: S&P

The life insurer is likely to remain the group's flagship entity, dominating revenue and assets.

Taiwan-based Cathay Life Insurance is seen to exude the same capacity to reach its obligations denominated in both local and foreign currencies, according to S&P Global Ratings.

By the end of 2023, over 65% of the insurer's total investments were in overseas assets, mostly high-grade, US dollar-denominated fixed-income assets.

The stable outlook suggests Cathay Life will continue to be a key driver of the Cathay Financial Holding (Cathay FHC) group's credit profile.

Other major subsidiaries of the group are also expected to maintain stable credit profiles.

Cathay Life is likely to remain the group's flagship entity, dominating revenue and assets. It is expected to maintain satisfactory capital and earnings over the next two years, aided by proactive asset liability management and reduced capital consumption due to slower growth in invested assets.

The Cathay FHC group is expected to remain prudent in capital management, including a supportive dividend policy for Cathay Life.

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