Fitch Ratings downgrades outlook for six Chinese insurers

Fitch Ratings has confirmed the ratings of seven Chinese insurers and revised the outlook for six of them to negative. The outlook on the seventh entity, China Life Insurance Company Limited's (IFS financial strength rating, A+), remains stable.

This decision came after the agency downgraded the outlook for China's long-term foreign currency issuer default rating (IDR) from stable to negative.

This revision concerns six insurers: China Export & Credit Insurance Corporation (IFS A+), China Taiping Insurance Group (long-term IDR A), China Taiping Insurance Group (HK) Company (long-term IDR A), China Taiping Insurance Holdings Company (long-term IDR A), Taiping Life Insurance Company (IFS A+) and PICC Life Insurance Company (IFS A+).