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== Executive summaryOverview ==
🏢 '''AXA Tianping.''' AXA Tianping Property & Casualty Insurance Co., Ltd.''' is athe fullylargest foreign-owned property and casualty (P&C) insurer domiciled in ShanghaiChina by premium volume, operating as thea largestwholly-owned foreignsubsidiary P&Cof insurerthe inFrench Chinamultinational byAXA premium volumeGroup.<ref name="AXAHK_WhoWeAreWhoWeAre">{{cite web |title=Who We Are |url=https://www.axa.com.hk/en/who-we-are |publisher=AXA Hong Kong |date=2024n.d.}}</ref> WhollyHeadquartered owned byin the AXAShanghai GroupPilot followingFree aTrade strategic buyout of local partners in 2019Zone, the company focusestransitioned heavilyfrom ona motorjoint insurance,venture whichto accountedfull forforeign approximatelyownership 66%between of2014 itsand gross written premium in 20222019.<ref name="JiemianAtlas">{{cite web |title=安盛天平投管能力刚遭“剃头”又遇处罚，连年亏损几时休？China: AXA completes acquisition of AXA Tianping |url=httpshttp://www.jiemianatlas-mag.comnet/articleen/9474997.htmlarticles/china-axa-completes-acquisition-axa-tianping-0 |publisher=JiemianAtlas NewsMagazine |date=20232020}}</ref> Despite facing consecutive annual net losses driven by a combined ratio exceeding 100%,While the insurer maintainshistorically afocused strongon solvencymotor ratioinsurance, andit holdsis ancurrently 'A'executing financiala strengthstrategic ratingdiversification frominto S&Phealth, Globalaccident, underpinnedand bycommercial significantlines capitalto supportmitigate andunderwriting technicallosses expertiseand fromhigh its parentcombined groupratios.<ref name="InsuranceAsia_Profit2026InsuranceAsiaProfit">{{cite web |title=AXA Tianping Property & Casualty Insurance to return to profit by 2026 |url=https://insuranceasia.com/insurance/news/axa-tianping-property-casualty-insurance-return-profit-2026 |publisher=Insurance Asia |date=20242025}}</ref> TheDespite companyoperational ischallenges, currentlyAXA executingTianping amaintains turnaroundrobust strategycapital thatadequacy involveswith diversifyinga intosolvency non-motorratio lines,exceeding such200% asand healthholds andan liability,'A' andfinancial leveragingstrength digitalrating platformsfrom toS&P improveGlobal, underwritingreflecting profitabilitystrong parental support.<ref name="Eastmoney_TurnaroundSPUpgrade">{{cite web |title=安盛天平华丽转身！多元化+国家战略成制胜关键Axa Tianping P&C handed rating upgrade as portfolio rejig, parent support strengthen performance |url=https://caifuhao.eastmoneyinsuranceasianews.com/newsportfolio-rejig-parent-support-to-strengthen-axa-tianping-pc-sp-global/20250923100453096520980 |publisher=EastmoneyInsurance Asia News |date=2025}}</ref>
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== Corporate identity & governance ==
📜 '''Legal snapshot.''' AXA Tianping Property & Casualty Insurance Co., Ltd. is a limited company registered in the Shanghai Pilot Free Trade Zone.<ref name="AnnualInfo_2023">{{cite web |title=Annual Information Disclosure |url=https://aidp.axa.cn/wp-content/uploads/2023/11/yearInfo_0032.pdf |publisher=AXA Tianping |date=2023}}</ref> Established on December 31, 2004, the entity is regulated by the China Banking and Insurance Regulatory Commission (CBIRC) under the C-ROSS solvency regime.<ref name="AnnualInfo_2023"/> Originally known as Tianping Auto Insurance, it transitioned to its current structure after AXA acquired 50% of the company in 2014 and the remaining 50% in 2019, becoming a wholly foreign-owned enterprise.<ref name="AXA_URD_2022">{{cite web |title=Universal Registration Document 2022 |url=https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com/83f21a68-30a9-47ef-938b-a8b2519c4ae8_axa_urd2022_accessibleb_va.pdf |publisher=AXA Group |date=2023}}</ref>
🔐📜 '''OwnershipLegal structuresnapshot.''' SinceAXA theTianping completionProperty of& theCasualty buyoutInsurance Co., Ltd. is a fully foreign-owned insurer domiciled in 2020Shanghai, China, regulated by the China Banking and Insurance Regulatory Commission (CBIRC).<ref name="AnnualInfo2022">{{cite web |title=AXA Tianping isAnnual Information 2022 |url=https://aidp.axa.cn/wp-content/uploads/2023/11/yearInfo_0032.pdf |publisher=AXA Tianping |date=2023}}</ref> Established on December 31, 2004, the entity was originally known as Tianping Auto Insurance before AXA Group acquired a 50% stake in 2014.<ref name="AnnualInfo2022"/> AXA acquired the remaining interest in 2019, consolidating the company as a wholly-owned subsidiary within AXA’sits international segment.<ref name="AXA_URD_2022UniversalReg2022">{{cite web |title=Universal registration document - Annual report 2022 |url=https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com/83f21a68-30a9-47ef-938b-a8b2519c4ae8_axa_urd2022_accessibleb_va.pdf |publisher=AXA Group |date=2023}}</ref> As of 2024, the direct sole shareholder is AXA (Bermuda) Ltd., following a CBIRC-approved restructuring, with ultimate control retainedheld by AXA S.A. in France.<ref name="SolvencyReport_2024SolvencyQ3">{{cite web |title=Solvency Report2024 Q3 2024Solvency disclosure |url=https://hk-axa-web-2020.cdn.axa-contento-118412.eu/hk-axa-web-2020/4e4fbc5a-cbd9-49f7-af61-00c1c80e7499_2024+Q3+Solvency+disclosure.pdf |publisher=AXA Tianping |date=2024}}</ref> The company has a registered capital of RMB 846.22 million and holds no public ticker or ISIN.<ref name="AnnualInfo_2023"/>
👔👥 '''Leadership compositionstructure.''' The Boardcompany is chairedled by Chairman Ms. Zhu Shamiao, a former Allianz China executive appointed in September 2022.<ref, name="AnnualInfo_2023"/>and CEO Mr. Kevin Chor (Zuo Weihao), serveswho asassumed Chiefthe ExecutiveGeneral Officer, having taken theManager role in December 2022 to address sustained losses.<ref name="AnnualInfo_2023AnnualInfo2022"/> FinancialThis oversightleadership isteam effectivelyrepresents manageda bygovernance AXAoverhaul Groupfollowing a period of sustained losses and executive turnover, withincluding boardthe directorexit Gillesof Fromageotthe providingprevious Executive Chairman in supervision2021.<ref name="AnnualInfo_2023LeadershipBio"/>{{cite web |title=The managementLeadership Team Bios |url=https://axaxl.com/about-us/our-leadership-team/bios blends|publisher=AXA localXL industry|date=n.d.}}</ref> Financial oversight is maintained by AXA Group through appointed directors, while the management bench combines local veterans with AXA expatriates to mitigate key person risk.<ref name="AnnualInfo_2023AnnualInfo2022"/>
🏭 '''Operational footprint.''' TheAXA insurerTianping operates nationwide with branch offices in major provinces and previouslya maintainedregistered a headcountcapital of approximatelyRMB 4,000846.22 million.<ref name="AnnualInfo_2023AnnualInfo2022"/> RecentThe operationalworkforce strategiescomprised haveapproximately focused4,000 onemployees costin the early reduction2020s, includingthough therecent consolidationyears ofhave branchseen operationsrestructuring andefforts ato redundancyconsolidate programbranches inand 2022reduce tostaffing in controlunprofitable expensesregions.<ref name="AnnualInfo_2023JiemianAnalysis">{{cite web |title=Analysis of AXA Tianping Losses and Penalties |url=https://www.jiemian.com/article/9474997.html |publisher=Jiemian News |date=2023}}</ref> TheStrategic companypivots hasinclude historicallya pivotedshift from its joint-venture origins and a digitalonline automotor focus toward a diversified multi-line strategy followingintegrated fullwith acquisitionAXA’s global operations.<ref name="JiemianUniversalReg2022"/>
⚖️ '''Regulatory environment.''' The company has faced regulatory scrutiny, including fines for data irregularities in 2023 and a temporary suspension of certain investment qualifications due to personnel turnover.<ref name="JiemianAnalysis"/> These events have prompted internal governance tightening as the new leadership implements a turnaround strategy.<ref name="JiemianAnalysis"/>
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== Strategic business description ==
📊 '''Line of business mix.''' AXA Tianping operates as a composite Property & Casualty insurer with a predominant focus on motor insurance.<ref name="Jiemian"/> In 2022, motor insurance, comprising mandatory liability and commercial auto, accounted for approximately 66% of gross written premiums.<ref name="Jiemian"/> Non-motor lines include health insurance (12%), personal accident (8%), liability (7%), and commercial property (4%), with the non-motor share rising to approximately 43% by the first half of 2025.<ref name="AnnualInfo_2023"/><ref name="InsuranceAsia_Profit2026"/>
📊 '''Line of business mix.''' The insurer is a composite P&C player with a historical reliance on motor insurance, which accounted for approximately 66% of gross written premium in 2022.<ref name="JiemianAnalysis"/> However, the non-motor share has risen significantly, reaching approximately 43% of premiums by the first half of 2025 as part of a diversification strategy.<ref name="InsuranceAsiaProfit"/> Key growth segments include health insurance, personal accident, and liability, though these lines have historically struggled with profitability.<ref name="AnnualInfo2022"/>
🌐 '''Distribution architecture.''' The company utilizes a multi-channel distribution model where insurance agents contribute 47% of premiums, followed by brokerages at 31% and direct sales at 21%.<ref name="Jiemian"/> While AXA Tianping was a pioneer in online direct motor insurance, it has increasingly relied on agent networks and strategic partnerships to drive volume.<ref name="Jiemian"/> Recent initiatives include cross-border auto insurance collaborations, such as a 2023 agreement with PICC P&C in Hong Kong.<ref name="AXAHK_MOU">{{cite web |title=AXA, AXA Tianping, and PICC Strengthen Cooperation |url=https://www.axa.com.hk/en/article/axa-axatianping-and-picc-strengthen-cooperation-mou-signed-on-green-action-global-project |publisher=AXA Hong Kong |date=2023}}</ref> ▼
▲🌐🚚 '''Distribution architecture.''' TheAXA companyTianping utilizes a multi-channel distribution model where insurance agents contribute roughly 47% of premiums, followed by brokeragesbrokerage channels at 31% and direct sales at 21%.<ref name=" JiemianJiemianAnalysis"/> While AXAthe Tianpingcompany was a pioneer in online direct motor insurance, it has increasinglyrecently reliedleaned more heavily on agent networks and strategic partnerships to drive volume.<ref name=" JiemianJiemianAnalysis"/> RecentNotable initiativespartnerships include cross-border auto insurance collaborations, such as a 2023 agreement with PICC P&C into Hongshare Kongresources for cross-border new-energy vehicle insurance.<ref name=" AXAHK_MOUGreenAction">{{cite web |title=AXA, AXA Tianping, and PICC Strengthen Cooperation |url=https://www.axa.com.hk/en/article/axa-axatianping-and-picc-strengthen-cooperation-mou-signed-on-green-action-global-project |publisher=AXA Hong Kong |date=2023}}</ref>
🏆 '''Market positioning.''' In the fragmented Chinese P&C market, AXA Tianping ranks as a mid-tier player overall but holds the position of the largest foreign P&C insurer by premium.<ref name="Eastmoney_2025">{{cite web |title=2024 P&C Premium Analysis |url=https://finance.eastmoney.com/a/202502173321061080.html |publisher=Eastmoney |date=2025}}</ref> Although its market share is a small fraction of the industry total, it leverages the global AXA brand and technical expertise to compete, particularly in serving international corporate clients.<ref name="AXAHK_WhoWeAre"/> The company distinguishes itself through value-added services and a strategic focus on new energy vehicles and green initiatives.<ref name="AXAHK_MOU"/>
🏆 '''Market positioning.''' As the largest foreign P&C insurer in China, AXA Tianping ranks first among foreign peers by premium but remains a mid-tier player in the overall market dominated by state-owned giants.<ref name="WhoWeAre"/> Its competitive advantage lies in leveraging the global AXA brand and technical pricing tools to attract international corporate clients and specialized business.<ref name="JiemianAnalysis"/> The company is actively aligning with national priorities, such as green insurance for new energy vehicles, to carve out niche leadership.<ref name="GreenAction"/>
⚠️ '''Risk landscape.''' Underwriting profitability is the primary challenge, with the combined ratio persistently exceeding 100% due to intense competition in motor insurance.<ref name="Jiemian"/> Regulatory and operational risks have also surfaced, including penalties for data irregularities and temporary limitations on investment management capabilities due to personnel turnover.<ref name="Jiemian"/> Cyber risk and market volatility in investment portfolios remain areas of management focus.<ref name="Jiemian"/>
⚠️ '''Risk landscape.''' Underwriting profitability is the primary challenge, with the combined ratio consistently exceeding 100% due to thin margins and price wars in the motor sector.<ref name="InsuranceAsiaProfit"/> Operational risks include regulatory compliance regarding data security and internal controls, highlighted by recent penalties.<ref name="JiemianAnalysis"/> Market risk is managed through a fixed-income heavy investment portfolio, avoiding the large duration mismatches typical of life insurers.<ref name="AnnualInfo2022"/>
🛡️ '''Risk mitigation.''' As an AXA Group subsidiary, the company benefits from robust reinsurance support, ceding catastrophic risks to both internal AXA vehicles and external reinsurers.<ref name="InsuranceAsia_Profit2026"/> Underwriting guidelines have been tightened to reduce exposure to high-frequency loss segments.<ref name="Jiemian"/> Investment risks are managed through a conservative asset allocation primarily focused on bonds and deposits, strictly adhering to regulatory and group-level risk limits.<ref name="AnnualInfo_2023"/> ▼
▲🛡️ '''Risk mitigation.''' As an AXA Groupa subsidiary, the company benefits from AXA Group’s robust reinsurance support, ceding catastrophic and large risks to both internal AXA vehicles and external reinsurers.<ref name=" InsuranceAsia_Profit2026InsuranceAsiaProfit"/> Underwriting guidelines have been tightened to reduce exposure to high-frequency loss segments in motor and fleet business.<ref name=" JiemianInsuranceAsiaProfit"/> Investment risks are managedmitigated throughby a conservative asset allocation primarilycapped focusedprimarily onin bonds and deposits, strictly adhering to regulatory andstrict group -level risk limitsappetites.<ref name=" AnnualInfo_2023AnnualInfo2022"/>
🏯 '''Competitive moat.''' AXA Tianping differentiates itself through advanced technical pricing tools, such as the AI pricing tool Akur8, and global analytical capabilities.<ref name="AnnualInfo_2023"/> The insurer's capital strength, supported by its parent company, allows it to pursue growth in specialized niches like green insurance where smaller competitors may be constrained.<ref name="InsuranceAsia_Profit2026"/> S&P Global recently upgraded its financial strength rating, citing this strong parental support as a key competitive asset.<ref name="InsuranceAsiaNews_PingAn">{{cite web |title=Ping An P&C H1 topline up 7% |url=https://insuranceasianews.com/ping-an-pc-h1-topline-up-7-cor-down-to-95-2/ |publisher=InsuranceAsia News |date=2025}}</ref>
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== Financial performance ==
=== Income statement flow ===
📉 '''Revenue and profitability trends.''' The company reports under Chinese GAAP/IFRS4. The following table summarizes key income metrics for the 2021-2023 period.
{| class="wikitable" style="font-size: 0.85em;"
|+ style="text-align: left;" | 📈 Financial performance overview (RMB millions / %) <ref name="JiemianAnalysis"/><ref name="TencentNews"/><ref name="AnnualInfo2022"/><ref name="SolvencyQ3"/><ref name="CEO43"/><ref name="InsuranceAsiaProfit"/>
|+ '''Income Statement Flow (RMB millions)'''<ref name="Jiemian"/><ref name="QQNews_Loss">{{cite web |title=保费越高净利越低！？ |url=https://news.qq.com/rain/a/20240723A0872900 |publisher=QQ News |date=2024}}</ref>
! style="text-align: left;" | Metric !! 2021 (IFRS4) !! 2022 (IFRS4) !! 2023 (IFRS4)
|-
| colspan="4" style="background-color: #eaecf0; font-weight: bold; text-align: left;" | Income statement flow (IFRS4)
|- style="background-color: #ffffff;"
| Gross Written Premium (GWP) || ¥5,940.0 || ¥6,075.0 || ¥6,535.0
|- style="background-color: #ffffff;"
|-
| Net Earned Premium || ¥5,499.0 || ¥5,490.5 || Not disclosed
|- style="background-color: #ffffff;"
|-
| Underwriting Result (Net) || –¥350 to –¥400 (est.) || –¥480 (est.) || –¥420 (est.)
|- style="background-color: #ffffff;"
|-
| Net Investment Income || ¥288.3 || ¥264.3 || ¥240± (est.)
|- style="background-color: #ffffff;"
|-
| Net Income (Reported) || –¥276.0 || –¥175.0 (loss) || –¥129.0 (loss)
|}
=== Balance sheet & capital adequacy ===
💰 '''Capital structure.''' The balance sheet reflects a debt-free structure with strong solvency ratios.
{| class="wikitable" style="font-size:0.85em"
|+ '''Balance Sheet & Capital Metrics (RMB millions)'''<ref name="AnnualInfo_2023"/><ref name="SolvencyReport_2024"/><ref name="CEONewsletter">{{cite web |title=CEO Newsletter Issue 43 |url=https://publication.axa.cn/2024/02/07/ceo-newsletter-issue43-pc/ |publisher=AXA Tianping |date=2024}}</ref>
! Metric !! 2021 !! 2022 !! 2023
|-
| colspan="4" style="background-color: #eaecf0; font-weight: bold; text-align: left;" | Balance sheet & capital metrics
|- style="background-color: #ffffff;"
| Total Invested Assets || ~¥8,500 (est.) || ~¥8,300 (est.) || ~¥8,500 (est.)
|- style="background-color: #ffffff;"
|-
| Total Technical Reserves || ~¥4,700 (est.) || ~¥4,900 (est.) || ~¥5,000 (est.)
|- style="background-color: #ffffff;"
|-
| Gearing Ratio (%Long-term Debt ) || ~¥0 % || ~1.6%¥45 || ~ 1.7%¥45▼|- style="background-color: #ffffff;"
| Shareholders’ Equity || ¥3,032.3 || ¥2,818.9 || ~¥2,620 (est.)
|- style="background-color: #ffffff;"
|-
▲| Gearing Ratio (% Debt) || ~0% || ~1.6% || ~1.7%
|-
| Solvency Ratio (C-ROSS) || 228% || 202% || 239%
|}
=== Key ratios & operational KPIs ===
📊 '''Performance indicators.''' Operational ratios highlight the underwriting challenges faced by the company.
{| class="wikitable" style="font-size:0.85em"
|+ '''Key Ratios (2021-2023)'''<ref name="InsuranceAsia_Profit2026"/><ref name="QQNews_Loss"/>
! Metric !! 2021 !! 2022 !! 2023
|-
| colspan="4" style="background-color: #eaecf0; font-weight: bold; text-align: left;" | Key operational ratios
|- style="background-color: #ffffff;"
| Return on Equity (ROE) || –8.9% || –5.9% || –4.7%
|- style="background-color: #ffffff;"
|-
| P&C Net Combined Ratio || ~111% || 108–109% || ~107%
|- style="background-color: #ffffff;"
|-
| Loss Ratio (Net) || ~73% || ~75% || ~72%
|- style="background-color: #ffffff;"
|-
| Expense Ratio (Net) || ~38% || ~34% || ~35%
|- style="background-color: #ffffff;"
|-
| P&C Retention Ratio || ~93% || ~90% || ~88%
|}
📈 '''Growth quality.''' Top-line growth has been volatile, marked by a sharp dip in 2021 due to motor market reforms, followed by a stabilization in 2022 and 7.6% growth in 2023.<ref name="TencentNews"/> Recent volume recovery is driven by non-motor lines and selective underwriting rather than pure price hardening in the soft motor market.<ref name="EastMoney2024">{{cite web |title=2024 Property Insurance Market Analysis |url=https://finance.eastmoney.com/a/202502173321061080.html |publisher=East Money |date=2025}}</ref> S&P projects robust annual growth of 7–10% through 2027, contingent on the successful execution of the company's diversification strategy.<ref name="InsuranceAsiaProfit"/>
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== Analytical commentary ==
📈 '''Growth quality.''' Top-line growth has exhibited volatility, with a sharp decline in 2021 followed by stabilization in 2022 and a 7.6% increase in GWP in 2023.<ref name="QQNews_Loss"/> Growth has shifted from pure price hardening in motor lines to volume recovery in non-motor segments like accident and liability.<ref name="Jiemian"/> S&P Global projects robust annual growth of 7–10% through 2027, driven by the company's diversification into SME commercial and new energy vehicle insurance.<ref name="InsuranceAsia_Profit2026"/>
📉📝 '''Underwriting discipline.''' Performance has been impactedhistorically byweak, awith the combined ratio (CR) consistently exceeding 100%, indicatingdriven sustained underwritingby losses in both commercial motor and health segments.<ref name="InsuranceAsia_Profit2026InsuranceAsiaProfit"/> WhileHowever, the expense ratioCR improved marginally to the mid-30s~107% in 20222023, dueand todata cost-cuttingfrom measures,H1 the2025 losssuggests ratioa remainsbreakthrough elevatedto duea tosmall highunderwriting claimsprofit frequencywith ina autoCR linesof 99%.<ref name="JiemianTransformation"/>{{cite Managementweb targets|title=AXA aTianping returnTransformation toand underwritingDiversification breakeven|url=https://caifuhao.eastmoney.com/news/20250923100453096520980 by|publisher=East Money |date=2025,}}</ref> supportedSustained byprofitability tighterdepends riskon selectioncontrolling commissions and arefining reductionrisk pricing in acquisitionthe face of fierce costscompetition.<ref name="InsuranceAsia_Profit2026InsuranceAsiaProfit"/>
💴💵 '''Investment engine.''' Investment income serves as a stablecritical buffer against underwriting losses, contributing approximatelya ¥264 million in 2022 with astable yield of approximately 3.2% in 2022.<ref name="AnnualInfo_2023JiemianAnalysis"/> The portfolio is conservatively allocated, with approximatelyroughly 80% in fixed- income assets such aslike bonds and deposits, and limitedminimal exposure to equities.<ref name="AnnualInfo_2023AnnualInfo2022"/> While 2022 resultssaw werelackluster dampenedreturns bydue to market volatility, the investment2024 strategymarket remainsrebound alignedis withexpected AXAto Group'sbolster focus on asset-liabilityinvestment managementcontributions.<ref name="JiemianEastMoney2024"/>
🏦 '''Solvency & capital management.''' TheCapital insureradequacy maintains aremains solid capital position, with a comprehensive solvency ratio of ~roughly 239% in 2023, wellsignificantly above the 100% regulatory requirementminimums.<ref name="CEONewsletterCEO43"/> CapitalThe qualitycompany ishas negligible financial leverage and a high,-quality capital base consisting entirely of Tier 1 core capital with negligible financial leverage.<ref name="AnnualInfo_2023AnnualInfo2022"/> S&P Globalupgraded viewsAXA theTianping’s capitalfinancial basestrength rating to 'A' (Stable) in aslate satisfactory2025, citing ongoingimproving commitmentmetrics fromand AXAthe Groupstrategic toimportance supportof itsthe Chinasubsidiary strategyto ifAXA necessaryGroup.<ref name="InsuranceAsia_Profit2026SPUpgrade"/>
🔮 '''Conclusion.''' AXA Tianping is undergoing a critical transformation aimed at achieving underwriting breakeven by 2025 and modest profitability by 2026.<ref name="InsuranceAsiaProfit"/> The strategy involves recalibrating the business model away from commoditized auto insurance toward diversified, higher-margin lines.<ref name="Transformation"/> Supported by robust solvency and institutional backing, the insurer is positioned to emerge as a resilient player, provided it can maintain expense discipline and navigate the competitive Chinese P&C landscape.<ref name="InsuranceAsiaProfit"/>
⭐ '''External ratings.''' Credit rating agencies recognize AXA Tianping as a strategically important subsidiary, with S&P Global upgrading its Financial Strength Rating to 'A' (Stable) in late 2025.<ref name="InsuranceAsiaNews_PingAn"/> The rating reflects the company's portfolio restructuring, narrowing losses, and the expectation of continued parental support.<ref name="InsuranceAsia_Profit2026"/> Despite recent losses, the insurer's external ratings remain high, signaling confidence in its improving financial trajectory and strong solvency.<ref name="InsuranceAsiaNews_Rating">{{cite web |title=Axa Tianping P&C handed rating upgrade |url=https://insuranceasianews.com/portfolio-rejig-parent-support-to-strengthen-axa-tianping-pc-sp-global/ |publisher=InsuranceAsia News |date=2025}}</ref>
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