Reuters: Financial Services and Real Estate: TEXT-S&P: Fubon Insurance rtgs unaffected by capital plan

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TEXT-S&P: Fubon Insurance rtgs unaffected by capital plan May 2nd 2012, 08:36 Wed May 2, 2012 4:36am EDT May 02 - Standard & Poor's Ratings Services said today that the rating on Fubon Insurance Co. Ltd. (A-/Stable/--; cnAA/--) would not be affected by the company's channeling upstream of Taiwan dollar (NT$) 5.0 billion to its parent group, Fubon Financial Holding Co. Ltd. (Fubon FHC; BBB+/Stable/A-2; cnA+/cnA-1) on May 2, 2012. The move represents about 15% of Fubon Insurance's total shareholders' funds as of the end of 2011 and will not materially affect the insurer's credit profile, in our view. According to our capital model and assessment of the group's capital policies, Fubon Insurance's capitalization would remain strong relative to its overall risk profile, at about NT$27.1 billion (based on end-total shareholders' funds in 2011). Moreover, we expect the insurer's liquidity to remain satisfactory, due to its strong operating cash flows and holdings of highly liquid investments. This is despite the disposal of some liquid assets to execute the capital transfer. The upstreamed funds will be retained within the Fubon FHC group.

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