A.M. BEST AFFIRMS RATINGS OF WING LUNG INSURANCE COMPANY LTD.

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(BW)(NJ-A.M.-BEST) A.M. Best Affirms Ratings of Wing Lung Insurance Company Limited

Insurance Writers

OLDWICK, New Jersey (BUSINESS WIRE) - Dec 28, 2007 - A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Wing Lung Insurance Company Limited (WLI) (Hong Kong). The outlook for both ratings is stable.

The ratings reflect the company's continued improvement in its risk-adjusted capitalization, stable overall operating performance and consistently conservative investment strategy.

WLI's net earnings were strong in 2006, with after-tax profits of HKD 115 million (approximately US$15 million) from HKD 72 million (approximately US$9 million) the previous year. This favorable performance predominately resulted from a significant increase in investment income in 2006. Its return (after-tax) on equity (ROE) averaged 13.1 per cent during 2002-06.

The company experienced a slight increase in net loss ratio to 61.7 per cent in 2006 from 59.2 per cent in 2005, although its overall underwriting profitability remained sound. Its combined ratio stood at 92.5 per cent as of September 2007 (compared to 91.5 per cent in 2006). Given its existing underwriting discipline, WLI's underwriting profitability is likely to remain stable in the near term.