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惠誉:新框架下中资保险公司的风险上升
April 20, 2017 / 2:55 AM / 6 months ago

惠誉:新框架下中资保险公司的风险上升

(The following statement was released by the rating agency) HONG KONG/SINGAPORE, April 19 (Fitch) 本文章英文原文最初于2017年3月27日发布于:<a href="https://www.fitchratings.com/site/pr/1021182">Fitch: Chinese Insurer Risks Are Rising Under New Framework 惠誉评级表示,部分中资寿险公司因长期股权投资风险敞口上升而面临更高、更集中的风险,由于在新的风险导向资本框架下,长期股权投资的资本要求因子较低。 保险公司的盈利能力因低利率而受到压力,因此转向收益率更高且风险更高的资产。这一策略通常包括增大另类投资的占比,如债权投资计划、信托计划、及投资性房地产等。部分保 险公司还增加了股权投资,尤其是长期股权投资。 在2016年1月开始实施的中国风险导向型偿付能力体系(偿二代)之下,长期股权投资的最低资本要求计算较为有利,其资本要求因子约为15%,而上市股票的资本要求因子则 为31%-48%。此外,长期股权投资不需要按市价计算其资产值,这意味着其至少在售出之前不会带来偿付能力的波动。部分寿险公司已利用这一优势,增持了对单个实体的股权 投资直至对该公司有重大影响,因此可以将其所持股份划分为长期股权投资。 我们认为,长期股权投资的潜在风险并非显着低于其他股权投资。反之,保险公司的风险变得更加集中,因为对单一实体的投资份额增大。我们估计部分保险公司目前对单一实体的股 权投资可以占其权益资本的50%以上。 集中的风险敞口会造成潜在的流动性问题。此类投资可能具有的较长期限意味着其可能无法匹配部分保险公司的短期保险负债结构,特别是那些着重销售万能险产品的公司。当出现预 料之外的流动性需求时,可能需要出售此类投资,由此可能引发巨大的资本损失。不需要按市价计算其资产值的制度亦使潜在损失增大,因为账面价值可能与市场价值完全不同,特别 是当保险公司需要在市场大幅波动的情况下售出该类投资时。 联系人: Terrence Wong(王长泰) 董事 +852 2263 9920 惠誉国际评级有限公司 香港中环德辅道中68号 万宜大厦19楼 Dan Martin 高级分析师 惠誉快讯 +65 6796 7232 本文章最初发布在惠誉快讯的信贷市场评论页面。原文章请参见www.fitchratings.com,文中的所有观点均为惠誉评级所有。 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 详情参见<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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