June 20, 2017 / 1:52 AM / in 6 months

惠譽確認中華聯合財險的評級為‘A-’,展望穩定

(The following statement was released by the rating agency) HONG KONG, June 19 (Fitch) 本文章英文原文最初於2017年6月14日發布于:<a href="https://www.fitchratings.com/site/pr/1025145">Correction: Fitch Affirms China United Property Insurance at 'A-'; Outlook Stable 惠譽評級已確認中華聯合財產保險有限公司(中華財險)的保險公司財務實力評級為‘A-’(強勁),評級展望為穩定。 關鍵評級驅動因素 該評級是在公司的獨立信用評估的基礎上上調了一個子級得到的,因為中華財險由中國東方資產管理公司(東方資產,A/穩定)持有。 獨立信用評估反映出中華財險不斷改善的法定償付能力充足率、其在農業保險方面具有的競爭優勢、利用再保險緩解承保波動性、以及過往的經營盈利能力。評級還將公司波動的經營 業績、其主要業務——車險業務面臨的競爭壓力、及增高的財務槓桿率納入了考量。 中華財險由東方資產最終持有,東方資產通過持有中華聯合保險集團股份有限公 司(中華保險集團)51%的股份控制中華財險,中華控股對中華財險的持股比例為87.93%。惠譽預計,隨著中華財險的持續發展,東方資產這一國有企業會對其提供資產管理 和資本金的支持。 中華財險具有充足的資本金水平和適當的槓桿率。2016年底,公司在中國風險導向的償付能力體系(簡稱償二代)框架下的綜合償付能力充足率由2015年底的213%提升至 291%。2016年第四季度,中華財險發行了60億人民幣的次級債,來強化其法定資本金水平,但由此導致2016年底時的財務槓桿率升高至31%左右(2015年底時杠 桿率為零)。 公司的緩衝資本(按照惠譽的Prism FBM資本模型計算)及凈保費槓桿率仍然較低,儘管償付能力充足率有所提高。 2016年底時,公司的FBM資本金水平仍然為‘充足’,而2016年公司的凈保費槓桿率約為2.7倍,弱於獲得‘BBB’保險公司財務實力評級的非壽險企業的中值。 惠譽認為,儘管存在承保波動,中華財險的財務業績和收入強勁。公司2016年的承保利潤率降低,部分原因是2013年特大火災結案後的賠款支付。儘管如此,過去三年內,中 華財險的平均綜合成本率為98.9%,優於獲得‘A’級保險公司財務實力評級的保險公司的中值水平。 商業車險定價市場化也削弱了中華財險2016年的承保業績。公司的綜合成本率由2015年的99.2%升高至2016年的102.8%。公司已停止承保利潤微薄的商用車保 險,以改善業務質量。 中華財險是中國第五大非壽險保險公司,按原保費總額計,2016年其市場份額為4.2%。自1986年成立以來,公司一直積極地承保受政策支持的農業保險。惠譽預計中華財 險仍將是中華保險集團的主要利潤來源。 鑒於公司目前的業務組成和資本金水平,中華財險將持續依賴再保險來減少其巨災風險敞口。公司將其保費的7%左右分出給具有良好信用質量的多個再保險公司。大部分主要再保險 公司都具有‘A-’或以上的保險公司財務實力評級。 儘管中華財險對流動性較低的另類資產的投資進一步增加,但其風險資產敞口仍然可控。截至2016年底,公司對信託計劃、基礎設施債權計劃、和由保險資產管理公司所發行的資 產管理產品和基金的投資占公司總投資資產的32%左右,約為其股東權益的114%。 評級敏感性 可能導致評級下調的觸發事件包括: - 所有權結構發生重大變化,東方資產失去通過中華保險集團對中華財險的控股權; - 按惠譽Prism FBM資本模型計算,中華財險的資本金水平下降並長期低於‘充足’水平,或在償二代框架下計算的綜合償付能力充足率長期低於200%; - 承保盈利能力持續降低,綜合成本率長期高於103%,或 - 公司的財務槓桿率上升至高於35%。 鑒於中華財險按惠譽Prism FBM資本模型計算得出的較弱的資本金水平以及目前的信用指標,近期不太可能上調其評級。在中期內,可能導致評級上調的觸發事件包括: - 公司按惠譽Prism FBM資本模型計算的資本金水平提升至‘良好’或更高; - 公司經營業績的穩定性強化,且綜合成本率持續低於97%;並且 - 財務槓桿率維持在25%以下。 聯繫人: 首席分析師 Terrence Wong(王長泰) 董事 +852 2263 9920 惠譽國際評級有限公司 香港中環德輔道中68號 萬宜大廈19樓 第二分析師 Jeffrey Liew(劉思淇) 高級董事 +852 2263 9939 評級委員會主席 Wan Siew Wai(尹兆偉) 高級董事 +65 6796 7217 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 Applicable Criteria Insurance Rating Methodology (pub. 26 Apr 2017) here Additional Disclosures Solicitation Status here#solicitation Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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