June 7, 2017 / 3:41 AM / 2 months ago

惠譽確認華泰財險的保險公司財務實力評級為‘A’級,展望穩定

(The following statement was released by the rating agency) HONG KONG, June 06 (Fitch) 本文章英文原文最初於2017年5月25日發布于:<a href="https://www.fitchratings.com/site/pr/1024209">Fitch Affirms Huatai Property & Casualty's IFS at 'A'/Stable 惠譽評級已確認中國的華泰財產保險有限公司(華泰財險)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 確認評級反映出華泰財險強勁的獨立資本金水平、不斷提高的承保利潤率、利用再保險提高承保能力並降低巨災風險、以及穩定的流動性水平。惠譽認為華泰財險是華泰保險集團有限 公司(華泰保險集團)旗下的核心子公司。 華泰保險集團的合併口徑資本金水平非常強勁。按照惠譽的Prism風險導向型資本模型,2016年底時華泰保險集團的資本金水平為‘極為良好’。惠譽認為,在有需要時,華 泰保險集團有能力為其財險子公司持續提供資金支持。按照中國風險導向償付能力體系(償二代)框架計算,2016年底時,華泰財險的償付能力充足率為351%,遠高於100 %的最低監管要求。 惠譽認為華泰財險的財務表現和收入狀況良好。特定業務如交強險和責任險的賠付率改善,增強了公司2016年的總體承保利潤率。賠付率降低和費用率下降(主要因為業務及管理 費下降)使公司的綜合成本率從2015年的101%降至2016年的97%。 2016年華泰財險的總保費增長10%,與市場的平均增幅一致。但是,投資波動導致公司的資本利潤率由2015年的16.5%降低至2016年的8.5%。2016年,由 于股票市場的波動和利率變動,華泰財險的投資收益率由2015年的8.9%降至4.4%。 鑒於目前的資本金水平,華泰財險將繼續依靠再保險來抵禦極端承保波動或巨災導致的潛在賠款。2016年,公司通過再保險協議分出約13%的總保費給多個信貸質量良好的再保 險公司。其大多數主要再保險公司的保險公司財務實力評級均在‘A’(強勁)或之上。 華泰財險的流動性保持良好,2016年底,公司的流動性資產約為其凈未決賠款準備金的2.9倍,遠高於‘A’類IFS評級保險公司的中值。基於保險賠款負債的短尾特點,惠 譽認為華泰財險將繼續保持充足的流動性來支持其所需現金流。 華泰財險的評級的主要限制性因素包括有限的運營規模和激烈的市場競爭。惠譽預計,如果中國商業車險定價進一步市場化,且如果商業財險業務的定價持續疲軟,公司提升承保利潤 率的能力將受到限制。儘管2016年公司的費用率有所降低,但有限的運營規模限制了公司進一步降低費用率的能力。 華泰財險在中國財險行業的經營歷史逾二十年,2016年公司的保費總額增至72億人民幣,約占2016年中國非壽險市場的0.8%。 評級敏感性 下調評級的觸發性因素包括: - 華泰保險集團的資本實力持續惡化,按照惠譽Prism風險導向型資本模型計算的資本金水平低於‘良好’, - 華泰財險的承保利潤率降低,綜合成本率持續高於105%,或 - 華泰保險集團的合併口徑稅前資產收益率持續低於1%(2016年為2.7%)。 鑒於華泰財險目前的業務狀況及信用指標,惠譽近期不太可能上調其評級。在中期內,上調評級的觸發性因素包括: - 華泰財險承保利潤提高,並且綜合成本率低於95%, - 華泰保險集團加強其在中國的銷售網絡及商業品牌,使其整體運營穩定性得到提升,並且 - 按照惠譽Prism風險導向型資本模型,華泰保險集團的資本金水平為‘非常良好’或更高 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 Joyce Huang(黃佳琪) 董事 +852 2263 9595 評級委員會主席 Siew Wai Wan(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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