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December 23, 2016 / 3:19 AM / in 7 months


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(The following statement was released by the rating agency) HONG KONG, December 22 (Fitch) 本文章英文原文最初於2016年12月16日發布于:<a href="">Fitch Affirms Yingda Taihe Property Insurance at IFS 'A-'; Outlook Stable 惠譽評級已確認中國的英大泰和財產保險股份有限公司(英大財險)的保險公司財務實力評級為‘A-’,展望穩定。 關鍵評級驅動因素 評級的確認表明英大財險能夠維持經營盈利,以及公司由國有的電力企業——國家電網公司(國家電網,A+/展望穩定)持股99.4%;基於這種關聯性,英大財險的評級是在其 自身獨立信用評估的基礎上上調一個子級得到的。國家電網通過多個全資子公司(包括英大國際控股集團有限公司)持有英大財險。 儘管持續生成盈餘,隨著英大財險不斷擴大其保險業務組合,公司的資本金水平逐步降至適度水平。截至2016年第三季度末,英大財險在中國風險導向的償付能力體系(償二代) 下的綜合償付能力充足率為150%,仍然高於100%的最低監管要求,但在同類企業中處於較低水平,這是因為公司的財產保險業務的資本要求較高。按照惠譽的Prism風險 導向資本模型(FBM)計算,截至2016年上半年,英大財險的資本金評分仍舊為“充足”。 惠譽預計英大財險將保持足夠的緩衝資本,以抵禦其商業財產保險風險敞口較大所致的極端承保波動。鑒於英大財險的緩衝資本水平並不是很高,英大財險依靠再保險來強化其承保能 力並緩解承保波動性。2016年上半年,公司的風險分出比率約為17%。在2016年,英大財險提高了非水巨災超賠再保險合約的保護限額,以控制公司的巨災風險敞口。 惠譽預計英大財險將繼續通過其母公司國家電網獲得大量的高質量業務。來自國家電網的財產保險業務將保持良好的承保業績及穩定的增長。商業車險市場化改革對英大財險有良性影 響,賠付率降低但費用率升高,與同類企業的情況類似。但是,惠譽認為英大財險車險業務的承保盈利能力很難提升,因為其運營規模有限。儘管2015年公司的賠付率小幅惡化, 公司的總體承保利潤率將維持穩定。根據未經審計的財務報表,2016年上半年英大財險的綜合賠付率為92%(2015年為101%)。 評級敏感性 評級下調的觸發因素包括: - 股權結構發生重大變化,國家電網失去對英大財險的控股權; - 英大財險的緩衝資本減少,且惠譽FBM模型計算得出的資本金評分下降且持續低於‘充足’水平; - 英大財險的承保利潤率持續降低,並且綜合成本率高於105%;及 - 再保險保護不足導致巨災風險大幅增加。 評級上調的觸發因素包括,英大財險有能力: - 將FBM模型計算的風險導向資本金水平提升到‘良好’ 或以上水平; - 提高承保利潤的穩定性,如綜合成本率持續低於95%;且 - 拓寬分銷網絡的覆蓋面。 聯繫人: 首席分析師 Mia Yang(楊敏) 分析師 +852 2263 9959 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 Terrence Wong(王長泰) 董事 +852 2263 9920 評級委員會主席 Jeffrey Liew(劉思淇) 高級董事 +852 2263 9939 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 詳情參見<a href=""> 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. 15 Sep 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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