March 9, 2017 / 9:55 AM / 10 months ago


(The following statement was released by the rating agency) HONG KONG, March 09 (Fitch) 本文章英文原文最初于2017年3月5日发布于:<a href="">Fitch Affirms Sunshine Insurance Group's Subsidiaries at IFS 'A' 惠誉评级已确认中国阳光人寿保险有限公司(阳光人寿)和阳光财产保险股份有限公司(阳光财险)的保险公司财务实力评级为‘A’级,惠誉同时确认阳光人寿的长期发行人违约评 级为‘A-’,上述评级的展望为稳定。 完整评级行动列表请见本评级行动评论末尾。 关键评级驱动因素 确认评级反映出这两家公司持续盈利的经营业绩、业务稳健增长、流动性强劲、并且具有全国范围的分销网络覆盖。但是,2016年第三季度缓冲资本减少制约了这两家公司的评级 。惠誉认为阳光财险和阳光人寿都是阳光保险集团有限公司(阳光保险集团)的核心子公司。 由于持续的新业务增长及对股权投资的增加,2016年第三季度末,阳光人寿在中国风险导向偿付能力体系(偿二代)下的法定偿付比率由2015年底时的327%降低至247 %。持续的盈余增长以及次级债的发行使得阳光财险能够将其法定偿付比率维持在2016年第三季度末时的266%(2015年底时为266%)。按照惠誉的Prism信用因 素导向型资本模型计算,2016年第三季度末,阳光保险集团的合并口径风险导向资本金水平已由2015年底时的“良好”降低至“充足”。尽管如此,惠誉预计阳光保险集团将 通过持续盈余及潜在的注资,将其FBM资本金得分稳步提升至“良好”水平。 尽管2016年商业车险费率市场化改革全面推开,阳光财险继续维持稳定的承保盈利能力。汽车保险是阳光财险保险业务组合中的主要业务板块,该板块继续维持盈利。2016年 第三季度,公司的综合成本率维持在95%(2015年为95%)。保费收入持续扩大推动阳光人寿有效业务价值在2016年第三季度取得增长。2016年第三季度,阳光人寿 的年化税前运营资产收益为1.8%。 阳光财险通过多个再保险协议将业务风险分出,以支撑其承保能力,并减少来自灾难的潜在承保波动。2016年第三季,阳光财险的风险自留比率为97%。按照可能发生的最大净 损失额衡量,阳光财险的巨灾风险相对其自身的资本金水平仍处于可控水平。 截至2016年第三季度,阳光人寿的风险资产(包括股票、股权、权益类共同基金及地产投资)占其股东权益的211%。阳光人寿还面临与一笔投资相关的集中度风险。惠誉预计 ,随着公司的保险业务组合继续扩大,阳光人寿将把风险资产敞口降低至可控水平(相对其自身资本金)。 阳光财险的评级是建基于其全国分销能力及其在中国的过往运营业绩记录。阳光财险是中国第七大非寿险公司,其市场份额维持在3%左右。2016年前9个月中,阳光人寿的市场 份额为1.7%(以原保费计算)。 评级敏感性 评级下调触发因素包括: - 按照惠誉的Prism FBM资本模型衡量,阳光保险集团按集团合并报表的资本金水平持续低于“良好”类; - 阳光保险集团的运营利润率持续下降,阳光财险的综合成本率持续高于103%; - 阳光财险的再保后巨灾风险相对其资本金水平取大幅增加,或 - 阳光保险集团的财务杠杆率升高,长期高于35%。 鉴于整个集团现在的信用状况,惠誉认为短期内不太可能上调阳光人寿和阳光财险的评级。但是,可能触发评级上调的中长期因素包括: - 按照惠誉的Prism FBM资本模型衡量,阳光保险的资本金水平至少能维持在“良好” 或以上,其按合并报表的财务杠杆率维持在20%以下; - 阳光财险维持其运营业绩,综合成本率降低并长期低于95%以下;以及 - 阳光人寿维持其有效业务价值和新业务价值的良好增长。 完整评级行动列表 阳光财险 -保险公司财务实力评级确认为‘A’,展望稳定 阳光人寿 -保险公司财务实力评级确认为‘A’,展望稳定 -发行人违约评级确认为‘A-’,展望稳定 -5亿美元、票息率2.5%、将于2019年到期的高级无抵押票据的评级确认为‘A-’ -7亿美元、票息率3.15%、将于2021年到期的高级无抵押票据的评级确认为‘A-’ -3亿美元、票息率4.5%、将于2026年到期的高级无抵押票据的评级确认为‘A-’ 联系人: 首席分析师 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 第二分析师 Jeffrey Liew(刘思淇) 高级董事 +852 2263 9939 评级委员会主席 Siew Wai Wan(尹兆伟) 高级董事 +65 6796 7217 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 相关评级标准《保险公司评级方法论》(2016年9月15日版)请参见<a href=""> 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 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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