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


(The following statement was released by the rating agency) HONG KONG, June 06 (Fitch) 本文章英文原文最初于2017年5月25日发布于:<a href="https://www.fitchratings.com/site/pr/1024209">Fitch Affirms Huatai Property & Casualty's IFS at 'A'/Stable 惠誉评级已确认中国的华泰财产保险有限公司(华泰财险)的保险公司财务实力评级为‘A’(强劲),评级展望为稳定。 关键评级驱动因素 确认评级反映出华泰财险强劲的独立资本金水平、不断提高的承保利润率、利用再保险提高承保能力并降低巨灾风险、以及稳定的流动性水平。惠誉认为华泰财险是华泰保险集团有限 公司(华泰保险集团)旗下的核心子公司。 华泰保险集团的合并口径资本金水平非常强劲。按照惠誉的Prism风险导向型资本模型,2016年底时华泰保险集团的资本金水平为‘极为良好’。惠誉认为,在有需要时,华 泰保险集团有能力为其财险子公司持续提供资金支持。按照中国风险导向偿付能力体系(偿二代)框架计算,2016年底时,华泰财险的偿付能力充足率为351%,远高于100 %的最低监管要求。 惠誉认为华泰财险的财务表现和收入状况良好。特定业务如交强险和责任险的赔付率改善,增强了公司2016年的总体承保利润率。赔付率降低和费用率下降(主要因为业务及管理 费下降)使公司的综合成本率从2015年的101%降至2016年的97%。 2016年华泰财险的总保费增长10%,与市场的平均增幅一致。但是,投资波动导致公司的资本利润率由2015年的16.5%降低至2016年的8.5%。2016年,由 于股票市场的波动和利率变动,华泰财险的投资收益率由2015年的8.9%降至4.4%。 鉴于目前的资本金水平,华泰财险将继续依靠再保险来抵御极端承保波动或巨灾导致的潜在赔款。2016年,公司通过再保险协议分出约13%的总保费给多个信贷质量良好的再保 险公司。其大多数主要再保险公司的保险公司财务实力评级均在‘A’(强劲)或之上。 华泰财险的流动性保持良好,2016年底,公司的流动性资产约为其净未决赔款准备金的2.9倍,远高于‘A’类IFS评级保险公司的中值。基于保险赔款负债的短尾特点,惠 誉认为华泰财险将继续保持充足的流动性来支持其所需现金流。 华泰财险的评级的主要限制性因素包括有限的运营规模和激烈的市场竞争。惠誉预计,如果中国商业车险定价进一步市场化,且如果商业财险业务的定价持续疲软,公司提升承保利润 率的能力将受到限制。尽管2016年公司的费用率有所降低,但有限的运营规模限制了公司进一步降低费用率的能力。 华泰财险在中国财险行业的经营历史逾二十年,2016年公司的保费总额增至72亿人民币,约占2016年中国非寿险市场的0.8%。 评级敏感性 下调评级的触发性因素包括: - 华泰保险集团的资本实力持续恶化,按照惠誉Prism风险导向型资本模型计算的资本金水平低于‘良好’, - 华泰财险的承保利润率降低,综合成本率持续高于105%,或 - 华泰保险集团的合并口径税前资产收益率持续低于1%(2016年为2.7%)。 鉴于华泰财险目前的业务状况及信用指标,惠誉近期不太可能上调其评级。在中期内,上调评级的触发性因素包括: - 华泰财险承保利润提高,并且综合成本率低于95%, - 华泰保险集团加强其在中国的销售网络及商业品牌,使其整体运营稳定性得到提升,并且 - 按照惠誉Prism风险导向型资本模型,华泰保险集团的资本金水平为‘非常良好’或更高 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 Joyce Huang(黄佳琪) 董事 +852 2263 9595 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: 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。 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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