November 1, 2017 / 10:53 AM / 5 months ago


(The following statement was released by the rating agency) HONG KONG, November 01 (Fitch) 本文章英文原文最初于2017年10月19日发布于:<a href="">Fitch Revises Outlook on Taikang Life to Negative on Higher Risky-Asset Exposure; Affirms at 'A' 惠誉评级已将泰康人寿保险有限责任公司(泰康人寿)的保险公司财务实力评级展望从稳定调整为负面,并确认泰康人寿的保险公司评级为‘A’级。惠誉同时将泰康保险集团股份有 限公司(泰康集团)的发行人违约评级展望从稳定调整为负面,并确认了泰康集团的评级为‘A-’,其8亿美元、票息率3.5%、2022年到期的高级无抵押债券的评级为‘B BB+’。 评级展望的调整反映出,随着风险性资产的敞口显著增大,泰康集团信用实力的脆弱程度上升。 关键评级驱动因素 截至2016年末,泰康集团的风险性资产占集团投资资产总额的比例从2015年的20%增至27%,达股东权益的3.6倍。在这种情况下,公司的资本金水平容易受到股市不 利波动和亏损的影响,因为其风险性资产大部分为股权相关,包括上市和非上市股票、优先股和股权投资计划,但部分具有固定期限和收益率的股权投资的风险较低。其余风险性资产 为投资性房地产。 风险性资产的敞口升高削弱了泰康集团及其主要全资子公司泰康人寿的实力,包括泰康人寿强大的品牌、广泛的分销网络、稳定的盈利能力以及充足的资本金水平。 泰康集团的集中度风险也有所上升,因为集团对中石油管道有限责任公司的108亿人民币股权投资约占泰康集团2016年末资本的26%,另有对保利房地产(集团)股份有限公 司(BBB+/稳定)的72亿人民币投资(约占2016年末集团资本的17%)。 包括债权投资计划及信托计划的另类投资(分类为贷款或固定收入投资)占投资总额的比例也显著,2016年末约占泰康集团投资资产16%。惠誉认为,这些投资类型主要集中于 地产和基础设施行业,透明度比债券低,更容易受到经济低迷的影响。 按照惠誉的Prism 风险导向资本模型(FBM)计算,截至2016年末,泰康集团的资本金水平保持在充足的水平,因为内部持续生成盈余。在中国风险导向偿付能力体系下,其核心和综合偿付比率 分别为262%和293%,仍然远高于分别为50%和100%的最低监管标准。 泰康人寿的市场地位稳健,2017上半年的原保费总额约为中国寿险市场的4.3%,为中国第七大寿险公司。集团较大的业务规模、以利润率为重心的战略使其盈利能力稳健,2 016年和2015年的税前运营资产收益率分别为2.0%和2.7%,内含价值也持续上升。 2017上半年泰康集团发行了8亿美元的高级债券并使用银行借款,其财务杠杆率水平上升。惠誉估计,2016年末泰康集团的杠杆率为35%(包括新增债务)。截至2016 年末,泰康集团共有32亿人民币的长期借款,主要用于开发养老社区。惠誉将贷款价值比率合理的借款视为经营性债务,未将其包含在财务杠杆率的计算中。 评级敏感性 下调评级的触发因素包括: - 按照惠誉的Prism 风险导向资本模型(FBM)计算,到2018年末,泰康集团的资本金水平低于“较高”的水平;或 - 风险性资产的敞口持续居高,高于资产负债表资本的2.5倍。 如果泰康集团能够达到以下标准,则评级展望可能调整为“稳定”: - 在惠誉的Prism 风险导向资本模型(FBM)下的得分提高至“较高”水平,同时财务杠杆率低于35%;且 - 风险性资产的敞口降低至资产负债表资本的2.5倍或以下。 联系人: 首席分析师 Joyce Huang(黄佳琪), CFA 董事 +852 2263 9595 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 Terrence Wong(王长泰) 董事 +852 2263 9920 评级委员会主席 Jeffrey Liew(刘思淇) 高级董事 +852 2263 9939 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 详情参见<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. 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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