December 19, 2017 / 4:02 AM / a year ago


(The following statement was released by the rating agency) HONG KONG, December 18 (Fitch) 本文章英文原文最初于2017年11月26日发布于:<a href="">Fitch Affirms Yingda Taihe Property Insurance at 'A-'/Stable 惠誉评级确认中国的英大泰和财产保险股份有限公司(英大财险)的保险公司财务实力评级为‘A-’(强劲),展望稳定。 关键评级驱动因素 评级的确认表明英大财险强劲的经营盈利能力,以及公司由国有的电力企业——国家电网公司(国家电网,A+/展望稳定)持股99.4%;基于这种关联性,英大财险的评级是在 其自身独立信用评估的基础上上调一个子级得到的。国家电网通过多个全资或控股子公司(包括英大国际控股集团有限公司)持有英大财险。 惠誉预计英大财险将继续通过其母公司国家电网获得大量的高质量业务。来自国家电网的财产保险业务继续保持盈利且增长稳定。与同类企业相比,商业车险市场化改革对英大财险的 压力较小,因为公司主要为与母公司相关的个人和车辆提供车险产品。这强化了英大财险控制其费用率,并支撑整体承保盈利的能力。根据未经审计的财务报表,2017年上半年英 大财险的综合成本率为89%(2016年为99%,2015年为101%)。 公司的资本金处于良好水平,尽管英大财险在不断扩大其保险业务组合的过程中持续生成盈余。截至2017年第三季度末,英大财险在中国风险导向的偿付能力体系(偿二代)下的 综合偿付能力充足率为152%,仍然高于100%的最低监管要求,但在同类企业中处于较低水平,这部分是因为公司大量的财产保险业务在偿二代下的资本要求较高。按照惠誉的 Prism风险导向资本模型(FBM)计算,截至2017年上半年,英大财险的资本金评分保持为“适中”。英大财险计划在2018上半年发行资本补充债,以提升其偿付能力 充足率,但需要经过监管机构批准。 英大财险依靠再保险来强化其承保能力并缓解承保波动。2017上半年,公司的风险留存比率约为83%。2017年,英大财险提高了非水巨灾超赔再保险合约的限额,以管理公 司的巨灾风险敞口。 英大财险成立于2008年,2016年其毛保费总额为83亿人民币,占有0.9%的市场份额,在中国非寿险市场中排名第13位。 评级敏感性 评级下调的触发因素包括: - 股权结构发生重大变化,国家电网失去对英大财险的控股权; - 英大财险的缓冲资本减少,且惠誉FBM模型计算得出的资本金评分下降且持续低于‘适中’水平; - 英大财险的承保利润率持续降低,并且综合成本率高于105%;及 - 再保险保护不足导致巨灾风险大幅增加。 评级上调的触发因素包括英大财险有能力: - 将FBM模型计算的风险导向资本金水平提升且持续维持在‘强健’ 或以上水平; - 提高承保利润的稳定性,如综合成本率持续低于95%;且 - 拓宽分销网络的覆盖面。 联系人: 首席分析师 Mia Yang(杨敏) 分析师 +852 2263 9959 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 Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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