December 20, 2017 / 7:14 AM / a year ago


(The following statement was released by the rating agency) HONG KONG, December 20 (Fitch) 本文章英文原文最初於2017年11月26日發布于:<a href="">Fitch Affirms Urtrust Insurance at IFS 'BBB'; Outlook Stable 惠譽評級確認中國的汽車保險公司眾誠保險有限公司(眾誠保險)的保險公司財務實力評級為‘BBB’級(良好),展望穩定。 關鍵評級驅動因素 評級的確認表明眾誠保險的資本金水平強勁、承保業績相對較弱、並且因為能夠通過其母公司的營銷網絡擴大其車險覆蓋率而具有良好的業務狀況。眾誠保險於2011年6月取得營 業執照,其後開始在中國承接非壽險業務,2017年前9個月內眾誠保險在中國非壽險市場中占據0.1%的市場份額。中國第六大汽車製造商廣州汽車集團股份有限公司(廣汽) 對眾誠保險持股60%。 眾誠保險的資本金水平仍然保持強勁。按照惠譽的Prism風險導向資本模型(FBM)計算,截至2017年上半年年末,公司的資本金評分為“非常良好”,截至2017年第 三季度末,在中國風險導向的償付能力體系(償二代)下,公司的綜合償付能力充足率達到359%,遠高於100%的最低監管要求。強勁的資本金水平將能夠為潛在的投資風險和 與業務擴張帶來的承保波動性提供緩衝。 惠譽預計,鑒於眾誠保險的承保虧損和業務擴張,股東將持續為其注資。本質上,廣州市政府通過廣汽及其他多個控股實體管控眾誠保險。眾誠保險預計將在2018年獲得更多的資 本金注入,用於補充公司的償付能力充足率並支持其未來投資。 眾誠保險利用其廣汽的獨特股東背景,成功進入競爭激烈的中國車險市場。2016年,公司的毛保費中約有90%集中於車險業務。隨著中國商業車險市場化改革使市場競爭加劇, 未來兩至三年內公司的承保盈利能力可能面臨壓力。2015年至2017上半年,眾誠保險的綜合成本率平均為112.5%。 惠譽預計,在眾誠保險擴大分銷覆蓋面的過程中,其承保業績將保持相對較弱。公司的絕對經營規模較小,加之來自擴張分銷網絡、設立分支機構和品牌建設的非經常性費用,在近期 內將會限制眾誠保險降低承保費用的能力,並將限制公司進一步提升承保穩定性的能力。 惠譽預計,由於資本金規模較小,眾誠保險將繼續依靠再保險來擴大其承保能力並緩解承保波動性。2015年至2017上半年,公司的風險留存比率約為86%。2017年,眾 誠保險增加了非水巨災超賠再保險合約,再保險安排之後的最大可能損失額相對其資本金規模而言在可以接受的水平。 截至2017年上半年,眾誠保險的高風險資產(包括股票、非上市股權、股權類投資基金和理財產品)約占其股東權益的33%左右,遠低於保險公司財務實力評級為‘BBB’的 非壽險保險公司的中值比率參考值100%。公司具有充足的流動性可以覆蓋其短尾的保險債務。截至2017年上半年年末,流動資產為其凈賠付準備金的3.3倍,或其凈保險業 務準備金的1.3倍。 評級敏感性 評級下調的觸發因素包括: - 失去來自廣汽的分銷支持, - 惠譽FBM模型計算得出的資本金評分下降且持續低於‘強健’水平, - 再保險保護不足導致巨災風險大幅增加, 或 - 經營利潤率低於原商業計劃中的預期水平,並且綜合成本率持續高於125%。 評級上調的觸發因素包括眾誠財險有能力: - 增強承保能力,且綜合成本率持續低於103%, - 拓寬分銷網絡及地域覆蓋面,且 - 維持FBM模型計算的風險導向資本金評分在‘強健’或以上水平。 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. 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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