December 8, 2016 / 6:18 AM / a year ago

惠譽:低利率對中國壽險公司的盈利能力造成壓力

(The following statement was released by the rating agency) Link to Fitch Ratings' Report: 2017 Outlook: China Life Insurers here HONG KONG, December 08 (Fitch) 本文章英文原文最初於2016年12月8日發布于:<a href="https://www.fitchratings.com/site/pr/1016084">Fitch: Low Interest Rates Pressure China Life Insurers' Profitability 惠譽評級在最新發布的一份報告中表示,中國的低利率對壽險公司的盈利能力造成壓力,壽險公司的盈利依賴于利差。 中國保險監督管理委員會(保監會)全面放開2.5%的最低保證利率限制於2015年10月開始生效,此後,中國的壽險公司對保單的定價更加激進。這可能會進一步壓縮其利差 。 壽險公司已經轉向投資風險更高的資產,以維持投資收益。在經濟增速放緩的情況下,此舉使公司的信用狀況更容易受到資本市場的不利波動以及潛在的信用質量惡化的影響。 另類投資(包括債務投資計劃、項目資產支持計劃、信託計劃及理財產品)、長期股權、地產及海外投資占中國壽險公司資產的份額加大。另類投資的流動性通常比普通債券差,並且 集中於基礎設施和房地產行業。 保監會對高現金價值產品的控管將會抑制2017年壽險行業的保費增長,並將對中國壽險公司的流動性管理帶來挑戰。資產負債久期錯配嚴重的保險公司將面臨更大的壓力。此類保 險公司的收入主要來自短期保單,同時將資產分配于長期投資。如果公司無法維持充足的新保費因應保險索賠或償付,流動性壓力可能升高。 惠譽對中國壽險行業的評級及行業展望維持為穩定,因為惠譽認為保險公司的評級受到穩健的市場地位、充足的資本金水平及外部融資能力的支持。關鍵的評級限制因素包括收益波動 性、資產風險及保險公司銷售同質儲蓄型保險產品的激烈競爭。 本報告《2017年展望:中國壽險公司》請參見<a href="https://www.fitchratings.com">www.fitchratings.com 或點擊本新聞稿上方鏈接。 聯繫人: Joyce Huang(黃佳琪) 董事 +852 2263 9595 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 Terrence Wong(王長泰) 董事 +852 2263 9920 Jeffrey Liew 高級董事 +852 2263 9939 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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