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January 6, 2017 / 6:47 AM / a year ago


(The following statement was released by the rating agency) HONG KONG, January 06 (Fitch) 本文章英文原文最初於2016年12月22日發布于: <a href="">Fitch Rates Taikang Life at IFS 'A'; Outlook Stable 惠譽評級已授予泰康人壽保險股份有限公司(泰康人壽)‘A’的保險公司財務實力評級,展望穩定。泰康人壽於2016年11月28日成立,是泰康保險集團有限公司(泰康集團 )的全資子公司。 惠譽同時確認並撤銷泰康集團‘A’/穩定的保險公司財務實力評級。此次撤銷評級是因為泰康集團正在進行重組;泰康集團已表示計劃自2016年12月31日起將與其壽險業務 相關的所有資產、負債和業務(包括經營壽險業務的子公司和分公司)轉移至泰康人壽。 關鍵評級驅動因素 該評級反映了泰康人壽強大的品牌、廣泛的分銷網絡和良好的盈利能力;該評級也將泰康人壽的資本金水平考慮在內,其資本金水平仍然容易受到資本市場不利變動的影響。 泰康人壽擁有穩固的市場地位,2015年公司占中國壽險市場總保費的4.8%,是中國第八大壽險公司。泰康人壽較大的業務規模和專注利潤的戰略均有益于良好的盈利能力,公 司2015年和2014年的稅前資產收益率分別為2.6%和1.9%。 泰康人壽的資本金水準與目前的評級水平相比較為薄弱。按照惠譽的Prism 風險導向資本模型(FBM)計算,截止2015年底,公司的資本金水平達到“充足”,經營槓桿為13.4倍(相比之下,保險公司財務實力評級為‘A’級的企業的中值比率為 15倍)。泰康人壽已發行次級債券以支持公司的償付能力比率。在償二代體系之下,公司截至2015年底的綜合償付能力比率為300%,遠高於100%的最低監管要求。20 15年底時,按照債務與債務及股權資本總和之比計算的財務槓桿比率為32%。 泰康人壽具有大量的另類投資(包括基礎設施及房地產債務投資方案及信託計劃),2015年底時約占投資資產20%的比例。公司的資產質量可能因此容易受到經濟下滑的影響。 同時,公司的股權風險敞口顯著,因此公司的資本金水準也會容易受到股市波動的影響。截至2015年底,風險資產(包括股權及房地產投資)約為公司股東權益的2.8倍。 惠譽強調所有數據及比率均來自或根據泰康集團的財務數據計算。 評級敏感性 下調評級的關鍵觸發因素包括:泰康的資本金水平弱化,按照惠譽FBM模型計算持續低於‘充足’水平,財務槓桿在較長時間內高於35%。 惠譽近期不太可能上調泰康人壽的評級,因為公司的資本金水平和盈利能力仍然容易受到市場波動的影響。是否上調評級取決於公司的盈利能力是否有顯著改善,穩定性更高,資本金 水平更好。 聯繫人: 首席分析師 Joyce Huang(黃佳琪), CFA 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層 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. 15 Sep 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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