July 17, 2017 / 7:26 AM / in 11 days

惠譽:中國的壽險公司的流動性和資產風險升高

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(The following statement was released by the rating agency) Link to Fitch Ratings' Report: China Life Insurers: Asset and Liability Mismatches Increase Risks here HONG KONG, July 17 (Fitch) 本文章英文原文最初於2017年7月13日發布于:<a href="https://www.fitchratings.com/site/pr/1026479">Fitch: Liquidity and Asset Risk Rising for China's Life Insurers 惠譽評級在最新發布的一份報告中表示,由於2015-2016年期間大規模銷售主要為在短期獲得穩定回報、且保障成份較少的短期儲蓄型保險,多家中資保險公司出現嚴重的資 產負債久期錯配,導致其流動性和資產風險增加。 此類保險公司對長期股權和投資性房地產等高風險且低流動性的資產的風險敞口較高,並且嚴重依賴新保費收入來支撐流動性需求,因為這些風險敞口的資產和負債久期匹配情況較差 。然而,一系列要求減少短期儲蓄型產品銷售的監管措施令保費增長放緩,同時,缺乏營銷隊伍也導致銷售更複雜的保障型產品的難度較大。 保費收入增長放緩可能迫使保險公司在其現有的現金及其他流動資產不足以覆蓋付款支出時處置資產以支持現金流,特別是在退保率激增的情況下。被迫出售資產可能造成損失和資產 減值,尤其是流動性低的長期股權投資和地產。 在中國的五家主要銷售短期產品的保險公司中,安邦人壽保險股份有限公司的流動性資產(包括現金、銀行存款和買入返售金融資產)水平最高,截至2016年末,約覆蓋其保險負 債總額的59%。富德生命人壽有限公司的流動性資產覆蓋率最低,僅為12%。同時,截至2016年末,這五家保險公司的高風險資產(包括股票、基金、長期股權投資和地產) 與股東權益之比較高,為5.4倍。單一股權投資或風險較高的“在建”地產投資的集中度也偏高。 然而,鑒於此類著重銷售短期產品的保險公司的資產規模不大,整個保險行業面臨流動性壓力或大部分壽險公司投資組合價值大幅下降的情況並不太可能出現。截至2016年末,中 國的五家主要銷售萬能險的保險公司約占壽險市場總資產的14%,其餘的主要銷售短期保單的19家壽險公司另外占有4.0%的資產份額。 本報告——《中國壽險公司:資產與負債錯配加劇風險》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), 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樓 Mia Yang(楊敏) 分析師 +852 2263 9959 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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