June 2, 2017 / 2:27 AM / 2 months ago

惠譽:限制儲蓄型產品的新規對中資保險公司的增長造成壓力

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(The following statement was released by the rating agency) HONG KONG, June 01 (Fitch) 本文章英文原文最初於2017年5月23日發布于:<a href="https://www.fitchratings.com/site/pr/1024121">Fitch: Savings Product Crackdown Pressuring China Insurer Growth 限制銷售中短期儲蓄類產品的監管規定將對中資壽險公司的保費增長造成壓力。惠譽評級指出,近幾年強勢擴張並著重銷售此類產品的保險公司如果不能生成充足的新保費收入來支付 退保金,將可能面臨流動性壓力。 中國保險監督管理委員會(保監會)於2017年5月12日出台一項新規定,禁止銷售具有短期儲蓄特徵的年金產品。在這一最新措施出台前,2016年公布的規定限制了五年內 退保或到期的中短期產品的銷售。監管機構正在努力推動保險行業向銷售主要為客戶提供保險保障而非儲蓄回報的產品轉型。 此次出台新規最終將推動更加可持續的保費增長,並緩和市場上的非理性競爭。部分壽險公司曾通過提供高結算利率激進地銷售儲蓄型產品。並且將來自此類中短期保單的資金投資於 長期資產,導致了負債與資產之間的久期錯配。 然而,新規定可能在短期內對那些高度依賴與銀行合作銷售中短期儲蓄型產品的保險公司造成流動性壓力。此類保險公司可能較難生成充足的保費增長以覆蓋賠付和退保的支出,特別 是因為符合監管導向的長期保障型產品通常比儲蓄型產品更複雜,較難通過銀行銷售。監管變化將使來自非理性競爭對手的壓力降低,而具有強大營銷隊伍來銷售長期產品的大型壽險 公司將從中受益。 去年,對儲蓄型產品銷售的限制對市場造成較大的影響。2017年第一季度,新增保戶投資款(主要是中短期產品)同比下降61%,而2016年第一季度則同比增長214%。 部分壽險公司努力通過銷售新規定下已禁止的短期儲蓄型年金產品來抵消限制規定對保費增長的影響。2017年第一季度,原保費同比增長37%,而部分保險公司的保費增長高達 700%,主要來自於短期年金產品的銷售。 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 Mia Yang(楊敏) 分析師 +852 2263 9959 Dan Martin 高級分析師 惠譽快訊 +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; 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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