April 26, 2017 / 7:52 AM / 3 months ago

惠誉确认中国太平保险集团的发行人违约评级为‘A’级,展望稳定

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(The following statement was released by the rating agency) HONG KONG, April 26 (Fitch) 本文章英文原文最初于2017年4月6日发布于:<a href="https://www.fitchratings.com/site/pr/1021743">Fitch Affirms China Taiping Insurance Group's IDR at 'A'; Outlook Stable 惠誉评级确认中国太平保险集团有限责任公司(太平集团)、中国太平保险集团(香港)有限公司(太平集团(香港))和中国太平保险控股有限公司(太平控股)的发行人违约评级 为‘A’级。 惠誉同时确认了太平人寿保险有限公司(太平人寿)的保险公司财务实力评级为‘A+’级,太平再保险有限公司(太平再保险)的保险公司财务实力评级为‘A’级,展望稳定。 完整评级行动列表请见本文章末尾。 关键评级驱动因素 确认评级反映出太平集团的资本金水平一直很稳健、经营业绩持续盈利、保费来源多样化、业务持续增长。惠誉认为太平人寿是太平集团内部的核心营运子公司,因为太平人寿为整个 集团贡献大量利润。 惠誉对太平集团的发行人违约评级中包含了一个子级的上调,以将财政部对公司的100%直接所有权纳入评级考量。惠誉认为公司在有需要时获得中国政府(长期本币发行人违约评 级:A+)的资本金或政策支持的可能性较高。 太平集团继续保持稳固的资本缓冲水平,以支持其在中国及海外的子公司的发展。按照惠誉的Prism FBM模型计算,截至2016年6月底,太平集团的风险导向资本金状态为“非常良好”。太平集团2016年上半年未经审计的财务业绩显示集团合并口径股东权益与非投资连结 资产总额之比在2016年6月底时下降至12.4%(2015年底时为14.3%)。针对公司在2014年下半年所发行的6亿美元的永续次级债,鉴于其票息率含递升机制, 在评估资金充足程度和计算财务杠杆率时,惠誉不再将该笔债务认定为资本的一部分。 截至2016年底,太平人寿和太平财产保险有限公司(太平财险)在中国风险导向偿付能力体系(偿二代)下的综合偿付能力充足率分别为251%和206%,远高于100%的 最低监管要求。截至2016年6月底,太平集团的合并口径财务杠杆率为29%(不含融资租赁的银行贷款)。惠誉认为太平集团维持了稳定的财务灵活性,以促进其保险子公司在 未来一年内的扩张。 惠誉估计截至2016年6月底,在合并口径下,太平集团的风险资产(主要包括股权、具有股权敞口的基金及投资性房地产)约为其权益资本的103%。这一比率高于由惠誉授予 ‘A’评级的寿险公司的中值。尽管如此,惠誉认为太平集团在惠誉的FBM模型下的得分反映出其总体风险资产敞口相对资本金水平可控。 2016年上半年,虽然存在资本市场波动,太平集团继续保持盈利的经营业绩,集团的年化税前资产收益率达2.8%。2016年太平人寿的新业务价值的增长势头保持强劲,因 为公司着重销售长期保障型期交保费寿险保单。代理人渠道仍然是太平人寿新业务价值增长的主要驱动力。2016年,太平人寿在偿二代下的有效业务价值(扣除资金成本)增长1 4.3%,约达480亿港币。 太平再保险的评级确认反映了公司的非寿险再保险业务组合的持续盈利能力、寿险再保险业务不断扩张、偿付能力水平稳健。该评级也表明惠誉认为太平再保险是集团中“非常重要” 的子公司。 2016年上半年,尽管市场定价疲软,太平再保险的非寿险业务的综合成本率为87%。2016年底时,公司的法定偿付能力充足率维持在394%,虽然其寿险再保险业务在一 年内扩大了24%。此外,2016年太平集团的其他非寿险子公司(包括太平财险)的承保盈利能力保持良好,进一步巩固了太平集团整体的收入稳定性。 太平集团是中国太平保险在中国、香港、澳门及多个海外市场的业务的最终股东。集团对太平集团(香港)全资持股,而太平集团(香港)持有在香港上市的太平控股的控股权。按原 保险保费收入排序,2016年,太平人寿是中国第九大寿险公司,其市场份额约为4.4%。同年,太平财险在中国非寿险行业的市场份额为2%。2016年,太平人寿在太平集 团的净收益总额中占比仍然最大,达到75%以上。 评级敏感性 可能触发太平集团、太平集团(香港)、太平控股及其经营子公司的评级下调的因素包括: - 中国财政部对太平集团和太平控股的持股比例显着降低,并失去对两家控股企业的控股权; - 太平集团在惠誉Prism FBM资本模型中的评分弱化,长期低于‘良好’水平; - 太平集团的财务杠杆率升高,持续高于40%; - 太平集团的非寿险及再保险业务的承保业绩下滑,综合成本率持续高于100%;或 - 太平集团未能将税前经营资产回报率维持在0.9%以上。 基于现有的信用基本情况,惠誉近期不太可能上调对太平集团及其经营子公司的评级。太平人寿的保险公司财务实力评级也不太可能上调,因为该评级受到中国主权评级的限制。中期 来看,上调评级的触发因素包括: -太平集团保持收益稳定性,税前经营资产回报率高于2%; -太平集团的财务杠杆率降低并持续低于25% ;以及 - 太平集团能够在惠誉的Prism FBM资本模型中保持‘非常良好’的资本评分。 完整评级行动列表 太平集团 - 长期发行人违约评级确认为‘A’级,展望稳定 太平集团(香港) - 长期发行人违约评级确认为‘A’级,展望稳定 - 通过China Taiping New Horizon发行的4亿美元、票息率6%、将于2023年到期的高级无抵押票据的评级确认为‘A-’ 太平控股 - 长期发行人违约评级确认为‘A’级,展望稳定 - 通过China Taiping Capital Limited发行的3亿美元、票息率4.125%、将于2022年到期的高级无抵押票据的评级确认为‘A-’ - 公司所发6亿美元的累积永续次级债的评级确认为‘BBB+’ 太平人寿 - 保险公司财务实力评级确认为‘A+’级,展望稳定 太平再保险 - 保险公司财务实力评级确认为‘A’级,展望稳定 联系人: 首席分析师 Terrence Wong(王长泰) 董事 +852 2263 9920 惠誉国际评级有限公司 香港中环德辅道中68号 万宜大厦19楼 第二分析师 Joyce Huang(黄佳琪) 董事 +852 2263 9595 评级委员会主席 Jeffrey Liew(刘思淇) 高级董事 +852 2263 9939 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 详情参见<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Solicitation Status here#solicitation Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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