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August 29, 2017 / 3:23 AM / in 5 months


(The following statement was released by the rating agency) HONG KONG, August 28 (Fitch) 本文章英文原文最初于2017年8月11日发布于:<a href="">Fitch Affirms ABCI Insurance at 'A-'; Outlook Stable 惠誉评级已确认香港的农银国际保险有限公司(农银国际保险)的保险公司财务实力评级为‘A-’(强劲),展望为稳定。 关键评级驱动因素 农银国际保险的评级确认反映出其强劲的资本金水平、高度依赖再保险来降低在中国的巨灾风险敞口、以及在本地市场较小的市场份额。农银国际保险的评级是在其独立信用状况的基 础上上调了一个子级得到的,反映出农银国际保险与其最终母公司中国农业银行(农行,长期发行人违约评级:A/稳定)的经营协同效应,以及来自农行的资金支持。惠誉认为在有 需要时,农行会为其唯一一家非寿险子公司提供资金支持。 惠誉预计农银国际保险将保持充足的资本金来支持其增长并抵挡潜在的承保波动。截至2016年末,公司的偿付能力充足率保持在294%的较高水平,相较2015年末该比率为 277%。根据农银国际保险2016年的业绩,惠誉FBM模型计算公司的风险导向资本水平为“良好”。 农银国际保险在中国的地震和台风风险敞口较高,并且高度依赖于再保险安排来降低此类风险。在审核了其潜在的中国地震风险敞口后,公司进一步加强了再保险安排。 农银国际保险在香港非寿险市场(包括直接和再保险公司)排名第53位,按原保费总额(包括直接和再保险分入业务)计算,2016年末公司的市场份额为0.4%。根据评级方 法论,惠誉因为农银国际保险的规模认为其业务状况“较弱”。 由于赔付率低且来自中国的再保险分入业务的净手续费收入较高,农银国际保险的运营业绩一直较佳。投资回报为正也支撑着公司的盈利能力。但是,公司的承保业绩波动较大,因为 其较小的业务组合以及港币对人民币汇率的波动。 评级敏感性 评级下调的触发因素包括: - 惠誉认为来自农行的支持已减少 - 对农行的负面评级行动 -按照惠誉Prism风险导向型资本模型,农银国际保险的资本金水平长期在“良好”以下 -农银国际保险的投资策略出现巨大转变,转向高风险资产 鉴于农银国际保险目前的的运营状况及市场地位,惠誉近期不太可能上调其评级。 联系人: 首席分析师 Akane Nishizaki 联席董事 +852 2263 9942 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 Terrence Wong(王长泰) 董事 +852 2263 9920 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: 详情参见<a href=""> 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. 26 Apr 2017) 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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