惠譽將新華保險(01336.HK)信貸評級展望調整至「負面」
評級機構惠譽將新華保險(01336.HK)的保險公司財務實力評級展望自「穩定」調整為「負面」,並同時確認其保險公司財務實力評級為「A」。負面評級展望反映了新冠肺炎疫情為新華保險的資本狀況和經營業績帶來的不確定性及潛在風險。
惠譽預期,如果將計劃發行的100億元人民幣資本補充債券計入資本金,在評級案例情景下,新華保險2019年末按照Prism模型計算的資本得分預估將為「適中」,而2018年底其位於「強健」水平。儘管如此,新華保險的綜合償付能力充足率自2018年末的275%提高至2019年末的284%。
鑒於新冠狀疫情仍在全球持續,惠譽預期資本市場波動會降低新華保險的投資回報。儘管新華保險的資產稅前回報率仍會處於與保險公司財務實力評級「A」類別的準則水平相符,其經營利潤會明顯下降,導致盈餘增長放緩。
評級確認反映了新華保險的可觀運營規模、強大業務品牌和遍布全國的分銷網絡。公司通過代理人網絡和銀行保險渠道等多種分銷平台銷售產品。截至2019年底,其個人保險代理人的總數已增加至逾50萬名。
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