保險/理財
張貼者
相關產業分類：保險
惠譽-台北/香港/倫敦-2007年12 月12日：惠譽國際信用評等公司今日將南山人壽保險股份有限公司(南山人壽)的國內保險公司財務實力評等自‘AA+(twn)’調升為‘AAA(twn)’，其評等展望為‘穩定’。
該評等的調升是反映惠譽在2007年6月所公布的保險集團評等方法，並將南山人壽最終母公司美國國際集團(AIG，發行人違約評等‘AA’/展望穩定)的財務強度納入考量。其他正面的評等因素包括南山人壽在2006年及2007上半年呈現改善的獲利能力，以及該公司在台灣所擁有的強健的市場地位。南山人壽持續在競爭激烈的台灣壽險市場上維持良好的市場地位及令人滿意的財務表現；惠譽認為該公司在面臨困境時，可能獲得AIG的資本支持。
南山人壽向來秉持AIG嚴謹的承保原則控管其保險業務風險，以及完善的資產負債管理制度管理投資風險。該公司在台灣目前低利率的環境下，將產品重心由過去的傳統儲蓄保險移轉至投資連結型商品，並在台灣維持強健的市場地位。為解決負利差的問題，南山人壽在法規許可下逐漸增加國外投資部位，並謹慎地增加國內的股票及不動產投資部位以提升報酬率及分散投資組合。惠譽觀察到南山人壽的債券投資組合（約佔總投資資產的80%）普遍擁有良好的信用品質；該公司並未持有與次級房貸相關的證券，除了因投資其他金融機構而可能有間接的影響。
在費差益回復正常以及匯兌損失減少下，南山人壽的獲利水準在2006年及2007上半年呈現大幅改善。惠譽預期，該公司因過去高預定利率保單所帶來的準備金提存壓力以及在海外投資部位所面臨幣別不對稱的結構性問題將持續影響其盈餘表現。惠譽觀察到南山人壽已顯著減少現金股利的發放，並預期該公司將維持允當的資本水準。該公司於2006年底的法定風險基礎資本適足率顯著高於法令規定的200%下限。
南山人壽成立於1963年，並於1970年成為AIG旗下成員。AIG為一控股公司，是全世界最大的保險與金融服務集團之一，其營業收入與獲利來源主要來自保險承銷業務。南山人壽為AIG主要的海外子公司之一，該公司對AIG在美國以外的市場貢獻約20%的壽險保費收入。南山人壽以2007上半年總保費收入計算，為台灣第二大的人壽保險公司，擁有15%的市佔率。
註:此為中文譯本，若與原英文版本有任何出入，請以英文版為主。
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Fitch Upgrades Nan Shan Life's National IFS Rating to 'AAA(twn)'
12 Dec 2007 12:56 AM (EST)
Fitch Ratings-Taipei/Hong Kong/London-12 December 2007: Fitch Ratings has today upgraded Nan Shan Life Insurance Company, Ltd.'s (Nan Shan) National Insurer Financial Strength Rating to 'AAA(twn)' from 'AA+(twn)'. The Outlook is Stable.
The rating action is driven by the application of Fitch's insurer group rating methodology published in June 2007, and takes particular account of the financial strength of Nan Shan's ultimate parent company, American International Group Inc. (AIG, Long-term Issuer Default Rating, 'AA'/Stable). Other positive factors are Nan Shan's improved profitability in 2006 - H107, as well as the company's strong market position in Taiwan. Nan Shan has so far maintained a robust market position and satisfactory financial performance in the competitive Taiwanese life insurance market. Moreover, Fitch considers capital support from AIG in a stressed situation to be likely.
Nan Shan has followed AIG's disciplined underwriting principles to control insurance risks, as well as its sound asset-liability management practices to control investment risks. Amidst Taiwan's low interest rates, the company has shifted its product focus from conventional endowment plans to investment-linked policies, and maintained a strong market presence in Taiwan. To resolve negative interest spreads, Nan Shan has moved a permitted proportion of its assets overseas and cautiously increased local equity positions and real estate investments, with an aim to lift investment yields and diversify its investment portfolio. Fitch also notes that Nan Shan's bond portfolios (accounting for about 80% of total invested assets), generally have excellent credit quality. The company has no subprime related holdings except some indirect exposures through investments in other financial institutions.
Nan Shan's profitability improved greatly in 2006 and H107 due to a normalised expense margin and reduced foreign exchange losses. Fitch expects the company's structural weaknesses in terms of high legacy reserving costs, as well as currency mismatches in its foreign investments to continue to weigh on its earning performance. Fitch notes that Nan Shan has lowered its dividend payout notably and expects the company to maintain adequate capitalisation. Its statutory risk-based capital ratio was significantly higher than the regulatory requirement of 200% at end-2006.
Nan Shan was established in 1963 and became an AIG member company in 1970. AIG is the holding company for one of the world's largest insurance and financial services groups, with most of its revenue and earnings derived from insurance underwriting. Nan Shan, one of AIG's major overseas subsidiaries, accounts for about 20% of AIG's total non-US life insurance premiums. It is the second-largest life insurer in Taiwan by total premiums, with a market share of 15% in H107.
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南山人壽�業務襄理 張勇凱(0955-867003) ▲ 通過測驗：壽險顧問、外幣保單、人身保險、投資型保險、產物保險、金融市場。