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Rating Action:

Moody's assigns A2 IFSR to China Railway Captive Insurance Company; outlook negative

 The document has been translated in other languages

14 Nov 2016

Hong Kong, November 14, 2016 -- Moody's Investors Service has assigned an A2 insurance financial strength rating (IFSR) to China Railway Captive Insurance Co., Ltd.

The rating outlook is negative, in line with the negative outlook on China's sovereign Aa3 rating.

This is the first time that Moody's has assigned a rating to China Railway Captive Insurance.

China Railway Captive Insurance is a wholly-owned subsidiary of China Railway Corporation (CRC, unrated), the state-owned railway operator of China. CRC - the former Ministry of Railway - was incorporated in March 2013, and is the central government's unique platform for railway ownership and operations across the country. It is wholly owned by the State Council through the Ministry of Finance, and administered by the Ministry of Transportation and National Railway Administration.

RATINGS RATIONALE

The A2 IFSR reflects Moody's view that China Railway Captive Insurance's credit profile is closely aligned to that of CRC, as well as its assessment of a high level of support from CRC because of its captive status. Moody's expects the parent will provide operational and timely capital support for China Railway Captive Insurance's business growth.

Moody's assessment of support also considers the requirement of the China Insurance Regulatory Commission that a parent company inject capital into their captive insurance subsidiaries when they fail to meet the regulatory solvency requirement.

China Railway Captive Insurance maintains a short-tail focused business profile with low reserving risk. It mainly covers engineering (54.7% in H1 2016), corporate motor (30.8%), and personal accident (13.6%) risks. Being a captive insurer, the company also underwrites third-party risk, mainly for railway-related companies such as China Railway Group Limited (A3 stable) and China Railway Construction Corporation Limited (A3 stable).

The insurer's capitalization was RMB 2.05 billion at end-June 2016, which is considered strong relative to the risks taken, and will support its planned business growth. It had a very strong local solvency ratio at end-September 2016 under China's Risk-Oriented Solvency System (C-ROSS), the new regulatory capital regime that was implemented in January.

Moody's expects its gross underwriting leverage -- as measured by gross premiums and reserves relative to adjusted shareholders' equity for asset risk -- will remain modest in the coming two years.

China Railway Captive Insurance also has a very liquid investment portfolio -- mainly cash and bank deposits -- with low credit risk.

As a start-up captive insurer with an operating history of 15 months, its strengths are offset by the lack of a track record in underwriting profitability, and limited use of external reinsurance. Its claims experience can also be volatile due to the potential large engineering losses considering its risk exposure, which are linked to the parent's operations.

RATING DRIVERS

A ratings upgrade is unlikely, given the negative outlook, as well as the company's limited operating track record.

Nevertheless, given that the credit profile of China Railway Captive Insurance is highly correlated with that of its parent, we would consider upgrading its rating if the credit profile of CRC improves significantly. In addition, a ratings upgrade is possible if the company underwrites less third-party risk over time, i.e. it insurers more captive risk of CRC.

China Railway Captive Insurance's rating could be downgraded if (1) there is a significant deterioration in CRC's credit profile; (2) there are signs of weakening support from CRC; (3) it underwrites significant additional third-party risks; or (4) it does not replenish its capital base following significant industrial and catastrophe losses.

The principal methodology used in this rating was Global Reinsurers published in April 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Domiciled in Beijing, China Railway Captive Insurance Co., Ltd. is wholly owned by China Railway Corporation. The insurer provides coverage mainly for motor, accident insurance for passengers and engineering risks within the group. At end-2015, its assets and shareholders' equity totaled RMB2.1 billion and RMB2.0 billion, respectively.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Stella Ng
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Yat Man Sally Yim
Senior Vice President
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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