非银金融债指南针系列之三：财险行业评分模型构建与结果分析

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The report conducts a comprehensive analysis of the property insurance industry's business operations, regulatory policies, and builds a scoring model to rank the risks of 11 property insurance companies with outstanding sub - debt as of September 3, 2025. It aims to recommend bond targets with relatively high risk - return ratios for investors with different risk preferences [1]. - Through multi - dimensional indicators such as qualitative and quantitative ones, the report analyzes the credit risks of the property insurance industry to assist investment decisions [2]. 3. Summary by Relevant Catalogs 3.1 Property Insurance Company Business Operation Status - Insurance Business: Industry - wide, the proportion of property insurance company premium income remains around 30%, with positive but slowing growth. The ratio of life insurance to property insurance premium income is about 7:3. Since 2018, property insurance company premium income has shown positive growth, but the growth rate has declined, and it has been below 10% after 2021. By the end of 2024, the original premium income of property insurance companies was about 1.69 trillion yuan, with a growth rate of 6.55%. The diversification of insurance types is a key concern, with motor vehicle insurance still dominant but its proportion decreasing, while the proportions of liability insurance, agricultural insurance, and health insurance have increased slightly [17][18]. - Investment Business: The proportion of property insurance company investment assets is generally lower than that of life insurance companies, but it remains at a relatively high level. The financial investment yield of property insurance companies has declined overall, while the comprehensive investment yield has shown an upward trend. From the first half of 2022 to the end of 2024, the financial investment yield of property insurance companies fluctuated and decreased, reaching 3.05% by the end of 2024, lower than that of life insurance companies. In 2024, the comprehensive investment yields of property and life insurance companies increased significantly. The balance of property insurance company insurance funds has increased with premium income, with an increase in the proportion of bond investments and a decrease in bank deposits [24][27]. 3.2 Property Insurance Company Financial Aspects - The main difference between life and property insurance companies is that the comprehensive cost ratio cannot accurately measure the profitability of life insurance companies because the earned premium of life insurance companies does not deduct life insurance liability reserves and long - term health insurance liability reserves, resulting in a large "bubble" in earned premium [31]. - The liquidity regulatory indicators, recognized assets, and recognized liabilities of property insurance companies are similar to those of life insurance companies. 3.3 Property Insurance Industry Regulatory Points and Compliance Penalty Situations - Regulatory Policies: Property insurance regulatory policies are oriented towards serving the real economy, emphasizing "price reduction, quality improvement, and efficiency enhancement" to protect consumer rights. For example, the reform of motor vehicle insurance has put pressure on insurance company premium income and profit growth, while agricultural insurance has developed rapidly under the background of rural revitalization [30][35]. - Regulatory Ratings: The risk comprehensive rating is an important indicator for measuring the solvency of insurance companies, and property insurance companies, similar to life insurance companies, focus on this regulatory indicator. Additionally, the regulatory rating in the "Insurance Company Regulatory Rating Method" issued by the National Financial Supervision and Administration in January 2025 also needs attention [38]. - Compliance Penalties: Property insurance companies are more frequently penalized than other insurance companies, with fines being the main form of administrative penalty. In 2024, property insurance companies accounted for 59.43% of the total fines in the insurance industry, and the amount of fines for property insurance companies was generally higher [39][43]. 3.4 Property Insurance Industry Credit Analysis Core Indicators and Model Construction - Credit Analysis Core Indicators: The report constructs a credit analysis scoring model from four dimensions: corporate governance, operational strength, financial performance, and risk management. - Corporate Governance: The shareholder background of property insurance companies is mainly state - owned enterprises, with relatively low shareholder default risks. The average proportion of state - owned legal person shareholding in the top ten shareholders of property insurance companies is 61.51%, and 75% of property insurance companies are state - owned enterprises [52][53]. - Operational Level: In terms of overall scale, there is a significant "head effect" among property insurance companies, with China Property Insurance and Ping An Property Insurance being prominent. The insurance business income is highly correlated with the total asset scale, and the market concentration is relatively high. The dispersion degree of insurance business and the claim settlement ratio of property insurance companies vary greatly, and the investment business risks of Yingda Property Insurance and Beibu Gulf Property Insurance are relatively low [55][58][62]. - Financial Level: Yingda Property Insurance has relatively stronger overall profitability. The average operating expenditure - to - income ratio of sample property insurance companies from 2022 - 2024 was 96.0%, the average comprehensive cost ratio was 99.2%, and the average comprehensive investment yield was 3.0% [67]. - Risk Management: In terms of solvency, property insurance companies have a relatively thick "safety cushion." As of the end of 2024, the average comprehensive solvency adequacy ratio of sample property insurance companies was 255.8%, and the average core solvency adequacy ratio was 188.4%. Most sample insurance companies have a risk rating of A or above, with Yingda Property Insurance receiving the highest rating [69]. - Adjustment Items: China Property Insurance, CPIC Property Insurance, and Ping An Property Insurance have good credit risk indicators, with Ping An Property Insurance having an advantage in risk management [75]. - Scoring Results and Verification: The report uses the minimum - maximum normalization method to score 11 property insurance companies with outstanding bonds as of September 3, 2025. The correlation coefficient between the 3 - year ChinaBond valuation yield and the credit score of property insurance companies is - 0.89, indicating a strong negative correlation, which verifies the scoring results [77][78]. 3.5 Insurance Company Subject Investment Value Judgment - Subjects with a Score Above 70: China Property Insurance, CPIC Property Insurance, and Yingda Property Insurance are above the trend line, with high scores and low risks, suitable for investors seeking stable returns and bottom - position allocation assets [5][82]. - Subjects with a Score between 50 - 70: Sunshine Property Insurance is slightly above the trend line, with a current outstanding bond valuation yield of not less than 2.2% and relatively controllable risks. It is suitable for investors with certain requirements for absolute returns and relatively stable liability ends [5][90].