ֳ

Rating Action Commentary

ֳ Sube a 'AA+(cl)' Clasificación de Principal Chile

Chile   Fri 05 May, 2017 - 2:57 PM ET

ֳ-Santiago-05 May 2017: ֳ subió la clasificación en escala nacional de las obligaciones de Principal Compañía de Seguros de Vida Chile S.A. (Principal Chile) a 'AA+(cl)' desde ‘AA(cl)’. La Perspectiva es Estable.

FACTORES CLAVE DE LA CLASIFICACIÓN

El incremento de la clasificación de Principal Chile se sustenta en una tendencia decreciente de su apalancamiento normativo y en la reducción en la brecha respecto a entidades de similar perfil de negocios. Paralelamente, ֳ valora su perfil de inversiones de volatilidad menor y riesgo crediticio moderado, el cual, junto con la madurez de su cartera, favorece la estabilidad patrimonial de la compañía.

ֳ considera un beneficio parcial de soporte en la clasificación de riesgo asignada a Principal Chile y estima que su operación es importante para su grupo controlador Principal Financial Group (PFG, clasificado internacionalmente por ֳ en categoría ‘A’ con Perspectiva Estable). Asimismo, la agencia reconoce la capacidad y disposición del grupo controlador para respaldar patrimonialmente las operaciones de seguros en Chile en caso de ser requerido. El beneficio de soporte se aplica sobre la clasificación intrínseca de la compañía y reconoce su fortaleza de marca y apoyo en áreas claves como son la técnica, actuarial e inversiones.

A diciembre de 2016, el nivel de apalancamiento normativo de la compañía mantenía una tendencia decreciente que disminuyó a 16,63 veces (x) desde 18,15x en diciembre de 2012, mientras que el índice de pasivo neto a patrimonio se mantuvo estable respecto a su promedio histórico (15,9x). Al cierre de 2016, 68% de su patrimonio estaba conformado por utilidades retenidas, porcentaje superior al 32% registrado por sus comparables. Lo anterior refleja una política conservadora de distribución de dividendos que le ha permitido a la compañía mantener niveles de crecimiento que limitan la presión sobre su base patrimonial.

El portafolio de inversiones de la compañía mantiene un perfil de volatilidad reducida y rentabilidad estable, concentrado en instrumentos de renta fija con foco en calce y riesgo de crédito moderado, principalmente bonos bancarios y deuda corporativa. A diciembre de 2016, las posiciones en inversiones de renta fija e inmobiliaria representaron 97,4% del total inversiones, destacando que la posición inmobiliaria incorpora principalmente contratos de leasing asociados a una generación de flujos de activos estable.

A diciembre de 2016, el riesgo de crédito del portafolio de inversiones de Principal Chile se mantenía acotado, con niveles mayoritariamente de grado de inversión. A esto se le agrega un riesgo reducido de reinversión reflejado en su test de suficiencia de activos (TSA) que, a la misma fecha, ascendía a 1,08%.

El desempeño operativo de la compañía es una de las más estables de la industria. A diciembre de 2016, registró un resultado neto de CLP21.504 millones e indicadores de rentabilidad sobre patrimonio y activos promedio de 12,1% y 0,7%, respectivamente, y congruente con el exhibido por el segmento de compañías activas en rentas vitalicias.

La actividad de Principal Chile se concentra en los segmentos de rentas vitalicias y seguros con ahorro, los cuales representan 99,8% del primaje total. Si bien su especialización se enmarca bajo la estrategia global de su controlador PFG, el cual incorpora diversos vehículos de negocios, en opinión de ֳ, la diversificación acotada de productos de Principal Chile podría quitar flexibilidad operativa frente a presiones en los segmentos abordados.

SENSIBILIDAD DE LA CLASIFICACIÓN

La clasificación de Principal Chile podría verse afectada ante cambios negativos en la clasificación de su soportador; un perfil de inversiones de riesgo mayor; un aumento consistente en el riesgo de reinversión (TSA), o por un retorno a una tendencia de apalancamiento creciente y superior a su promedio histórico.

ֳ considera poco probable un alza en la clasificación de la compañía en el corto y mediano plazo dado su perfil de negocios acotado y posicionamiento de mercado


Contactos ֳ:

Santiago Recalde (Analista Líder)
Director Asociado
+56 2499 3327
ֳ Chile Clasificadora de Riesgo Ltda.
Alcántara 200, Of. 202, Las Condes
Santiago, Chile

Alexander Waintrub (Analista Secundario)
Analista
+56 2499 3324

Gonzalo Alliende (Presidente del Comité de Clasificación)
Director Sénior
+56 2499 3308

Las clasificaciones señaladas fueron solicitadas por el emisor o en su nombre y, por lo tanto, ֳ ha recibido los honorarios correspondientes por la prestación de sus servicios de clasificación.

ֳ Chile es una empresa que opera con independencia de los emisores, inversionistas y agentes del mercado en general, así como de cualquier organismo gubernamental. Las clasificaciones de ֳ Chile constituyen solo opiniones de la calidad crediticia y no son recomendaciones de compra o venta de estos instrumentos.

Metodología aplicada:

Metodología de Clasificación de Riesgo de las Obligaciones de Compañías de Seguros.


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