TIAN AN(HK:00028) Sou Hu Cai Jing·2025-10-03 01:33Core Viewpoint - Tianan Property Insurance Co., Ltd., under the "Ming Tian" group, announced that it will be unable to repay its capital supplement bonds on time, marking the first default in the insurance industry [1][2]. Group 1: Company Announcement - On September 30, Tianan Property Insurance announced that it expects to be unable to repay the principal and interest of its 2015 capital supplement bonds, which are due on September 30, 2025 [1]. - The total issuance amount of the bonds is 5.3 billion RMB, with a fixed interest rate for the first five years and an increased rate for the subsequent five years [1]. - The company can only repay the bonds if its solvency ratio is above 100% after ensuring the repayment of other liabilities [1][2]. Group 2: Regulatory Actions - The National Financial Supervision Administration has publicly disclosed penalties against Tianan Property Insurance for various violations, including discrepancies in governance reports and unauthorized actions by senior management [4][6]. - The company has had its business license revoked, and several responsible individuals have been fined a total of 2.53 million RMB [4][6]. - Certain individuals have been banned from the insurance industry for varying periods, with some facing lifetime bans [7]. Group 3: Company Background - Tianan Property Insurance, established in January 1995, is the first shareholding commercial insurance company funded by enterprises in China, with a registered capital of 17.76 billion RMB [7]. - The company operates 33 secondary institutions and 966 tertiary institutions across most major administrative regions in China, excluding Hong Kong, Macau, Taiwan, Tibet, Qinghai, Ningxia, and Inner Mongolia [7].