2025年险企发债观察：发行规模仍处历史高位 永续债占比近七成

Core Viewpoint - Insurance companies are experiencing a peak in bond issuance as they seek to supplement capital through perpetual bonds and capital replenishment bonds, driven by regulatory requirements and business development needs [1][2][4]. Group 1: Bond Issuance Trends - In November 2025, several insurance companies, including China Post Life and Ping An Property & Casualty, successfully issued perpetual bonds or capital replenishment bonds, contributing to a total issuance of 741.7 billion yuan in 2025 [1][2]. - The issuance of perpetual bonds has become increasingly popular, with 10 out of 20 bonds issued in 2025 being perpetual bonds, amounting to approximately 500 billion yuan, which accounts for nearly 70% of the total [2][4]. - The overall trend shows a decrease in total bond issuance compared to previous years, but the levels remain historically high, indicating a shift towards perpetual bonds [1][8]. Group 2: Regulatory and Market Factors - The issuance of bonds is primarily driven by the need for insurance companies to meet regulatory requirements regarding solvency and capital adequacy [1][4]. - The current low-interest-rate environment has created favorable conditions for insurance companies to issue bonds at lower costs, with rates ranging from 2.15% to 2.8% in 2025, compared to higher rates in previous years [9][10]. - The introduction of the "Solvency II" rules has led to a surge in bond issuance from 2023 to 2024, with companies seeking to enhance their capital positions [8]. Group 3: Company-Specific Issuances - Notable issuances include China Post Life's 12.7 billion yuan perpetual bond and Ping An Property & Casualty's 60 billion yuan capital replenishment bond, reflecting the diverse strategies employed by different companies [2][3]. - Major life insurance companies, such as Ping An Life and Taikang Life, have issued perpetual bonds ranging from 10 billion to 130 billion yuan, showcasing their capacity to meet the higher issuance thresholds [2][4]. - The trend indicates that larger insurance firms are more likely to issue perpetual bonds due to their stronger capital positions, while smaller firms tend to rely on capital replenishment bonds [4].