年内险企发债规模仍处历史高位，永续债占近七成

Core Viewpoint - Insurance companies are experiencing a peak in bond issuance as the year-end approaches, with significant issuance of perpetual bonds and capital supplement bonds to meet regulatory requirements and enhance risk resilience [1][4][6]. Group 1: Bond Issuance Trends - Since 2025, 19 insurance companies have successfully issued 20 bonds, totaling 741.7 billion yuan, although this represents a decline compared to the previous two years [2][7]. - In 2023 and 2024, the issuance of capital supplement bonds and perpetual bonds exceeded 100 billion yuan, with perpetual bonds becoming increasingly popular, accounting for nearly 70% of the total issuance this year [1][6]. - The issuance of perpetual bonds has reached approximately 500 billion yuan, with 10 companies participating, and the issuance scale for individual companies ranges from 1 billion to 13 billion yuan [2][3]. Group 2: Reasons for Bond Issuance - The primary drivers for the current bond issuance include the need for capital supplementation to meet business development and solvency adequacy ratio requirements [1][4]. - The trend indicates a shift towards perpetual bonds due to their stronger capital supplement effects and higher strategic value, especially for larger insurance companies [3][8]. Group 3: Financial Environment and Cost of Issuance - The current relatively loose interest rate environment has led to a decrease in bond issuance costs, with rates narrowing to between 2.15% and 2.8% this year, compared to a maximum of 2.9% last year [8][9]. - Companies are adopting strategies to replace higher-interest existing debt with lower-cost new bonds, thereby optimizing their financial structure and reducing interest expenses [8][9]. Group 4: Solvency and Capital Adequacy - As of the end of the third quarter of 2025, the comprehensive solvency adequacy ratio for the insurance industry was 186.3%, with a core solvency adequacy ratio of 134.3%, reflecting a decline from the previous year [6][7]. - The solvency adequacy ratios for property insurance companies are higher than those for life insurance and reinsurance companies, indicating varying levels of financial health across different segments [7].