险企发债观察：发行规模仍居历史高位 永续债占比超七成

Core Viewpoint - Perpetual bonds have become a favored financial instrument for large insurance companies and banks due to their accounting treatment as equity, enhancing capital strength and providing a buffer against long-term solvency fluctuations [1][3] Group 1: Market Trends - As of November 26, 2023, 19 insurance companies have issued capital supplementary bonds or perpetual bonds, totaling over 70 billion yuan, with nearly 70% of this amount being perpetual bonds, highlighting their importance in core capital supplementation for insurers [1][4] - The issuance of perpetual bonds has surged, with 472.7 billion yuan issued in 2023, accounting for 71.2% of total bond issuance, a significant increase from approximately 25% in the previous year [4] Group 2: Regulatory and Strategic Insights - The regulatory framework for perpetual bonds was established in August 2022, allowing insurance companies to tap into core secondary capital, which addresses solvency ratio challenges [3] - The decision to issue perpetual bonds is influenced by a company's strategic planning and funding needs, as these bonds provide a stable funding source and optimize debt structure [3] Group 3: Financial Performance and Cost of Capital - The overall capital position of the insurance industry remains robust, with only five companies failing to meet solvency standards as of the latest reports, a decrease from previous years [5] - The low interest rate environment has driven strong demand for bond issuance, with perpetual bond rates dropping to between 2.15% and 2.8% in 2025, compared to higher rates in previous years [5][6] - Companies are increasingly redeeming older, higher-interest bonds in favor of new, lower-cost perpetual bonds, significantly reducing their interest expenses [6]