险企发债短期可“解压”长期更需自主“造血”

Core Insights - Insurance companies are increasingly turning to bond issuance as a primary method to alleviate capital pressure in response to solvency challenges [1][2] - The issuance of perpetual bonds has become a significant trend, accounting for over 70% of the total bond issuance by insurance companies this year [1] - The solvency adequacy ratio for insurance companies has declined, with the comprehensive solvency adequacy ratio at approximately 186.3%, down 13.1 percentage points from the previous year [1] Group 1 - As of December 3, around 20 insurance companies have issued capital supplement bonds or perpetual bonds, totaling over 700 billion yuan [1] - The comprehensive solvency adequacy ratio for life insurance companies is approximately 175.5%, while property insurance companies stand at about 240.8% [2] - The transition period for the "Insurance Company Solvency Supervision Rules (II)" is set to end, leading to stricter requirements for solvency, particularly affecting core solvency ratios [2] Group 2 - The trend of bond issuance to supplement capital is expected to continue due to ongoing downward pressure on market interest rates [3] - Insurance companies are urged to focus on internal capital generation rather than relying solely on external funding, emphasizing the need for strategic optimization [3] - A shift from scale and capital competition to a focus on core business, governance improvement, and market opportunities is essential for sustainable profitability [3]