险企发债短期可“解压” 长期更需自主“造血”

Core Insights - The issuance of bonds to supplement capital has become the primary method for insurance companies to alleviate financial pressure, with approximately 20 companies issuing capital supplement bonds or perpetual bonds totaling over 70 billion yuan as of December 3 [1] - Perpetual bonds have emerged as the main focus for insurance companies this year, accounting for over half of the issuers and more than 70% of the issuance scale, due to their ability to directly enhance core tier 2 capital and improve solvency [1] - The solvency adequacy ratio for insurance companies has generally declined, with the comprehensive solvency adequacy ratio at approximately 186.3% and the core solvency adequacy ratio at about 134.3% as of Q3 2025, both meeting regulatory requirements but showing a significant decrease from the previous year [1] Group 1 - Life insurance companies face greater solvency pressure, with a comprehensive solvency adequacy ratio of about 175.5% compared to 240.8% for property insurance companies [2] - The transition period for the "Solvency II" regulatory rules is nearing its end, leading to stricter requirements for solvency, particularly affecting core solvency, prompting companies to issue bonds for capital supplementation [2] - The transition period for the "Solvency II" rules has been extended to the end of 2025, allowing companies to negotiate policies with regulators regarding the impact of the new rules on solvency ratios [2] Group 2 - The trend of insurance companies issuing bonds to supplement capital is expected to continue due to the ongoing downward trend in market interest rates, which may keep solvency under pressure [3] - The insurance industry is undergoing a deep transformation, and while external capital can alleviate immediate issues, sustainable development requires deeper strategic optimization [3] - Companies are encouraged to shift from a growth-at-all-costs model to a focus on core business, governance improvement, and leveraging unique advantages to explore niche market opportunities for long-term profitability [3]