偿付能力“大考”在即 险企多渠道补充资本金

Core Insights - Hengqin Life Insurance Co., Ltd. plans to increase its registered capital by approximately 1.852 billion yuan, raising its total registered capital to about 4.989 billion yuan, as part of a broader trend among insurance companies to enhance capital strength in light of upcoming regulatory changes [1][4] Group 1: Capital Increase Initiatives - Hengqin Life is not alone; Deutsche Bank AnGu Life Insurance Co. has approved a capital increase of 1.545 billion yuan, bringing its registered capital to 3.785 billion yuan [2] - Taiping Pension Insurance Co. has received approval to increase its registered capital by approximately 330 million yuan, changing its total from 3 billion yuan to about 3.333 billion yuan [2] - Huazhong Property Insurance Co. is initiating a capital increase project aiming to raise no less than 1 billion yuan [2] Group 2: Bond Issuance for Capital Supplementation - Several insurance companies have recently issued capital supplement bonds, including China Ping An Property Insurance Co. with 6 billion yuan at a coupon rate of 2.15%, and China Property Reinsurance Co. with 4 billion yuan at 2.20% [2] - Other notable issuances include 1.3 billion yuan from China Merchants Renhe Life Insurance Co. at 2.40% and 500 million yuan from Zijin Property Insurance Co. at 2.20% [2] Group 3: Regulatory Context and Market Conditions - The transition period for the insurance company's solvency regulatory rules (known as "Solvency II") is set to end, prompting companies to bolster their capital to meet stricter requirements [4] - As of the end of Q3 this year, the overall solvency adequacy ratio for the insurance industry was 186.3%, a decline of 11.1 percentage points year-on-year, with life insurance companies seeing a more significant drop of 13.4 percentage points [5] Group 4: Future Outlook and Strategic Focus - Industry experts anticipate continued high demand for capital supplementation among insurance companies, emphasizing the need for firms to enhance their internal capital generation capabilities [6] - Improving internal capital generation is seen as a critical challenge, requiring optimization of both liability structures and asset allocations to enhance overall profitability [6]