险企“不赎回”再添一例 国华人寿放弃赎回30亿元次级债

Group 1 - Guohua Life Insurance Co., Ltd. announced the decision to forgo the redemption option for "20 Guohua Life 01" bonds, with a total issuance of 3 billion yuan and an interest rate of 6.5% on the unredeemed portion [1] - The company experienced a significant decline in net profit starting from 2020, with a reported loss of 1.16 billion yuan in 2023, marking a more than threefold year-on-year decrease [1] - In the third quarter of 2024, Guohua Life reported a total profit of -289.80 million yuan and a net profit of -647.19 million yuan, reflecting a year-on-year decline of 117.87% [1] Group 2 - The trend of not redeeming insurance subordinated debt indicates tightening capital constraints within the industry, leading to an expansion of credit spreads [2] - As of early October 2025, there have been 12 instances of non-redemption of subordinated bonds totaling approximately 18.7 billion yuan from eight insurance institutions, highlighting a concentration of this behavior among smaller firms facing operational pressures [3] - The non-redemption of subordinated debt serves as a critical indicator of an insurance company's ability to maintain solvency and effective asset-liability management [3] Group 3 - Smaller insurance companies, particularly those relying on financial insurance products, face heightened cash flow pressures and capital consumption during periods of policy surrenders and maturity payouts [4] - Investors are advised to be cautious of private insurance companies with weak shareholder backgrounds and lack of effective control, as they may present default risks [4] - The yield on existing bonds for companies like Guohua Life exceeds 10%, indicating significant pricing for default risk [4]