国华人寿宣布“不赎回”背后：已四个季度未更新偿付能力报告

Core Viewpoint - The capital pressure on some small and medium-sized insurance companies is increasingly exposed, with Guohua Life deciding to forgo the redemption option for its capital supplement bond issued in 2020, reflecting its challenges in capital replenishment and solvency [1][2]. Group 1: Company Actions and Financials - Guohua Life announced it would not exercise the redemption option for the "20 Guohua Life 01" bond, which has a total issuance amount of 3 billion yuan and an interest rate of 5.5% [1]. - The interest rate for the unredeemed portion of the bond will increase to 6.5%, while investors will continue to receive interest at the established rate, and the principal will remain outstanding [1]. - In 2024, Guohua Life reported insurance business revenue of 30.614 billion yuan and a net loss of 0.705 billion yuan, with core and comprehensive solvency adequacy ratios of 84.78% and 122.75%, respectively [6]. Group 2: Industry Trends - Many insurance companies have opted for "redeem old and issue new" strategies to lower financing costs, as current market interest rates are low, with new capital supplement bonds and perpetual bonds generally ranging from 2.15% to 2.8% [1]. - Nearly 20 insurance companies have chosen to redeem capital supplement bonds this year, including Ping An Life and Yingda Taihe Life, to reduce interest expenses [1]. - Guohua Life's decision not to redeem may indicate greater solvency pressure compared to its peers, as redemption requires a solvency ratio of at least 100% and regulatory approval [2].