国华人寿放弃赎回30亿资本补充债，票息跳升至6.5%

Core Viewpoint - Guohua Life Insurance's decision to forgo the redemption of its capital supplementary bonds has raised market concerns, reflecting broader challenges faced by smaller insurance companies in the industry [1][2]. Group 1: Company Specifics - Guohua Life is set to pay 3 billion yuan in interest on its capital supplementary bonds issued in 2020, which will reach the end of their five-year term on December 17, 2025 [1]. - The company has opted not to exercise its redemption option for the "20 Guohua Life 01" bonds, which would see the interest rate increase to 6.5% for the remaining bonds [2]. - As of the third quarter of 2024, Guohua Life reported a core solvency ratio of 84.78%, nearing the regulatory red line, with a core solvency excess of -4.329 billion yuan [4]. Group 2: Industry Context - The insurance industry is experiencing stricter capital constraints under the second phase of solvency regulations, leading to declining solvency ratios and increased pressure from high guaranteed interest rate products sold in previous years [6]. - As of early October 2025, there are 12 instances of non-redeemed bonds in the insurance subordinate debt market, totaling 18.7 billion yuan, indicating a trend among companies with smaller net asset sizes and operational pressures [7][8]. - In 2025, 19 insurance companies issued capital supplementary bonds totaling 74.1 billion yuan, a decrease from previous years, highlighting a contraction in the market [8].