天安人寿20亿资本补充债违约 系“明天系”险企风险处置后续

Core Viewpoint - Tianan Life Insurance Co., Ltd. announced that its capital supplementary bond "15 Tianan Life" issued in 2015 will not be able to pay back principal and interest by the due date of December 29, 2025, due to the company's inability to meet its obligations during a risk disposal period [2][10] Company Summary - The total issuance amount of "15 Tianan Life" is 2 billion RMB, a ten-year fixed-rate bond with a conditional redemption option at the end of the fifth year. The bond was issued on December 25, 2015, with a segmented interest rate of 6.25% for the first five years and 7.25% for the last five years [4][12] - Since being taken over by regulatory authorities in July 2020, Tianan Life decided not to exercise the redemption option and postponed interest payments, leading to the current inability to repay, which highlights the risks associated with this bond [4][12] - The bond default is a culmination of long-term risks and regulatory actions against Tianan Life, which has faced multiple serious violations, resulting in the revocation of its business license on June 13, 2025 [4][12][13] Regulatory Actions - Following the revocation of the business license, regulatory authorities imposed severe penalties on responsible individuals, including fines totaling 990,000 RMB and lifetime bans for several key personnel from the insurance industry [5][13] - The risk disposal process for Tianan Life is part of a broader effort to mitigate financial risks in the industry, initiated by the former China Banking and Insurance Regulatory Commission in July 2020 [7][15] Industry Context - The default of "15 Tianan Life" bonds is part of a larger trend, as another company under the same group, Tianan Property Insurance, also defaulted on its capital supplementary bonds, indicating systemic issues within the "Tomorrow System" insurance companies [6][14] - The handling of these defaults underscores the priority of capital supplementary bonds in the repayment hierarchy, which ranks below policyholder liabilities and other ordinary debts, complicating recovery efforts for bondholders [14] Risk Disposal Framework - The risk disposal of "15 Tianan Life" bonds will follow market-oriented and legal principles, aiming to balance the interests of creditors and other stakeholders within the risk disposal framework [16]