“补血”超千亿元！保险业为何仍在密集发债？| 保险观察③

Core Insights - The insurance industry in China is experiencing a significant increase in bond issuance as companies seek to strengthen their capital amid a low interest rate environment and tightening regulatory constraints [1][10] Group 1: Bond Issuance Trends - The total bond issuance by insurance companies has remained high for three consecutive years, with 2023 and 2024 seeing issuance of 1121.7 billion yuan and 1175 billion yuan respectively, and 1013.7 billion yuan reported by December 25, 2025 [3][6] - The number of bonds issued has increased significantly, with 26 bonds issued in 2025 compared to only 17 in 2024, indicating a shift towards more frequent issuance [5][7] - The proportion of perpetual bonds has risen sharply, accounting for 50% of the total issuance in 2025, with 13 perpetual bonds and 13 capital supplement bonds issued [6][12] Group 2: Factors Driving Bond Issuance - The tightening of capital requirements under the second phase of the solvency regime has prompted insurance companies to proactively manage their capital, leading to increased bond issuance [10][11] - The low interest rate environment has made refinancing existing high-interest debt more attractive, with average bond issuance rates dropping to below 2.5% in 2024 and 2025 [6][11] - The flexibility offered by different types of bonds, such as perpetual bonds and capital supplement bonds, allows insurance companies to optimize their capital structure effectively [12][13] Group 3: Market Dynamics - Smaller insurance companies are leading the bond issuance, accounting for 73.91% of the total, although their individual issuance sizes tend to be smaller compared to larger firms [7][9] - Major insurance companies like Ping An Life and Sunshine Life have demonstrated strong market presence, collectively issuing 602.7 billion yuan, which constitutes about 60% of the total issuance [9] - The trend of "new issuance to redeem old debt" is becoming common, reflecting improved capital management capabilities among insurance firms [9][11]