年初即“补血”！近三年险企发债规模连破千亿

Core Insights - The approval of capital supplement bonds for China United Life Insurance Co. and Great Wall Life Insurance Co. marks the first such issuance in 2026, reflecting ongoing capital pressures in the insurance industry [1][2] - The insurance sector has seen bond issuance exceeding 100 billion yuan annually for the past three years, indicating a trend of capital supplementation driven by regulatory requirements and market conditions [1][4] Regulatory Environment - The issuance of capital supplement bonds is governed by regulations established by the People's Bank of China and the former China Insurance Regulatory Commission, allowing insurance companies to bolster their capital [3] - The "Solvency II Phase II" rules have increased capital management challenges for insurance companies, particularly in a low-interest-rate environment [6][7] Market Dynamics - In 2025, 23 insurance companies issued a total of 1,042 billion yuan in capital supplement and perpetual bonds, with perpetual bonds accounting for 558 billion yuan and capital supplement bonds for 484 billion yuan [4] - The average interest rates for capital supplement and perpetual bonds issued in 2025 did not exceed 3%, with the highest being 2.95% and the lowest at 2.15%, reflecting a favorable borrowing environment [10] Financial Health - As of Q3 2025, the comprehensive solvency adequacy ratio for insurance companies was approximately 186.3%, a decline of 13.1 percentage points from the previous year, indicating increased capital pressure [6] - The core solvency adequacy ratio also decreased by 4.8 percentage points to about 134.3%, highlighting the impact of regulatory changes on capital adequacy [6] Long-term Considerations - While bond issuance provides immediate capital relief, the effective utilization of these funds is crucial for long-term sustainability, especially in a challenging investment environment [8] - The industry faces an "asset shortage," necessitating careful management of capital to ensure that returns cover costs [8]