2025年险企资本补充规模维持高位 去年险企增资发债规模合计达1454.72亿元

Core Viewpoint - The approval of China Merchants Jinhe Life Insurance Co., Ltd. to issue perpetual bonds worth up to 2.3 billion yuan reflects the ongoing trend of capital replenishment in the insurance industry, driven by factors such as declining interest rates and the implementation of the second phase of the solvency regulatory framework [1][2]. Group 1: Capital Replenishment Trends - The scale of capital replenishment through debt issuance and capital increase by insurance companies remains high, with a total of 145.472 billion yuan expected in 2025, showing a slight increase compared to 2024 [2]. - In 2025, 23 insurance companies are projected to issue bonds totaling 104.2 billion yuan, while 21 companies are expected to increase their capital by 41.272 billion yuan [2]. Group 2: Factors Influencing Capital Needs - The demand for capital replenishment among insurance companies, particularly smaller ones, has increased due to the low interest rate environment and regulatory pressures to lower preset interest rates [3]. - The full implementation of the second phase of the solvency regulatory framework has intensified the need for capital replenishment, as stricter capital recognition standards have shifted a significant portion of policy surplus from core capital to supplementary capital [3]. Group 3: Perpetual Bonds as a Capital Tool - The issuance of perpetual bonds has been on the rise since regulatory approval in August 2022, with expected issuance amounts of 35.77 billion yuan in 2023, 35.9 billion yuan in 2024, and 55.8 billion yuan in 2025, representing 31.8%, 30.6%, and 53.6% of total bond issuance by insurance companies, respectively [4]. - Perpetual bonds can be included as core secondary capital, enhancing core solvency ratios compared to traditional debt instruments [4]. Group 4: Diversification of Capital Supplementation Channels - The channels for capital replenishment are becoming increasingly diverse, with insurance companies expected to utilize capital markets for issuing perpetual bonds, subordinated debt, or equity financing [5]. - There is an anticipated divergence in capital replenishment, with leading insurance firms and specialized foreign institutions having better access to financing, while smaller firms may face greater challenges [5].