开年长城人寿、中英人寿等发债储备“弹药”，2026年超500亿资本补充债到期或迎“赎旧发新”潮

Core Viewpoint - The insurance industry is experiencing a shift in its bond issuance strategy, moving from a defensive approach to a proactive one focused on long-term business expansion and asset allocation optimization as it prepares for the full implementation of the "Solvency II" phase two regulations in 2026 [3][5][19]. Group 1: Bond Issuance Trends - In early 2023, three insurance companies, including China CITIC Bank Insurance, China British Life Insurance, and Great Wall Life Insurance, issued a total of 7 billion yuan in capital supplementary bonds and perpetual bonds, with coupon rates as low as 2.35% to 2.54% [3][4][15]. - The bond issuance scale for the insurance industry is expected to exceed 1 trillion yuan annually from 2023 to 2025, with over 500 billion yuan in capital supplementary bonds maturing in 2026 [3][5][19]. - The trend of "redeeming old bonds and issuing new ones" is anticipated to dominate the bond issuance strategy in 2026, particularly as coupon rates continue to decline [8][20]. Group 2: Regulatory Impact - The transition to the "Solvency II" phase two regulations has prompted insurance companies to actively supplement their capital through various means, including bond issuance, to address the downward pressure on solvency [5][19]. - The end of the transitional period for the "Solvency II" phase two regulations has led to stricter capital constraints, shifting the motivation for bond issuance from merely filling solvency gaps to optimizing capital structure and supporting more efficient business layouts [19][23]. Group 3: Financial Performance and Strategy - China CITIC Bank Insurance reported a comprehensive solvency adequacy ratio of 209% and a core solvency adequacy ratio of 123.5% as of the end of Q4 2025, indicating a decline of 6.3 percentage points due to plans to redeem 4 billion yuan in capital supplementary bonds in 2026 [4][16]. - China British Life Insurance and Great Wall Life Insurance also reported strong solvency ratios, with core solvency adequacy ratios of 192.95% and 117.52%, respectively, as of the end of 2025 [4][16]. - Great Wall Life Insurance aims to stabilize its solvency, optimize its capital structure, and reduce overall financing costs through its bond issuance strategy, which is aligned with its long-term strategic goals [18][23]. Group 4: Market Conditions - The current low interest rate environment, coupled with ample liquidity and a lack of investment opportunities, has driven down bond coupon rates, making it an opportune time for high-quality insurance companies to refinance and optimize their debt structures [8][20][23]. - The issuance of perpetual bonds has become more common among insurance companies, providing them with flexible financing options that do not impose strict repayment obligations [12][23].