头部险企打响新“军备竞赛”

Core Viewpoint - Perpetual bonds are becoming a new "capital ammunition depot" for leading insurance companies, with issuance reaching a historical peak of 23.7 billion yuan at the beginning of 2025 [1][3]. Group 1: Perpetual Bond Issuance - The issuance of perpetual bonds has surged, with insurance companies issuing a total of 35.77 billion yuan in 2023 and 35.9 billion yuan in 2024, while 23.7 billion yuan has already been issued in early 2025 [3]. - The issuance of perpetual bonds is primarily concentrated among AAA-rated leading insurance companies, as regulatory guidelines restrict the issuance to a maximum of 30% of core capital [4][5]. - The issuance of perpetual bonds serves as a low-cost financing method for insurance companies, allowing them to address capital pressures and optimize their capital structure [3][6]. Group 2: Driving Factors - The surge in perpetual bond issuance is driven by the need for effective capital supplementation amid tightening insurance regulations and the pressure on core solvency ratios [6]. - The transition period for the second phase of solvency regulations has been extended to the end of 2025, prompting insurance companies to adjust their capital structures within the year [6]. - The current market environment, characterized by declining interest rates, provides favorable conditions for insurance companies to issue perpetual bonds at lower costs [7]. Group 3: Implications for Insurance Capital - Issuing perpetual bonds not only strengthens core solvency but also enhances insurance companies' ability to invest in the capital market [8]. - There is a positive correlation between solvency ratios and the allocation of equity assets, with a 50 percentage point increase in solvency ratio allowing for a 2% to 3% increase in equity asset allocation [9]. - The long-term nature of perpetual bonds aligns well with the long-term investment needs of insurance capital, effectively mitigating maturity mismatch risks [10].