险企二季度偿付能力对比，5家未达标

Core Viewpoint - The solvency of most insurance companies remains stable in Q2 2025, with core solvency adequacy ratios and comprehensive solvency adequacy ratios meeting regulatory requirements, although five companies are underperforming in solvency ratings [1][5][9]. Solvency Reports - A total of 60 non-listed life insurance companies and 76 non-listed property insurance companies have disclosed their solvency reports for Q2 2025 [1]. - Among the disclosed reports, 14 companies received an AAA rating, while five companies are rated below the required standards [1][6]. Solvency Standards - According to the "Insurance Company Solvency Management Regulations," companies must meet a core solvency adequacy ratio of at least 50%, a comprehensive solvency adequacy ratio of at least 100%, and a risk comprehensive rating of B or above to be considered solvent [5]. - The risk comprehensive rating system has been refined from four categories (A, B, C, D) to eight (AAA to D), with C indicating significant deficiencies in governance, operational risk, strategic risk, reputation risk, and liquidity risk [5][6]. Companies with Ratings - The companies rated AAA include ICBC-AXA Life Insurance, Tongfang Global Life Insurance, and several others, while the five companies rated C are Huahui Life Insurance, Asia Pacific Property Insurance, and others [6][9]. - Some companies, like Huahui Life, report adequate solvency and good asset liquidity, while others are implementing corrective measures to address governance and liquidity risks [7][9]. Capital Supplementation - In H1 2025, 13 insurance companies announced capital increase plans totaling nearly 50 billion, significantly higher than the previous year [10]. - Major players like Ping An Life and CITIC Prudential Life have announced substantial capital increases, while smaller companies are optimizing their structures by introducing new shareholders [11]. Regulatory Environment - The transition period for the new solvency regulations has been extended to the end of 2025, allowing companies more time to adapt and alleviate capital pressure [9]. - Companies are encouraged to enhance their capital structures and risk management systems to meet the final requirements of the new solvency regulations [9][10].