保险业首例债券违约！天安财险发布公告

Core Viewpoint - The article discusses the first bond default in the insurance industry, specifically involving Tianan Property Insurance Co., Ltd. (Tianan Insurance), which announced it would be unable to repay the principal and interest on its 2015 capital supplement bond due to insufficient solvency [1][4]. Group 1: Bond Default Details - Tianan Insurance's 2015 capital supplement bond, known as "15 Tianan Insurance," is set to mature on September 30, 2025, with an issuance amount of 5.3 billion [5]. - The bond has a fixed interest rate of 5.97% for the first five years, and if not redeemed, the rate increases to 6.97% for the subsequent five years [5][6]. - The company stated it cannot ensure a solvency ratio of at least 100% after paying the bond's principal and interest, which is a requirement for repayment [5][6]. Group 2: Company Background and Regulatory Issues - Tianan Insurance was established in 1995 and has faced significant regulatory challenges, including being placed under supervision by the former China Insurance Regulatory Commission in July 2020 due to triggering regulatory takeover conditions [6][9]. - The company had its insurance business license revoked in June 2023 due to multiple violations, including false governance reports and improper benefit transfers to related parties [9][10]. - Following the revocation, Tianan Insurance's insurance business was transferred to Sheneng Property Insurance Co., Ltd., which was established in January 2024 [7][9].