13个精算师·2025-11-28 11:02Core Viewpoint - The article discusses the issuance of capital supplementary bonds by insurance companies in China, highlighting their role in improving solvency ratios and providing a low-cost financing option for insurers [1][2]. Group 1: Issuance of Capital Supplementary Bonds - In the period from 2015 to 2025, insurance companies issued capital supplementary bonds a total of 147 times, accumulating to a scale of 672.6 billion yuan [2]. - Among these, life insurance companies were the primary issuers, with 108 issuances totaling 469.7 billion yuan [4]. - In 2025 alone, 16 life insurance companies issued 17 capital supplementary bonds, amounting to 66.4 billion yuan [5]. Group 2: Impact on Solvency Ratios - The comprehensive solvency adequacy ratio for life insurance companies before issuing capital supplementary bonds was 196.4%, which increased to 207.2% one year after issuance [6]. - A statistical t-test confirmed that the difference in solvency ratios before and after issuance is significant at the 10% confidence level [7]. Group 3: Leverage and Cost of Capital - Companies that issued capital supplementary bonds had a higher leverage ratio compared to those that did not, particularly in the last four years [10][11]. - The average issuance interest rate for capital supplementary bonds in 2025 was 2.4%, slightly higher than the 0.1% in 2023, and lower than the average liability cost of 3.7% for life insurance companies [13][15]. - The majority of life insurance companies' total investment returns exceeded the cost of capital supplementary bonds, indicating a favorable financial environment for such issuances [20]. Group 4: Advantages of Issuing Capital Supplementary Bonds - Issuing capital supplementary bonds allows companies to supplement capital without affecting existing equity structures, gaining support from shareholders [23]. - For companies with low solvency ratios, these bonds provide immediate financial relief [23]. - For companies with relatively safe solvency ratios, the low issuance cost effectively increases leverage and creates new profit sources [23].