发新还旧、资本承压 险企忙发债

Core Viewpoint - The insurance industry is experiencing a wave of bond issuance, driven by the need for capital supplementation and the replacement of high-interest bonds, with 20 insurance companies issuing financial bonds totaling 74.1 billion yuan since 2025, although this is lower than the 100 billion yuan levels of 2023 and 2024 [1][5]. Group 1: Bond Issuance Trends - Since November 2025, China Merchants Renhe Life Insurance Co., Ltd. issued capital supplementary bonds with a coupon rate of 2.4%, while redeeming an 8 million yuan bond with a 4.95% coupon rate, saving 20 million yuan in interest annually [2][3]. - The bond issuance trend includes 19 insurance companies issuing subordinated bonds in 2025, an increase from 2024, but the total issuance remains lower than previous years, with 74.1 billion yuan issued [7][8]. - The continuous decline in medium to long-term risk-free interest rates and narrowing credit spreads provide a favorable window for insurance companies to issue bonds and refinance existing debt [8]. Group 2: Types of Bonds and Their Impact - The issued bonds are primarily categorized into capital supplementary bonds and perpetual bonds, with the latter being favored by larger insurance companies due to their ability to enhance core capital ratios [11][12]. - Since 2023, there have been 23 issuances of perpetual bonds totaling 121.64 billion yuan, accounting for nearly 30% of the total bond balance of insurance companies, with a significant increase in issuance by life insurance companies [12][13]. Group 3: Capital Adequacy Challenges - The insurance industry faces increasing capital adequacy pressures, with 50 out of 72 companies reporting a year-on-year decline in core solvency ratios as of Q3 2025 [16]. - Smaller insurance companies are particularly affected, relying heavily on interest spreads for stability, which poses sustainability risks [16]. - The issuance costs for smaller insurance companies are higher, as evidenced by the differing coupon rates for similar bond issuances, highlighting the challenges they face in the current market [16].