【环球网财经报道 记者 冯超男】Choice数据显示，截至12月4日，年内已有19家险企成功发行资本补充债券或永续债共20笔，规模合计741.7亿元。与去年 同期相比，险企发行资本补充债或永续债的规模有所缩减，彼时该规模已突破千亿元大关。 值得一提的是，2024年底，国家金融监督管理总局发布通知，将原定2024年底结束的《保险公司偿付能力监管规则（Ⅱ）》（下称"偿二代"二期）过渡期延 长至2025年底。如今，距离过渡期结束不到一个月时间，险企偿付能力将面临更严格要求，尤其是核心偿付能力受到的影响较大。 "'偿二代'二期过渡期临近收尾，年底又是偿付能力指标考核关键节点，险企集中发债以提升核心与综合偿付能力充足率 。银行间市场发行与资金到位流程 存在时滞，11月集中发行可确保年内完成资金募集，避免跨年度审批与市场不确定性。"中国城市专家智库委员会常务副秘书长、浙大城市学院副教授林先 平在接受环球网记者采访时称。不仅如此，在他看来，当前市场利率处于低位，叠加年末资金面相对宽松，利于降低发债成本、提升融资效率。 而根据国家金融监督管理总局披露数据，截至2025年三季度末，保险公司综合偿付能力充足率约为186.3%，较 ...

（原标题：险企发债观察：发行规模仍居历史高位 永续债占比接近七成） 21世纪经济报道记者 叶麦穗 "为什么永续债几乎成了大型寿险和银行系险企的专属点心？" 南开大学金融发展研究院院长田利辉此前接受采访时表示，对险企而言，是否发行永续债取决于公司的 战略规划和资金需求。永续债具有长期性、无到期日的特点，有助于险企稳定资金来源，优化债务结 构。但是，险企同时也要考虑市场的接受问题、利息的支付压力和估值波动的风险等因素。 2025年以来，保险公司掀起新一轮"发债潮"。据不完全统计，截至11月26日，已有17家保险公司发行了 663.7亿元债券，其中资本补充债191亿元，永续债472.7亿元，其中永续债在全年发债总额中占比高达 71.2%，远超去年约25%的水平，增长势头迅猛。 与 2024 年"百亿级"大单频出不同，2025 年迄今仅平安人寿一家跨过百亿红线；去年动辄百亿的人保财 险、新华人寿等今年均未再现大手笔。隋东判断，去年四季度以来投资端回暖，行业偿付能力普遍"回 血"，资本补充节奏随之放缓。 金融监管总局最新季报显示，2025 年三季度末，保险业综合偿付能力充足率 186.3%，核心偿付能力充 足率 134 ...

Core Viewpoint - The insurance industry is facing challenges with some companies experiencing operational difficulties, but overall consumer protection mechanisms are in place to safeguard policyholders' interests [1][3][4]. Group 1: Industry Challenges - Several insurance companies have encountered operational issues, leading to takeovers or restructuring, which has raised consumer concerns about the safety of their policies [1][3]. - Anbang Insurance Group was notably taken over in 2018 due to illegal operations, but policyholders' rights were protected during the restructuring process [1][3]. Group 2: Consumer Protection Mechanisms - During Anbang's takeover, policyholders' policies remained valid, and claims were processed normally, indicating that regulatory measures effectively protect consumer rights [3]. - China's insurance regulatory framework includes multiple protective measures such as the insurance guarantee fund, solvency supervision, and risk disposal mechanisms, ensuring consumer interests are safeguarded even if a company fails [3][4]. Group 3: Industry Stability - The overall operational status of China's insurance industry is stable, with an average solvency adequacy ratio exceeding 190% as of Q3 2024, significantly above the regulatory requirement of 100% [4]. - Insurance companies are increasingly focusing on risk management and improving internal controls, which helps reduce operational risks and protect consumer interests [4]. Group 4: Regulatory Environment - Regulatory requirements for insurance companies are becoming stricter, covering solvency, corporate governance, and product oversight, which may increase compliance costs but will benefit the industry's long-term health [5][8]. - The regulatory body is enhancing the insurance governance structure, requiring companies to establish more scientific decision-making and risk management systems [8]. Group 5: Consumer Considerations - Consumers are advised to be cautious when selecting insurance companies, focusing on solvency ratios, company reputation, and market position to mitigate risks [5][7]. - Diversifying insurance purchases across multiple companies can help manage risk effectively, ensuring that overall coverage is not significantly impacted if one company faces difficulties [11]. Group 6: Industry Outlook - The demand for insurance is expected to grow as societal risks increase, and innovations in the industry, such as internet insurance and customized products, are enhancing consumer choice and experience [8][12]. - The long-term outlook for the insurance industry remains optimistic, with expectations of improved consumer rights protection and product quality due to stricter regulations and market competition [11][12].

Core Viewpoint - Insurance companies are experiencing a peak in bond issuance as the year-end approaches, with significant issuance of perpetual bonds and capital supplement bonds to meet regulatory requirements and enhance risk resilience [1][4][6]. Group 1: Bond Issuance Trends - Since 2025, 19 insurance companies have successfully issued 20 bonds, totaling 741.7 billion yuan, although this represents a decline compared to the previous two years [2][7]. - In 2023 and 2024, the issuance of capital supplement bonds and perpetual bonds exceeded 100 billion yuan, with perpetual bonds becoming increasingly popular, accounting for nearly 70% of the total issuance this year [1][6]. - The issuance of perpetual bonds has reached approximately 500 billion yuan, with 10 companies participating, and the issuance scale for individual companies ranges from 1 billion to 13 billion yuan [2][3]. Group 2: Reasons for Bond Issuance - The primary drivers for the current bond issuance include the need for capital supplementation to meet business development and solvency adequacy ratio requirements [1][4]. - The trend indicates a shift towards perpetual bonds due to their stronger capital supplement effects and higher strategic value, especially for larger insurance companies [3][8]. Group 3: Financial Environment and Cost of Issuance - The current relatively loose interest rate environment has led to a decrease in bond issuance costs, with rates narrowing to between 2.15% and 2.8% this year, compared to a maximum of 2.9% last year [8][9]. - Companies are adopting strategies to replace higher-interest existing debt with lower-cost new bonds, thereby optimizing their financial structure and reducing interest expenses [8][9]. Group 4: Solvency and Capital Adequacy - As of the end of the third quarter of 2025, the comprehensive solvency adequacy ratio for the insurance industry was 186.3%, with a core solvency adequacy ratio of 134.3%, reflecting a decline from the previous year [6][7]. - The solvency adequacy ratios for property insurance companies are higher than those for life insurance and reinsurance companies, indicating varying levels of financial health across different segments [7].

Core Viewpoint - Insurance companies are experiencing a peak in bond issuance as they seek to supplement capital through perpetual bonds and capital replenishment bonds, driven by regulatory requirements and business development needs [1][2][4]. Group 1: Bond Issuance Trends - In November 2025, several insurance companies, including China Post Life and Ping An Property & Casualty, successfully issued perpetual bonds or capital replenishment bonds, contributing to a total issuance of 741.7 billion yuan in 2025 [1][2]. - The issuance of perpetual bonds has become increasingly popular, with 10 out of 20 bonds issued in 2025 being perpetual bonds, amounting to approximately 500 billion yuan, which accounts for nearly 70% of the total [2][4]. - The overall trend shows a decrease in total bond issuance compared to previous years, but the levels remain historically high, indicating a shift towards perpetual bonds [1][8]. Group 2: Regulatory and Market Factors - The issuance of bonds is primarily driven by the need for insurance companies to meet regulatory requirements regarding solvency and capital adequacy [1][4]. - The current low-interest-rate environment has created favorable conditions for insurance companies to issue bonds at lower costs, with rates ranging from 2.15% to 2.8% in 2025, compared to higher rates in previous years [9][10]. - The introduction of the "Solvency II" rules has led to a surge in bond issuance from 2023 to 2024, with companies seeking to enhance their capital positions [8]. Group 3: Company-Specific Issuances - Notable issuances include China Post Life's 12.7 billion yuan perpetual bond and Ping An Property & Casualty's 60 billion yuan capital replenishment bond, reflecting the diverse strategies employed by different companies [2][3]. - Major life insurance companies, such as Ping An Life and Taikang Life, have issued perpetual bonds ranging from 10 billion to 130 billion yuan, showcasing their capacity to meet the higher issuance thresholds [2][4]. - The trend indicates that larger insurance firms are more likely to issue perpetual bonds due to their stronger capital positions, while smaller firms tend to rely on capital replenishment bonds [4].

Core Insights - The banking sector in China reported a net profit of 1.9 trillion yuan for the first three quarters of 2025, with stable profitability levels indicated by an average capital return rate of 8.18% and an average asset return rate of 0.63% [1] - There was an increase in non-performing loans (NPLs) in the third quarter, with the NPL balance rising to 3.5 trillion yuan and the NPL ratio increasing to 1.52% [1] - The banking industry's risk compensation capacity has strengthened, with a loan loss provision balance of 7.3 trillion yuan and a provision coverage ratio of 207.15% [2] Banking Sector Performance - As of the end of Q3 2025, the total assets of China's banking sector reached 474.3 trillion yuan, reflecting a year-on-year growth of 7.9% [3] - Large commercial banks accounted for 43.9% of total banking assets, with a total of 208.1 trillion yuan, growing by 10% year-on-year [3] - The asset growth rate for insurance companies accelerated, with total assets reaching 40.4 trillion yuan, a 12.5% increase from the beginning of the year [3] Financial Services and Support - The banking sector has increased its support for inclusive finance, with loans to small and micro enterprises reaching 36.5 trillion yuan, a year-on-year growth of 12.1% [4] - Insurance companies reported a premium income of 5.2 trillion yuan for the first three quarters of 2025, marking an 8.5% increase year-on-year [4] - The number of new insurance policies issued reached 846 billion, reflecting a growth of 7.9% [4]

Group 1 - The core point of the article highlights that a provincial branch manager of Xinhua Life Insurance is under investigation for alleged job-related crimes, while no senior management has been referred to judicial authorities for illegal activities [2] - In the third quarter, Xinhua Life Insurance faced one administrative penalty from financial regulatory authorities, amounting to 30,000 yuan, primarily due to issues related to improper personal gains from insurance business by a comprehensive clerk [3] - As of the end of the third quarter, Xinhua Life Insurance's comprehensive solvency adequacy ratio was 234.15%, and the core solvency adequacy ratio was 154.27%, reflecting decreases of 21.86 percentage points and 16.45 percentage points, respectively, compared to the previous quarter [3]

Core Insights - The banking and insurance sectors in China have shown growth in total assets, with the banking sector's total assets reaching 474.3 trillion yuan, a year-on-year increase of 7.9% [1] - The insurance sector's total assets reached 40.4 trillion yuan, increasing by 12.5% compared to the beginning of the year [1] Banking Sector Performance - By the end of Q3, the total assets of large commercial banks amounted to 208.1 trillion yuan, growing by 10% year-on-year, accounting for 43.9% of the total banking assets [1] - The non-performing loan balance for commercial banks was 3.5 trillion yuan, with a non-performing loan ratio of 1.52%, reflecting a slight increase of 0.03 percentage points from the previous quarter [2] - Commercial banks achieved a net profit of 1.9 trillion yuan in the first three quarters of 2025, with an average capital return rate of 8.18% [2] Loan and Credit Quality - The balance of inclusive loans for small and micro enterprises reached 36.5 trillion yuan, with a year-on-year growth of 12.1% [1] - The normal loan balance for commercial banks was 228.8 trillion yuan, with 223.7 trillion yuan classified as normal loans and 5.1 trillion yuan as attention loans [2] Liquidity and Capital Adequacy - The liquidity coverage ratio for commercial banks was 149.73%, indicating a stable liquidity position [3] - The capital adequacy ratio for commercial banks stood at 15.36%, with a core tier 1 capital adequacy ratio of 10.87% [2][3] Insurance Sector Performance - The insurance companies' original premium income reached 5.2 trillion yuan, a year-on-year increase of 8.5% [1] - The comprehensive solvency adequacy ratio for the insurance industry was 186.3%, indicating strong solvency [3]

Group 1 - The total assets of insurance companies and insurance asset management companies reached 40.4 trillion yuan by the end of Q3 2025, an increase of 4.5 trillion yuan or 12.5% compared to the beginning of the year [1][4] - Property insurance companies had total assets of 3.2 trillion yuan, growing by 9.9% year-to-date, while life insurance companies reached 35.4 trillion yuan, up 12.3% [1][4] - The original insurance premium income for insurance companies was 5.2 trillion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 8.5% [1][4] Group 2 - The comprehensive solvency adequacy ratio for the insurance industry stood at 186.3% at the end of Q3 2025, with a core solvency adequacy ratio of 134.3% [1][4] - The comprehensive solvency adequacy ratios for property insurance, life insurance, and reinsurance companies were 240.8%, 175.5%, and 246.2% respectively [1][4] - The core solvency adequacy ratios for the same categories were 212.9%, 118.9%, and 216.7% respectively [1][4] Group 3 - The balance of inclusive loans to small and micro enterprises in the banking sector reached 36.5 trillion yuan by the end of Q3 2025, with an increase of 1.2 trillion yuan since the beginning of the year [4] - The non-performing loan balance for commercial banks was 3.57 trillion yuan at the end of Q3 2025, with a non-performing loan ratio of 1.52%, which is an increase of 0.03 percentage points from the previous quarter [4] - The normal loan balance for commercial banks was 228.8 trillion yuan, with 5.1 trillion yuan classified as normal loans [4]

Core Viewpoint - The issuance of 15 billion yuan in capital supplementary bonds by Caixin Jixiang Life Insurance reflects the company's urgent need for capital to enhance its solvency and support business development [2][4][5]. Group 1: Bond Issuance Details - Caixin Jixiang Life Insurance successfully issued 15 billion yuan in capital supplementary bonds on September 24, with a bond term of 5+5 years and a fixed interest rate of 2.75% for the first five years, increasing to 3.75% for the subsequent five years if not redeemed [3][4]. - The issuance was guaranteed by Hunan Caixin Financial Holdings Group, which provided unconditional and irrevocable joint liability guarantees for the principal and interest [3][5]. - This marks the second bond issuance by Caixin Jixiang Life Insurance in 2023, following a 10 billion yuan issuance in January [3][5]. Group 2: Capital Needs and Financial Health - The company has experienced five rounds of capital increases since its establishment, with the most recent increases in 2022 and 2023 being met with shareholder opposition, indicating challenges in securing additional capital [5][6]. - As of the end of the third quarter of 2025, the core solvency adequacy ratio was 95.79%, and the comprehensive solvency adequacy ratio was 172.63%, meeting regulatory standards but still indicating a need for further capital supplementation [5][6]. - The company anticipates that its solvency adequacy ratio may fall below management targets due to adverse market conditions, which could impact its operational activities [6]. Group 3: Management Changes - Recent reports indicate that Zhao Xuejun, the former general manager of Guolian Life Insurance, is set to join Caixin Jixiang Life Insurance as the new general manager, potentially ending a three-year vacancy in this position [9][10]. - The new management is expected to address the company's strategic goals, including maintaining a 12% annual growth rate in premium income from 2025 to 2026 [11]. Group 4: Business Performance and Challenges - Caixin Jixiang Life Insurance has maintained profitability in recent years, with net profits fluctuating from 0.23 billion yuan in 2019 to 6.73 billion yuan by the end of the third quarter of 2025 [10]. - The company faces challenges from market conditions, including a significant increase in reserves that has impacted profitability, and a decline in original premium income due to intensified competition [10][11].