Core Insights - Insurance companies are accelerating capital replenishment as the transition period for the second phase of the solvency regulation approaches its end [1][4] - A total of 19 insurance companies have issued capital replenishment bonds or perpetual bonds this year, with a combined issuance scale of 74.17 billion yuan, maintaining a high level despite a slight decrease compared to the same period last year [1][4] Group 1: Issuance Details - Among the 19 insurance companies that issued bonds, half opted for perpetual bonds, with a total issuance close to 50 billion yuan, accounting for nearly 70% of the total [3] - Ping An Life issued the largest perpetual bond this year at 13 billion yuan, followed by Taiping Life, ICBC-AXA Life, Taikang Life, and Sunshine Life with issuance sizes of 9 billion yuan, 7 billion yuan, 6 billion yuan, and 5 billion yuan respectively [3] Group 2: Financial Implications - Perpetual bonds are favored by insurance companies as they directly supplement core tier 2 capital and enhance core solvency, with lower coupon rates making them an attractive option [3] - The coupon rates for the bonds issued this year are all below 3%, with the highest at 2.8% and the lowest at 2.15% [3] Group 3: Regulatory Context - The surge in bond issuance is primarily driven by the need to enhance solvency to meet stricter regulatory requirements established in the first quarter of 2022 [4] - The transition period for the second phase of solvency regulations has been extended to the end of 2025, prompting insurance companies to expedite their capital replenishment efforts as the deadline approaches [4]

根据金融监管总局发布的最新数据，截至2025年三季度末，保险业综合偿付能力充足率为186.3%，核 心偿付能力充足率为134.3%。其中，财产险公司、人身险公司、再保险公司的综合偿付能力充足率分 别为240.8%、175.5%、246.2%，核心偿付能力充足率分别为212.9%、118.9%、216.7%。整体来看，保 险业偿付能力充足，呈现出良好发展态势。 偿付能力是评估保险公司风险管理能力的重要指标，是保险公司履行赔付义务的能力，由核心偿付能力 充足率、综合偿付能力充足率及风险综合评级三项指标构成。按照监管要求，险企偿付能力达标须同时 满足三个关键指标：一是核心偿付能力充足率不低于50%，二是综合偿付能力充足率不低于100%，三 是风险综合评级在B类及以上。 据《金融时报》记者不完全统计，已有172家保险公司披露了2025年第三季度偿付能力数据。其中，14 家保险公司风险综合评级达到了AAA级别；4家保险公司因风险综合评级为C级，偿付能力不达标；1家 保险公司因偿付能力充足率不足，偿付能力不达标。 5家险企偿付能力不达标 风险综合评级是对保险公司偿付能力的综合风险评价，综合考虑了保险公司的各类风险，如市场 ...

Core Insights - The banking and insurance sectors in China have shown stable performance, with significant growth in total assets and improvements in liquidity indicators [1][4] Banking Sector Performance - As of the end of Q3 2023, the total assets of China's banking institutions reached 474.3 trillion yuan, a year-on-year increase of 7.9%, with large commercial banks holding 208.1 trillion yuan, up 10% [1] - The net profit of commercial banks for the first three quarters of the year was 1.9 trillion yuan, remaining stable compared to the same period last year [2] - The net interest margin (NIM) for commercial banks was 1.42% at the end of Q3, stable compared to Q2 but down 11 basis points year-on-year [2] - The non-performing loan (NPL) balance for commercial banks was 3.5 trillion yuan, increasing by 883 billion yuan from the previous quarter, with an NPL ratio of 1.52%, up 0.03 percentage points [2] Insurance Sector Performance - The total assets of insurance companies and insurance asset management companies reached 40.4 trillion yuan, an increase of 4.5 trillion yuan since the beginning of the year, representing a growth of 12.5% [1] - Property insurance companies reported total assets of 3.2 trillion yuan, up 9.9% year-to-date, while life insurance companies reached 35.4 trillion yuan, growing by 12.3% [1] Liquidity Indicators - The liquidity coverage ratio for commercial banks was 149.73% at the end of Q3, up 0.48 percentage points from the previous quarter [4] - The net stable funding ratio stood at 127.67%, increasing by 0.08 percentage points, while the liquidity ratio was 80.10%, up 0.21 percentage points [4] Market Trends - The proportion of large commercial banks in the total assets of the banking sector reached a new high of 43.88% by the end of Q3, indicating their growing dominance in serving the real economy [3]

Core Insights - The article discusses the solvency ratios of various life insurance companies for the third quarter of 2025, highlighting the performance and trends in the industry [1][2][3]. Solvency Ratios Overview - A total of 73 life insurance companies have disclosed their solvency ratios for Q3 2025, with the solvency adequacy ratio and core solvency adequacy ratio being key metrics [1][2]. - The top three companies in terms of comprehensive solvency adequacy ratio are: 1. People's Insurance Pension: 1251.6% (down 76 points) 2. China Life Pension: 1055.1% (down 40 points) 3. New China Life Pension: 970.6% (down 21 points) [2][3]. Investment Returns and Profitability - The annualized investment return for life insurance companies averaged 4.96% in Q3 2025, an increase of nearly 1.3 percentage points year-on-year, leading to a significant rise in net profits [10][11]. - The net profit for 72 life insurance companies reached 461.96 billion, a year-on-year increase of approximately 176.5 billion, representing a growth of nearly 62% [10][11]. Regulatory Changes and Market Impact - The article notes that the solvency ratios have been affected by external factors such as interest rate fluctuations and market conditions, with over 80% of companies experiencing a decline in their comprehensive solvency adequacy ratio compared to the previous quarter [21][22]. - Regulatory adjustments have been made to encourage insurance companies to increase their equity investments, including a reduction in risk factors for stock investments [27][28]. Company-Specific Issues - Longsheng Life Insurance has been identified as having a solvency adequacy ratio below 100%, indicating a failure to meet solvency standards [12][14]. - One company, Beida Fangzheng, reported a comprehensive solvency adequacy ratio below 120%, which raises concerns about its financial stability [16][18]. Conclusion - The article emphasizes the importance of solvency ratios as indicators of an insurance company's ability to meet its obligations to policyholders, while also highlighting the impact of market conditions and regulatory changes on the industry [11][12].

Core Viewpoint - The insurance industry is increasingly turning to long-term equity investments, particularly in undervalued bank stocks, to achieve asset-liability matching and stable returns amid a low-interest-rate environment and asset scarcity [1][11]. Summary by Sections Long-term Equity Investment Strategy - Insurance companies are seeking stable, long-term returns through long-term equity investments, which are seen as a strategic choice to smooth out volatility and achieve stable ROE and dividend returns [1][11]. - However, this strategy has sparked controversy, as some companies may misuse it as a financial engineering tool to quickly create profits and net assets, masking operational pressures [1][2]. Accounting Practices and Implications - Long-term equity investments are intended to reflect a long-term holding and stable return logic, but they can transform into a "reporting magic" under specific accounting rules, especially when investing in undervalued stocks [3][4]. - The new accounting standards allow insurance companies to classify investments as long-term equity investments if they have "significant influence," enabling them to use the equity method for accounting [6][9]. Financial Engineering Concerns - The equity method allows for initial measurement based on the higher of the payment amount or the share of the investee's net assets, which can lead to significant one-time profits being recognized on the income statement [7][9]. - This practice can create a disconnect between reported profits and actual cash flows, raising concerns about the sustainability of such financial engineering [17]. Market and Regulatory Pressures - The low-interest-rate environment and asset scarcity have intensified pressure on insurance companies, particularly smaller firms, to seek quick fixes for profitability and solvency metrics [11][12]. - Regulatory scrutiny is increasing as the misuse of long-term equity investments for short-term financial gains becomes more apparent, leading to calls for clearer standards and stricter oversight [20][21]. Recommendations for Improvement - To mitigate risks associated with long-term equity investments, it is suggested that insurance companies enhance internal controls, focus on sustainable cash flows, and separate short-term profits from long-term investment strategies [21][22]. - Expanding into alternative assets that align with long-term liabilities, such as infrastructure REITs and policy bonds, is recommended to reduce reliance on equity market fluctuations [21][22].

Core Viewpoint - The insurance industry is facing asset-liability matching pressures due to declining interest rates and an "asset shortage," prompting companies to seek long-term equity investments, particularly in undervalued bank stocks, to achieve stable returns and balance sheet improvements [1][3][12]. Group 1: Long-term Equity Investment Strategy - Insurance companies are increasingly turning to long-term equity investments as a strategy to achieve stable returns and match their liabilities [3][12]. - This strategy has sparked controversy, as it is seen as a means to smooth out volatility and achieve stable return on equity (ROE) and dividend returns, but some companies misuse it as a financial engineering tool to mask operational pressures [3][4][15]. - The shift to long-term equity investments is driven by the need for stable, high returns in a low-interest-rate environment, where traditional fixed-income assets are yielding insufficient returns [12][13]. Group 2: Accounting Practices and Implications - The accounting treatment of long-term equity investments allows insurance companies to recognize significant profits through accounting adjustments, particularly when investing in undervalued stocks [5][9]. - By applying the equity method of accounting, companies can report initial investment costs based on the fair value of the net assets of the investee, leading to inflated profits on their financial statements [7][10]. - This practice can create a disconnect between reported profits and actual cash flows, raising concerns about the sustainability of these earnings [11][19]. Group 3: Risks and Challenges - The reliance on long-term equity investments as a financial strategy can lead to systemic distortions in profit, net assets, and risk disclosures, potentially masking underlying financial health issues [4][20]. - Companies face pressures from regulatory requirements and internal assessments of solvency and profitability, which may drive them to prioritize short-term financial reporting over long-term strategic investments [14][15]. - The misuse of long-term equity investments can result in significant risks, including mismatches in capital and liquidity, potential valuation declines, and loss of market trust [20][21]. Group 4: Recommendations for Improvement - To mitigate the risks associated with long-term equity investments, regulatory bodies should establish clearer standards for recognizing significant influence and tighten rules around accounting for goodwill and fair value assessments [21][22]. - Insurance companies should enhance internal controls and focus on sustainable cash flow as a primary measure of investment success, rather than relying on one-time accounting gains [22]. - Expanding investment opportunities into infrastructure REITs, preferred stocks, and other long-term assets can help reduce dependence on equity investments and improve asset-liability matching [22].

本报记者 杨笑寒 例如，安华农险三季度偿付能力报告显示，公司2025年一季度及2025年二季度法人机构风险综合评级 （分类监管）结果均为C类，主要原因为公司治理方面存在风险。华汇人寿三季度偿付能力报告也显 示，因公司治理相关问题整改工作尚未完成，监管部门于2022年一季度将该公司风险综合评级结果由B 类变为C类。 天职国际会计师事务所保险咨询主管合伙人周瑾介绍，在公司治理方面，三会一层（股东会、董事会、 监事会和管理层）运作不规范、董监高履职存在瑕疵、关联交易占比高或披露不全等问题在未达标险企 中较为普遍。 值得一提的是，三季度，华安财产保险股份有限公司（以下简称"华安财险"）实现了成功"摘帽"，其最 近一期风险综合评级由C类升至B类。 根据监管规定，偿付能力监管指标包括核心偿付能力充足率、综合偿付能力充足率、风险综合评级3个 指标。保险公司须同时满足核心偿付能力充足率不低于50%、综合偿付能力充足率不低于100%、风险 综合评级在B类及以上三项指标，才能被认定为偿付能力达标。其中，风险综合评级由监管部门评定， 险企在每季度偿付能力报告中需按要求披露最近两个季度风险综合评级。 具体来看，在已披露偿付能力报告的 ...

本报记者 杨笑寒 近日，保险公司三季度偿付能力报告陆续披露。据《证券日报》记者统计，截至目前，共有156家险企 （包括财险公司和人身险公司）披露偿付能力充足率水平和风险综合评级，其中有4家险企偿付能力不 达标，1家险企成功"摘帽"。 根据监管规定，偿付能力监管指标包括核心偿付能力充足率、综合偿付能力充足率、风险综合评级3个 指标。保险公司须同时满足核心偿付能力充足率不低于50%、综合偿付能力充足率不低于100%、风险 综合评级在B类及以上三项指标，才能被认定为偿付能力达标。其中，风险综合评级由监管部门评定， 险企在每季度偿付能力报告中需按要求披露最近两个季度风险综合评级。 具体来看，在已披露偿付能力报告的84家财险公司中，29家风险综合评级在A类及以上。其中，中远海 运财产保险自保有限公司、中银保险有限公司、中国人寿财产保险股份有限公司、三井住友海上火灾保 险（中国）有限公司等6家险企达到A类最高级别的AAA级。风险综合评级在B类及以上的险企共有52 家。新疆前海联合财产保险股份有限公司、亚太财产保险有限公司、安华农业保险股份有限公司（以下 简称"安华农险"）3家险企的风险综合评级为C类，偿付能力"亮红灯"。 ...

Core Viewpoint - National Pension Insurance Co., Ltd. plans to raise funds through a capital increase project to supplement its core tier 1 capital, with a maximum of 471 million shares to be issued [1][2] Group 1: Capital Increase Details - The company aims to raise funds corresponding to no more than 471 million shares and will seek up to five investors, with existing shareholders not participating in this capital increase [2] - This is the second capital increase since the company's establishment, following the introduction of Allianz Global Investors as a strategic investor earlier this year [2] Group 2: Financial Performance - As of the second quarter of this year, the company's core solvency adequacy ratio was 590.78%, and the comprehensive solvency adequacy ratio was 603.72% [2] - In the first half of this year, the company achieved insurance business revenue of 1.539 billion and a net profit of 204 million [2] Group 3: Industry Trends - The insurance industry is experiencing pressure on solvency due to declining interest rates, necessitating external capital supplementation through shareholder increases and debt issuance [3] - As of October 19, 2023, a total of 12 insurance companies, including National Pension, have been approved for capital increases, amounting to 14.639 billion [4] Group 4: Future Capital Supplementation - The demand for capital supplementation in the insurance sector is expected to remain strong, driven by business development speed and macroeconomic conditions [4] - Future capital supplementation methods are anticipated to become more diversified and market-oriented, combining internal accumulation with external financing [5]

Group 1 - National Pension Insurance Co., Ltd. plans to raise funds by issuing no more than 471 million shares to supplement its core tier 1 capital [1][4] - The total fundraising scale of insurance companies has reached 68.739 billion yuan as of October 19 this year [2] - The continuous capital supplementation by insurance companies is influenced by factors such as pressure on solvency, strategic adjustments, and regulatory policies [3][5] Group 2 - The fundraising is intended to support the company's main business development, with existing shareholders not participating in this round of capital increase [4] - National Pension's solvency ratios are strong, with a core solvency ratio of 590.78% and a comprehensive solvency ratio of 603.72% as of the end of Q2 this year [4] - The company achieved insurance business revenue of 1.539 billion yuan and a net profit of 204 million yuan in the first half of this year [4] Group 3 - The insurance industry is increasingly relying on external capital supplementation methods, including shareholder capital increases and issuing capital supplementary bonds [5][6] - A total of 12 insurance companies, including National Pension, have been approved for capital increases this year, amounting to 14.639 billion yuan [6] - The bond issuance scale of insurance companies has reached 54.1 billion yuan as of now [6] Group 4 - Future capital supplementation methods for insurance companies are expected to become more diversified and market-oriented, combining internal accumulation and external financing [7] - Regulatory policies will influence the innovation of capital supplementation tools, leading to the development of more channels suited to the insurance industry's characteristics [7] - Insurance companies will focus on aligning capital supplementation methods with their strategic goals to maximize capital efficiency [7]