部分险企治理水平待提升 根据《保险公司偿付能力管理规定》，保险公司偿付能力达标需要同时满足三项要求：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。 对照来看，去年四季度，5家险企偿付能力不达标，具体为华汇人寿保险股份有限公司（以下简称"华汇 人寿"）、安华农业保险股份有限公司、长生人寿保险有限公司（以下简称"长生人寿"）、新疆前海联 合财产保险股份有限公司（以下简称"前海财险"）、亚太财产保险有限公司（以下简称"亚太财险"）。 其中，长生人寿是由于综合偿付能力充足率低于监管要求而不达标，其余4家险企是由于风险综合评级 为C类而不达标。 近日，保险公司陆续披露2025年第四季度偿付能力报告。据记者梳理，在已经发布相关报告的险企中， 5家险企最新偿付能力不达标。其中，4家险企主要是因为风险综合评级不达标，1家险企是因为综合偿 付能力充足率不满足监管要求。 业内人士认为，良好的公司治理是险企稳健开展业务的重要基础，险企需要从多方面提升治理水平。对 于偿付能力充足率承压的险企而言，则需要多渠道进行资本补充，尽快达到监管要求。 郝臣表示，从公司治理的不同维度来看，当前，保 ...

Core Viewpoint - The Chinese insurance industry is experiencing a new wave of capital replenishment, with approximately 20 insurance companies announcing capital increase plans as of December 2025, driven by stricter regulatory requirements and market challenges [1][14]. Group 1: Industry Capital Increase Overview - Nearly 20 insurance companies have disclosed capital increase plans or received approvals since 2025, with 12 already approved [1][15]. - Companies that have completed or received approval for capital increases include major players such as Ping An Life, Taikang Pension, and Huatai Insurance [1][3]. - The capital increase actions in 2025 are characterized by large scale and concentration, with Ping An Life proposing a record capital increase plan of nearly 20 billion yuan [3][16]. Group 2: Regulatory and Market Drivers - The upcoming end of the transition period for the "Insurance Company Solvency Supervision Rules (II)" has led to stricter requirements for solvency ratios, particularly core solvency ratios, putting pressure on some insurance companies to meet standards [1][4]. - The implementation of the new insurance contract standard (IFRS 17) and the ongoing low interest rate environment have posed challenges to the profitability and internal capital accumulation capabilities of insurance companies [1][4][17]. - The dual drivers of regulatory pressure and market challenges are pushing the industry from passive capital replenishment to proactive capital management [5][18]. Group 3: Motivations for Capital Increases - The motivations for the capital increase plans can be categorized into three main types: capital reserve demands from growth-oriented insurers, equity optimization and solvency consolidation, and further business development [6][18]. - Growth-oriented insurers like Hengqin Life are seeking to build capital reserves to address increasing capital consumption due to expanding business scale [20]. - Established companies like Huatai Insurance are addressing long-standing equity issues and solvency pressures through capital increases, aiming to improve their financial stability and operational capabilities [21][22]. Group 4: Future Outlook and Industry Trends - The trend of capital increases reflects a recognition of the long-term value of the Chinese insurance industry, with foreign and state-owned investors playing significant roles [28]. - The ability to convert the replenished capital into operational efficiency and risk management will be crucial for sustainable development in the industry [28]. - As industry differentiation intensifies, companies with weak capital strength may face greater pressure, while those with clear strategies and solid foundations are likely to seize opportunities for high-quality growth [28].

Core Viewpoint - Insurance companies are actively increasing their capital as the year-end approaches, with Hengqin Life Insurance Co., Ltd. announcing an increase in registered capital by 1.852 billion yuan [1][4]. Group 1: Capital Increase Details - Hengqin Life's capital increase amounts to 2 billion yuan, with existing shareholders Zhuhai Huachuang Investment Management Co., Ltd. and Hengtong Group Co., Ltd., along with new shareholders Hengqin Shenhe Investment Co., Ltd. and Hengqin Financial Investment Group Co., Ltd. participating [6]. - After the capital increase, Hengqin Life's registered capital will rise from 3.137 billion yuan to 4.989 billion yuan, pending approval from the Guangdong Financial Regulatory Bureau [6][7]. - The ownership structure will change, with Zhuhai Huachuang maintaining a 49% stake, Hengtong Group increasing its stake from 12.75% to 13.59%, and the three other shareholders' stakes diluted to 8.02% each [7]. Group 2: Financial Performance - Hengqin Life has experienced rapid growth in premium income, with figures rising from 0.863 billion yuan in 2017 to 8.52 billion yuan in 2023, although a slight decline to 8.229 billion yuan is expected in 2024 [10]. - The company faced losses in its early years but turned profitable in 2020, achieving a net profit of 0.059 billion yuan, although it returned to losses in 2022 with a net loss of 0.179 billion yuan [10][11]. - For the first three quarters of 2025, Hengqin Life reported insurance business income of 5.673 billion yuan, a year-on-year decrease of 22.83%, and a net loss of 0.326 billion yuan, though the loss narrowed by 13.29% compared to the previous year [11]. Group 3: Future Outlook and Strategies - Hengqin Life plans to issue up to 1.1 billion yuan in capital supplement bonds to improve its capital adequacy and support sustainable business development [11]. - Industry experts suggest that insurance companies should focus on high-quality development rather than merely scaling up, emphasizing the need for optimized business structures, improved operational efficiency, and effective asset-liability management [12].

应对偿付能力大考，发债补充资本成为保险公司"解压"的首选。 据上海证券报记者不完全统计，截至12月3日，今年已经有约20家保险公司发行资本补充债或永续债， 合计发债规模超过700亿元，发债机构数量超过去年同期。 与往年不同的是，今年永续债成为保险公司发债的"主角"，永续债发行机构数量占比过半，发行规模占 比超七成。究其原因，永续债能够直接用于补充保险公司核心二级资本、增强核心偿付能力，并且永续 债在满足一定条件下可以不计入负债而计入所有者权益，是保险公司稳定补充核心资本、优化资本结 构、满足战略发展需要的重要工具。 此外，《保险公司偿付能力监管规则（Ⅱ）》（下称"偿二代二期规则"）过渡期即将结束，保险公司偿 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，这也促使保险公司通过发债补充资 本。 2024年底，金融监管总局发文称，将原定于2024年底结束的偿二代二期规则过渡期延长至2025年底。对 于因新旧规则切换对偿付能力充足率影响较大的保险公司，可与金融监管总局及派出机构沟通过渡期政 策，金融监管总局将一司一策确定过渡期政策。 如今离过渡期结束只有不到一个月时间，规则变化对保险公司的资本将产生直接影 ...

■记者观察 金融监管总局数据显示：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%，较去年末 下降13.1个百分点；核心偿付能力充足率约为134.3%，较去年末下降约4.8个百分点。目前来看，保险 公司综合偿付能力充足率和核心偿付能力充足率分别满足不低于100%、不低于50%的监管要求。 细分机构类型来看，人身险公司的偿付能力压力更大。截至2025年三季度末，人身险公司综合偿付能力 充足率约为175.5%，财产险公司偿付能力充足率约为240.8%；人身险公司核心偿付能力充足率约为 118.9%，财产险公司核心偿付能力充足率约为212.9%。 此外，《保险公司偿付能力监管规则（Ⅱ）》（下称"偿二代二期规则"）过渡期即将结束，保险公司偿 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，这也促使保险公司通过发债补充资 本。 险企发债短期可"解压" 长期更需自主"造血" ◎记者 何奎 应对偿付能力大考，发债补充资本成为保险公司"解压"的首选。 据上海证券报记者不完全统计，截至12月3日，今年已经有约20家保险公司发行资本补充债或永续债， 合计发债规模超过700亿元，发债机构数量超过去年同期 ...

Core 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].

Core Insights - The insurance industry in China is expected to maintain a stable competitive landscape in the first half of 2025, with significant head effects among leading companies [1] - Premium income from life insurance companies continues to grow, driven primarily by life insurance business, while property insurance companies also see growth due to rising car insurance revenue and rapid growth in health insurance [1] - Investment income has decreased compared to the previous year due to fluctuations in bond rates and underperformance in equity markets, despite an increase in the scale of funds utilized by insurance companies [1][3] - The overall solvency of the industry has improved, with a decrease in the number of companies failing to meet solvency standards, although capital market fluctuations may impact solvency [1][3] Industry Outlook - The insurance industry is expected to continue its steady growth driven by policy support and market demand, with improvements in operational efficiency and service quality through digital transformation and specialized channel development [2] - Life insurance business is anticipated to expand further, and the proportion of non-auto insurance revenue may continue to rise [2] - The total investment income scale is likely to grow as the scale of usable funds increases, although investment income may remain volatile due to capital market fluctuations [2] - Regulatory policies are expected to deepen, optimizing business structures and enhancing risk management and innovation capabilities within insurance companies [2][4] Key Focus Areas - Regulatory bodies maintain a strong regulatory stance, with an increasing focus on insurance-related policies, necessitating attention to the impact of these regulations on the industry [3] - Premium income growth for life insurance companies has slowed due to lower preset interest rates and reforms in personal marketing systems, indicating a need for ongoing monitoring of premium income changes [3] - Property insurance premium income remains positive due to increased passenger car sales and heightened public awareness of insurance, but uncertainties in macroeconomic recovery may affect consumer income and spending expectations [3] - The balance of funds utilized by insurance companies continues to grow, but overall investment income has declined due to lower bond rates and underperforming equity markets, highlighting the need to monitor future investment performance [3] - As of June 2025, solvency indicators for insurance companies have improved, with a reduction in the number of companies not meeting solvency standards, but ongoing capital consumption raises concerns about solvency metrics and capital replenishment pressures [3]

Core Viewpoint - China Coal Property Insurance Co., Ltd. (referred to as "China Coal Insurance") announced a capital increase plan to raise 300.6 million yuan by issuing 300 million shares to its major shareholder, Shanxi Financial Investment Holding Group Co., Ltd. (referred to as "Shanxi Financial") [1][3][4] Group 1: Capital Increase Plan - The capital increase is priced at 1.002 yuan per share, requiring regulatory approval to take effect [4] - If approved, Shanxi Financial's shareholding will rise to 46.05%, exceeding the regulatory limit of one-third of the registered capital for a single shareholder [4][5] - The capital increase aims to enhance the company's registered capital, which has been identified as a limitation on business development [5][9] Group 2: Shareholder Dynamics - China Coal Insurance's major shareholders include several coal enterprises, with China Coal Group signaling intentions to divest its 8.2% stake [7][8] - The potential exit of China Coal Group could impact the company's operations in coal insurance and lead to a shift in corporate governance and performance [7][8] Group 3: Financial Performance - In the first half of the year, China Coal Insurance reported insurance revenue of 1.23 billion yuan, a decrease of 10.33% year-on-year, while net profit increased by 64.23% to 16 million yuan [9][10] - The company faced underwriting losses across its top four insurance products, with a loss of 36 million yuan in auto insurance [10][11] - The overall combined cost ratio was reported at 103.18%, indicating underwriting losses, prompting the need for cost control and risk management strategies [11]

Core Viewpoint - As of August 4, 2023, 143 insurance companies have disclosed their solvency reports for the second quarter, with five companies failing to meet solvency standards, raising concerns about their operational capabilities and governance [1][3][4]. Summary by Sections Solvency Status - Five insurance companies, including Huahui Life, Anhua Agricultural Insurance, Huaan Insurance, Asia-Pacific Property Insurance, and Qianhai Property Insurance, have not met solvency standards, primarily due to their risk comprehensive ratings being classified as C [3][4]. Regulatory Requirements - According to the "Insurance Company Solvency Management Regulations," companies must meet three key indicators: core solvency adequacy ratio above 50%, comprehensive solvency adequacy ratio above 100%, and a risk comprehensive rating of B or above to be considered solvent [3]. Impact of Non-Compliance - Non-compliance with solvency standards can damage an insurance company's credibility, lead to downgrades in credit ratings, and increase financing difficulties, thereby weakening market competitiveness [4][5]. Actions Taken by Companies - Companies are taking steps to improve their solvency status, such as increasing capital, enhancing governance, and optimizing business structures. For instance, Huaan Insurance has completed a board restructuring and is working to improve its risk rating [6][7]. Recommendations for Improvement - Experts suggest that companies can enhance their solvency by increasing capital, optimizing product structures, and improving risk management through advanced technologies like big data analysis [8]. Market Exit Mechanism - There is a discussion on the necessity of a market exit mechanism for companies that have persistently failed to meet solvency standards, which could help purify the market and protect policyholders' rights [9][10].

Core Insights - The insurance companies' solvency remains sufficient, with a comprehensive solvency adequacy ratio of 204.5% and a core solvency adequacy ratio of 146.5% as of the end of Q1 2025 [1] Group 1: Solvency Status - The overall solvency of insurance companies shows a positive trend, with three companies exiting the non-compliance category [1] - However, five companies still do not meet solvency standards, including one life insurance company and four property insurance companies [1] Group 2: Industry Implications - Industry experts indicate that non-compliance with solvency standards may restrict the business operations of affected companies, necessitating timely measures to improve solvency [1]