来源：保观 2025年，中国保险行业迎来新一轮资本补充热潮。截至12月份，已有约20家保险公司在保险行业协会披 露了增资计划，其中，12家已经获批，这近20家险企将通过发行资本补充债或永续债累计来募集资金。 随着延长至2025年底的《保险公司偿付能力监管规则（Ⅱ）》过渡期即将临近，监管对保险公司偿付能 力充足率、尤其是核心偿付能力充足率的要求更为严格，部分险企面临达标压力。 同时，新保险合同准则（IFRS17）的实施以及市场利率持续低位运行，也对保险公司的盈利能力和资 本内生积累能力构成挑战，进一步加剧了资本金承压态势。 多重因素交织下，通过增资扩股、发行资本工具等方式及时补充资本，提升风险抵御能力，已成为保险 行业应对偿付能力"大考"的当务之急。 1 2025年以来，已有近20家保险公司公布了增资计划或已获得批准。 增资已获批或者已完成的公司，包括中邮人寿、泰康养老、中华联合人寿、国富人寿、鼎和财险、国联 人寿、中意财险、平安人寿、三峡人寿、安盛环球再保险有限公司、复星联合健康、汇丰人寿、信美人 寿相互保险社等。 已公告或者进行中的公司，包括横琴人寿、德华安顾人寿、太平养老、华安财险，海峡金桥财险等。 从增 ...

临近岁尾，保险公司增资脚步不停。 横琴人寿保险有限公司（下称"横琴人寿"）近日发布关于变更注册资本有关情况的信息披露公告 称，股东会会议审议批准，同意公司新增注册资本18.52亿元。 记者了解到，此番入股的两家新股东均为国资企业。其中，深合投资由横琴粤澳深度合作区财政局 全资控股，横琴金投则由国资企业珠海格力集团有限公司（持股90%）与广东省财政厅（持股10%）合 资成立。 横琴人寿成立于2016年12月，总部注册地位于横琴粤澳深度合作区，是合作区唯一一家全国性法人 寿险企业。 值得一提的是，距离《保险公司偿付能力监管规则（Ⅱ）》（即"偿二代"二期）过渡期结束仅剩不 到一个月。部分险企面临较大的偿付能力压力，近段时间以来增资、发债脚步明显加快。 引入两家国资股东 根据公告，横琴人寿此次增资金额为20亿元，由现有股东珠海铧创投资管理有限公司（下称"珠海 铧创"）、亨通集团有限公司（下称"亨通集团"），以及新增股东横琴深合投资有限公司（下称"深合投 资"）、横琴金融投资集团有限公司（下称"横琴金投"）共同认缴。 其中，18.52亿元计入公司注册资本。增资完成后，横琴人寿注册资本将由31.37亿元增加至49.89亿 ...

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]

Core Viewpoint - The solvency of insurance companies remains adequate, with an overall positive trend in solvency ratios, although some companies still do not meet the required standards [1][2]. Solvency Ratios - As of the end of Q1 2025, the comprehensive solvency adequacy ratio for insurance companies is 204.5%, and the core solvency adequacy ratio is 146.5% [1]. - The solvency ratios for property insurance companies, life insurance companies, and reinsurance companies are 239.3%, 196.6%, and 255% respectively, with core solvency ratios at 209.5%, 132.8%, and 221.6% [2]. Companies Not Meeting Solvency Standards - Five companies, including one life insurance company and four property insurance companies, do not meet solvency standards, with specific companies like Huahui Life and Anhua Agricultural Insurance rated as C class [2][3]. - The main reason for the failure to meet solvency standards is the inadequate risk comprehensive rating, which reflects issues in corporate governance, operational risk, and compliance [2][3]. Improvement Measures - Companies are advised to adjust their business structures, enhance risk management capabilities, and improve corporate governance to address solvency issues [4]. - Specific companies, such as Anhua Agricultural Insurance and Qianhai Property Insurance, have reported progress in their rectification efforts to improve solvency [4][5].