Core Viewpoint - The insurance industry is experiencing a surge in capital replenishment activities, with 13 companies announcing or approving capital increase plans in the first half of 2025, amounting to approximately 50 billion yuan [1][3]. Group 1: Capital Increase Activities - A total of 13 insurance companies have completed or announced capital increase plans in the first half of this year, involving an amount of 48.475 billion yuan, covering various types of insurance companies [3][4]. - The capital increase activities this year are more aggressive compared to the previous year, with the total amount exceeding 40 billion yuan [3][4]. - Ping An Life accounted for a significant portion of the capital increase, with a proposed increase of approximately 19.999 billion yuan, raising its registered capital from 33.8 billion yuan to 36 billion yuan [3][4]. Group 2: Financing Methods - In addition to capital increases, insurance companies are also utilizing perpetual bonds as a significant financing channel, continuing the trend of issuing bonds seen in the past two years [5][6]. - The choice between capital increase and bond issuance depends on the specific needs of the insurance companies, with capital increases being suitable for long-term stable funding and bond issuance for quick capital raising [6][7]. Group 3: Regulatory Environment - The extension of the transitional period for solvency regulation until the end of 2025 has contributed to the increased demand for capital replenishment among insurance companies [7][9]. - Recent adjustments to solvency regulation, including a reduction in risk factors for stock investments, are seen as key drivers for the heightened capital replenishment needs [8][9]. Group 4: Future Outlook - The demand for capital replenishment in the insurance industry is expected to remain high, with a notable differentiation among companies based on their size and financial health [9][10]. - Smaller insurance companies may face greater challenges in capital increases due to weaker shareholder strength and market recognition, necessitating innovative capital-raising strategies [10].

头部保险公司进入补充资本的窗口期。6月4日，中国平安保险（集团）股份有限公司（以下简称"中国平安"）公告，中国平安拟发行本金总额为 117.65亿港元的债券，可于条款及条件所载情形下转换为H股。 除中国平安外，太平人寿、阳光人寿、泰康人寿等已在今年通过发债的方式进行资本补充。业内专家直言，当前保险市场"内卷"加剧，利率中枢 下行，行业转型步入深水区，险企面临不同程度的经营压力，通过补充资本以增强竞争力和风险抵抗能力的需求持续提升。根据业内预测，未来 险企补充资本需求仍将维持高位。 中国平安拟发行零息可转债 根据中国平安公告，该集团拟根据一般性授权发行可转换为公司H股股份的债券。拟发行的债券本金总额为117.65亿港元，可于条款及条件所载情 形下转换为H股。初始转换价为每股H股55.02港元（可予调整）。 据了解，这批债券为零息债券，将于2030年到期。也就是说，在债券存续期内，投资者将不会收到利息。不过，就初始转换价每股55.02港元来 看，这一价格较中国平安H股于6月3日在香港联交所报收市价每股46.45港元溢价约18%。 对于资金用途，中国平安表示，待债券发行完成后，公司拟将发行债券所得款项净额用于满足集 ...

2025年以来，险企"补血"进程加速。数据显示，截至5月18日，2025年共有平安人寿、新华保险等多家 险企发行了永续债或资本补充债，合计发债规模496亿元。另有4家险企增资方案获批，实际增资规模合 计为36.73亿元。 与此同时，记者观察发现，今年以来，华贵人寿、国联人寿、国富人寿、中华联合人寿等险企先后发布 增资计划，合计增资超100亿元。也就是说，险企年内合计实现"补血"规模已超530亿元，同时还有100 多亿元增资正在路上。 险企为何纷纷开启资本竞赛？有业内声音指出，增资、发债有助于险企提高偿付能力充足率，"偿二代 二期"工程实施后，对核心资本的认定更严格，叠加利率下行导致的资本消耗加速，险企面临更大的偿 付能力缺口。监管将偿付能力规则过渡期延长至2025年底，进一步推动险企加快资本补充节奏。 然而，随着保险业进入转型深水期，险企仅依靠外源性资本补充，难以从根本上破解资本困局。在业内 人士看来，只有摆脱传统粗放式发展模式、加强资产负债管理、实现精细化运营，才能实现从"输 血"到"造血"的转变。 延续过去两年密集发债趋势 2025年以来，险企在过去两年密集发债的基础上，发债金额再创新高。记者观察发现，这 ...

Core Insights - The life insurance industry in China has shown strong performance in Q1 2023, with 72 companies reporting a total insurance business income of 1.35 trillion yuan and a net profit of 861.43 billion yuan [1][2][3] Insurance Business Income - In Q1 2023, the 72 life insurance companies collectively achieved an insurance business income of 1.35 trillion yuan, with major players like China Life Insurance, Ping An Life, and China Pacific Life each exceeding 100 billion yuan in income, specifically 354.41 billion yuan, 173.85 billion yuan, and 100.22 billion yuan respectively [2] Net Profit Performance - Out of the 72 companies, 49 reported profits totaling 886.33 billion yuan, while 23 companies incurred losses amounting to 24.90 billion yuan. This marks an increase in both the number and proportion of profitable companies compared to the same period last year [3] Factors Influencing Performance - The positive performance in Q1 is attributed to several factors, including optimization of product structure and pricing, the implementation of a unified reporting system, and the release of investment gains from the previous year [3] Regulatory Developments - The National Financial Regulatory Administration has issued guidelines to deepen the reform of personal marketing systems in the life insurance industry, emphasizing the need for insurance companies to align their product pricing assumptions with actual business practices [4] Accounting Standards Changes - Several insurance companies have indicated that they have adopted new accounting standards and solvency regulations, which may impact key operational metrics such as net profit and total assets. The transition to these new standards is expected to create variability in reported profits and net assets [5][6] Future Outlook - The life insurance industry is anticipated to have significant growth potential, driven by increasing consumer demand for health management and elderly care services, which will highlight the industry's advantages in providing long-term cash flow and investment management services [6]

www.ccxi.com.cn 其他联络人 | 金融机构部 | 评级总监 | | --- | --- | | 王雅方 | 010-66428877 | | | yfwang@ccxi.com.cn | | 金融机构部 | 评级副总监 | | 孟 航 | 010-66428877 | | | hmeng@ccxi.com.cn | 中诚信国际 中国财产险行业 中国财产险行业展望，2025 年 4 月 行业展望 2025 年 4 月 | 目录 | | | --- | --- | | 摘要 | 1 | | 监管环境 | 2 | | 业务运营 | 4 | | 财务状况 | 8 | | 附表 | 13 | 联络人 | 作者 | | | | --- | --- | --- | | 金融机构部 | | | | 张 | 璐 | 010-66428877-432 | | | | lzhang@ccxi.com.cn | | 陶美娟 | | 010-66428877-323 | | | | mjtao@ccxi.com.cn | | 赵紫祎 | | 010-66428877-551 | | | | zyzhao@ccxi.com ...

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| 目录 | | | --- | --- | | 摘要 | 1 | | 监管环境 | 2 | | 业务运营 | 4 | | 财务状况 | 8 | | 附表 | 13 | 联络人 www.ccxi.com.cn 行业展望 2025 年 4 月 | 作者 | | | | --- | --- | --- | | 金融机构部 | | | | 张 | 璐 | 010-66428877-432 | | | | lzhang@ccxi.com.cn | | 陶美娟 | | 010-66428877-323 | | | | mjtao@ccxi.com.cn | | 赵紫祎 | | 010-66428877-551 | | | | zyzhao@ccxi.com.cn | 其他联络人 | 金融机构部 | 评级总监 | | --- | --- | | 王雅方 | 010-66428877 | | | yfwang@ccxi.com.cn | | 金融机构部 | 评级副总监 | | 孟 航 | 010-66428877 | | | hmeng@ccxi.com.cn | 中诚信国际 中国财产险行业 中国财产险行业展望，2025 ...

Investment Rating - The report maintains a stable outlook for the life insurance industry, indicating that the overall credit quality will not undergo significant changes in the next 12-18 months [5][48]. Core Insights - The life insurance industry is expected to see premium growth in 2024, driven by renewal business despite challenges in new policy sales due to regulatory changes and declining interest rates [4][5]. - The regulatory environment is evolving with a focus on risk prevention and high-quality development, emphasizing the need for improved product pricing mechanisms and enhanced solvency supervision [6][7]. - The investment strategies of life insurance companies are diversifying, with a continued emphasis on fixed-income assets while increasing allocations to equities as market conditions improve [11][30]. - Financial performance is expected to improve significantly in 2024, with rising investment returns due to a recovering capital market, although sustainability of profits remains a concern [31][35]. Summary by Sections Regulatory Environment - The new "National Ten Articles" emphasizes strict regulation and risk prevention, aiming for high-quality development in the insurance sector [6][7]. - The introduction of a comprehensive insurance company regulatory rating system will enhance risk assessment and management [7]. Business Operations - The life insurance sector is experiencing pressure on new policy sales due to regulatory impacts, but renewal business is supporting overall premium growth [13][14]. - The shift in product design towards lower guaranteed rates and the transformation of distribution channels are key trends [17][22]. Financial Condition - The life insurance industry achieved a premium income of CNY 4.01 trillion in 2024, reflecting a growth rate of 5.7% compared to the previous year, although the growth rate has slowed [31][32]. - The overall profitability of the industry is improving, with a significant increase in investment income driven by favorable market conditions [35][36]. - The solvency levels of life insurance companies remain robust, with a solvency adequacy ratio of 190.5% as of the end of 2024, indicating a stable capital position [42][43].

文/刘思嘉 永续债正成为头部险企新的"资本弹药库"。 2025年开年以来，保险公司发行永续债规模已达237亿 元，创下历史同期峰值。 作为推动中长期资金入市的重要手段，保险资金长期投资改革一直是监管关注重点。 3月5日，金融监管总局局长李云泽在十四届全国人大三次会议的首场"部长通道"上提出，金融监管 总局正在积极稳妥地引导银行保险资金投向早期、小型、长期以及硬科技企业。这一表态不仅彰显了 监管部门对保险资金运用的高度重视，也预示着保险资金将在未来发挥更加重要的作用。 险企永续债的"发行潮"背后，是保险公司对于资本补充的迫切渴望，也是险企精准捕捉利率变动趋 势、优化自身资本结构的选择，更为险企提供了新的资金来源。 01 永续债"狂飙" 对于保险公司来说，发债一直是"补血"的重要手段，尤其是在面临资本金压力或业务扩张需求时。 相较于其他长期债务工具，永续债的利率通常更低，是一种低成本的融资方式。此外还兼具债、股双 重属性，而且永续债的利息支付可以递延（在特定条件下），因此发行永续债成为险企在现金流紧张 时的"不二选择"。 自2022年8月《关于保险公司发行无固定期限资本债券有关事项的通知》（以下简称《通知》）允 ...