近期，横琴人寿发布变更注册资本相关公告称，公司拟新增注册资本约7.53亿元，若本次增资顺利落 地，公司股东珠海铧创投资管理有限公司（以下简称"珠海铧创"）在横琴人寿的持股比例将由32.9%上 升至49%。这条消息引发保险业关注。 一直以来，增资和发债是保险公司提升偿付能力充足率的两大渠道。据《证券日报》记者不完全统计， 今年以来截至3月10日，6家险企获批增资67.8亿元。随着部分险企增资计划获批，今年险企增资总额或 持续提升。不过，年内险企暂无获批发债和实际发债（此前已经获批在今年发行）的情况，与此同时， 有2家险企因不行使此前发行的资本补充债的赎回权而受到行业关注。 多位业内人士表示，结合目前险企的经营情况来看，险企尤其是中小险企应该多维度提升偿付能力充足 率。对外经济贸易大学保险学院教授王国军对《证券日报》记者表示，中小险企应从三方面提升偿付能 力：一是加强财务管理，提高资金利用效率；二是建立完善的融资风险管理机制和多元化融资渠道；三 是加强经营管理，通过良好的经营表现赢得投资者的信任和支持。 6家险企获批增资 据记者统计（以实际发布日期统计），今年以来，三峡人寿、爱心人寿、华泰人寿、恒邦财险、中信保 ...

Group 1 - Insurance capital has initiated a new wave of "stake acquisitions" in 2025, with 19 instances recorded so far, nearing last year's total of 20 [2] - Jiangnan Water and Hualing Steel have recently been targeted for stake acquisitions by Life Insurance and Xintai Life, respectively, with Jiangnan Water seeing a 5.03% stake increase and Hualing Steel reaching 5.00% [3] - The acquisitions are based on long-term investment strategies and the companies' value propositions, with funding sourced from the insurers' own capital [3] Group 2 - Insurance capital is particularly focused on bank stocks, with 10 out of 19 acquisitions targeting banks, especially in the Hong Kong market [4] - The "Ping An system" has been notably active, accounting for 6 of the acquisitions, including Postal Savings Bank and China Merchants Bank [4][5] - Ping An Group's CEO indicated that the investments in high-dividend bank stocks were made in anticipation of a declining interest rate cycle [5] Group 3 - In 2025, 13 insurance companies have announced capital increase plans, totaling approximately 50 billion yuan, with Ping An Life accounting for nearly half of this amount [7] - Ping An Life plans to increase its registered capital from 33.8 billion yuan to 36 billion yuan through a capital increase of about 19.999 billion yuan [7] - Other companies, such as Zhongyou Insurance, have also received approval for capital increases, indicating a trend of strengthening capital positions across the industry [7] Group 4 - Issuing bonds has become a significant method for insurers to supplement capital, with several companies, including Ping An Life and Taikang Life, actively participating in the bond market [8][9] - In June, Ping An announced plans to issue 11.765 billion HKD in zero-coupon convertible bonds, attracting market attention [9] Group 5 - The insurance industry has faced increased regulatory scrutiny, with over 1,000 penalties issued in the first half of 2025, reflecting a tightening of oversight [10][11] - Notable penalties include a 1.115 million yuan fine against China People's Insurance for multiple violations, highlighting the regulatory environment's impact on major players [11] - The second quarter saw continued enforcement, with penalties primarily related to improper benefits and financial reporting inaccuracies [12]