记者丨 余纪昕 编辑丨方海平 9月30日，天安财险发布债券违约公告。作为国内首例保险公司债券违约事件，该案例也因其 市场化化险路径而备受业界关注。 具体来看，天安财产保险股份有限公司发布公告称，其发行的资本补充债券"15天安财险"应于 2025年9月30日到期兑付。据《天安财产保险股份有限公司2015年资本补充债券发行公告》， 公司只有在确保偿还本息后偿付能力充足率不低于100%，且有能力清偿其他负债的本金和利 息的前提下才能偿付本期债券本息。 然而，截至今年9月30日，公司无法满足这一条件，因偿付能力不足，预计无法还本付息。公 告内容指出，公司已与本期债券的债券持有人开展积极沟通,全力配合债券持有人的相关诉 求，后续将在公司的风险处置工作中对本期债券统筹安排、处理。 21世纪经济报道记者注意到，原因主要在于发行主体类型特殊，其发行机构为信用资质较高、 业界信赖度较强的保险企业，此类主体发行的债券通常评级优异。 并且，该债券票面利率较高、发行规模较大。它于2015年9月20日发行，据公开资料显示，前 5年票面利率为5.97%，后5年跳升至6.97%。在当前利率中枢下行的市场环境中，这一高利率 结构尤为突出，虽 ...

21世纪经济报道记者 余纪昕 9月30日，天安财险发布债券违约公告。作为国内首例保险公司债券违约事件，该案例也因其市场化化险路径而 备受业界关注。 具体来看，天安财产保险股份有限公司发布公告称，其发行的资本补充债券"15天安财险"应于2025年9月30日到 期兑付。据《天安财产保险股份有限公司2015年资本补充债券发行公告》，公司只有在确保偿还本息后偿付能 力充足率不低于100%，且有能力清偿其他负债的本金和利息的前提下才能偿付本期债券本息。 然而，截至今年9月30日，公司无法满足这一条件，因偿付能力不足，预计无法还本付息。公告内容指出，公司 已与本期债券的债券持有人开展积极沟通,全力配合债券持有人的相关诉求，后续将在公司的风险处置工作中对 本期债券统筹安排、处理。 并且，该债券票面利率较高、发行规模较大。它于2015年9月20日发行，据公开资料显示，前5年票面利率为 5.97%，后5年跳升至6.97%。在当前利率中枢下行的市场环境中，这一高利率结构尤为突出，虽为投资者带来较 优票息收益，但也意味着发行方面临沉重的偿付压力。此外，债券发行总额达53亿元，体量相对较大，此次延 期兑付可能对市场和持有人产生一定影 ...

Core Viewpoint - Tianan Property Insurance Co., Ltd. announced that it is unable to repay the principal and interest of its 5.3 billion yuan capital supplement bond due to insufficient solvency, marking the first bond default in the insurance industry [1][3]. Group 1: Bond Details - The bond, referred to as "15 Tianan Insurance," was issued on September 29, 2015, with a total issuance amount of 5.3 billion yuan and a maturity date of September 29, 2025 [3]. - The bond features a segmented interest rate, with the first five years at 5.97%, and if not redeemed, the subsequent five years at 6.97% [3]. - The funds raised were intended to enhance the company's capital and support sustainable business development [3]. Group 2: Reasons for Default - Tianan Insurance stated that it cannot ensure a solvency adequacy ratio of at least 100% after repaying the bond's principal and interest, which affects its ability to meet other liabilities [3]. - The company has engaged in active communication with bondholders and is working on risk management strategies regarding the bond [3]. Group 3: Regulatory Background - In July 2020, Tianan Insurance, along with other companies in the "Mingtian System," was taken over by regulatory authorities [4]. - The company decided not to exercise its redemption option in September 2020 and has been conducting asset verification since then [3]. - As of June 2025, Tianan Insurance had its business license revoked due to multiple violations [4].

Core Viewpoint - Tianan Insurance, part of the "Tomorrow System," has announced that it will be unable to repay a 5.3 billion yuan capital supplement bond due to insufficient solvency, marking the first default of its kind in China's insurance industry [2][4]. Group 1: Bond Details - The "15 Tianan Insurance" bond was issued on September 20, 2015, with a 10-year term, featuring a coupon rate of 5.97% for the first five years and 6.97% for the latter five years [4]. - In September 2020, Tianan Insurance opted not to exercise its redemption option, indicating ongoing asset verification efforts, and the bond's interest payments were suspended [4]. Group 2: Financial Health and Historical Context - Tianan Insurance's financial troubles have been evident since 2020, when its credit rating was downgraded from "AA" to "AA-" by China Bond Rating Co., citing deteriorating asset quality and liquidity [4]. - The company reported a net loss of 2.924 billion yuan in the first three quarters of 2019, a significant decline year-on-year [4]. Group 3: Asset Management and Future Implications - To alleviate liquidity pressures, Tianan Insurance sold its stake in Industrial Bank, completely divesting by August 2019, which resulted in the loss of a key asset and revenue source [5]. - In 2024, a newly established company, Sheneng Insurance, acquired Tianan Insurance's insurance business, including its assets and liabilities, but the 5.3 billion yuan bond was excluded from this transfer, leaving Tianan Insurance responsible for the debt [6][7]. Group 4: Industry Impact and Future Risks - The default on the 5.3 billion yuan bond serves as a warning sign for the development of the insurance industry in China, with potential implications for other companies [8]. - Tianan Life, another entity within the "Tomorrow System," has a 2 billion yuan capital supplement bond maturing on December 25, 2025, which also chose not to exercise its redemption option, raising concerns about future defaults [8].

Core Viewpoint - The article discusses the first bond default in the insurance industry, specifically involving Tianan Property Insurance Co., Ltd. (Tianan Insurance), which announced it would be unable to repay the principal and interest on its 2015 capital supplement bond due to insufficient solvency [1][4]. Group 1: Bond Default Details - Tianan Insurance's 2015 capital supplement bond, known as "15 Tianan Insurance," is set to mature on September 30, 2025, with an issuance amount of 5.3 billion [5]. - The bond has a fixed interest rate of 5.97% for the first five years, and if not redeemed, the rate increases to 6.97% for the subsequent five years [5][6]. - The company stated it cannot ensure a solvency ratio of at least 100% after paying the bond's principal and interest, which is a requirement for repayment [5][6]. Group 2: Company Background and Regulatory Issues - Tianan Insurance was established in 1995 and has faced significant regulatory challenges, including being placed under supervision by the former China Insurance Regulatory Commission in July 2020 due to triggering regulatory takeover conditions [6][9]. - The company had its insurance business license revoked in June 2023 due to multiple violations, including false governance reports and improper benefit transfers to related parties [9][10]. - Following the revocation, Tianan Insurance's insurance business was transferred to Sheneng Property Insurance Co., Ltd., which was established in January 2024 [7][9].