据《证券日报》记者梳理，今年以来，已有12家险企获批增资，合计增资规模达158.26亿元，同时补充 资本的方式更加多元化。受访专家表示，险企探路多元化资本补充方式，受其经营环境变化影响，如市 场竞争加剧、公司业务扩张与创新、监管政策引导等。 资本公积金转增注册资本 保险公司的资本，通常指保险公司的注册资本和实际资本，是保险公司运营的基石，对于保障其偿付能 力、风险管理、市场信誉、监管合规以及业务发展等方面都具有至关重要的作用。其中，增资是保险公 司进行资本补充的主要手段之一。 近日，鼎和财险获批采取以资本公积金转增注册资本的方式进行增资。相较于股东增资、增发股票等传 统增资方式，以资本公积金转增注册资本的方式在业内相对较为少见。 近日，国家金融监督管理总局深圳监管局发布行政批复，同意鼎和财产保险股份有限公司（以下简 称"鼎和财险"）以资本公积金转增资本方式增加注册资本约13.57亿元。 据梳理，截至9月11日，已有国民养老保险股份有限公司、中邮人寿保险股份有限公司等12家险企获批 增加注册资本，合计增资规模达158.26亿元，与去年同期基本持平。但与去年同期相比，今年险企资本 补充路径多元化的趋势日益显著。 ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. successfully issued HKD-denominated zero-coupon convertible bonds, raising HKD 15.556 billion, with a conversion premium of 25% and over 70% subscription from long-term investors [1] Group 1: Financial Performance - In the first half of 2025, China Pacific Insurance reported operating revenue of CNY 200.496 billion, a year-on-year increase of 3% [1] - The net profit attributable to shareholders was CNY 27.885 billion, up 11% year-on-year [1] - The operating profit, excluding volatile items, was CNY 19.909 billion, reflecting a growth of 7.1% [1] - As of the end of the first half, the comprehensive solvency adequacy ratio was 264%, and the core solvency adequacy ratio was 190%, both significantly above regulatory requirements [1] Group 2: Strategic Development - The funds raised from the bond issuance will primarily support the insurance core business and the company's three strategic developments: "Great Health, Artificial Intelligence+, and Internationalization" [1] - The issuance reflects the company's focus on its core responsibilities and commitment to long-term value creation in a new development phase of the insurance industry [1] Group 3: Market Context and Trends - The issuance of zero-coupon convertible bonds is the second case in the insurance industry this year, following China Ping An's issuance of HKD 11.765 billion [2] - The total issuance of zero-coupon convertible bonds by insurance companies this year amounts to approximately HKD 27.321 billion [2] - Insurance companies are increasingly diversifying capital replenishment channels, enhancing capital strength through various means, including capital supplement bonds and perpetual bonds [2] Group 4: Investor Insights - The current recovery of confidence in the capital market and improving operating performance of insurance companies have led to higher valuation expectations [3] - Zero-coupon convertible bonds allow insurance companies to avoid interest payments during the bond's term, significantly reducing financing costs [3] - The issuance of convertible bonds enhances the core solvency adequacy ratio, providing stronger risk resilience for insurance companies [3]