The multi -channel supplement capital of insurance companies to supplement the capital in the first half of the year "blood replenishment" exceeding 50 billion yuan "hematopoietic" has improved

4Jul

Wen | Leng Cuihua

Recently, a number of rating agencies have successively released the 2022 insurance institution tracking rating report. The report shows that many insurance companies are facing pressure to replenish capital. According to public information statistics, "Securities Daily" reporter successfully issued capital supplementary debts of 9 insurance companies in the first half of this year, with a total of 21.15 billion yuan; 13 insurance companies supplemented capital by increasing capital, including shareholders' capital increase and introduction of strategic investors. Increase capital, and increase capital through unblock profit. On the whole, the total capital supplement of insurance companies in the first half of the year exceeded 50 billion yuan. At present, there are still many capital supplementary plans that have been released but to be implemented. People in the industry believe that the level of capital supplementation of insurance companies is expected to be at a high level in the second half of the year. Capitals with strong capital demand for insurance companies are one of the core elements of insurance companies to ensure sufficient solvency and ensure business development. Since the beginning of this year, insurance companies' demand for capital has continued to maintain a high level, and some insurance companies have shown significant pressure. Xu Yuchen, a founding member and senior actuarian of the China Ectulation Association, told the Securities Daily that as the scale of insurance enterprises grows, it needs to increase capital to ensure the ability to pay a sufficient rate. With the implementation of the implementation, many insurance companies have declined, and insurance companies also need to supplement capital. Take someone's danger company as an example. In the rating report, United Credit pointed out that this year, the company's continuous development of the company has increased the consumption of capital. At the same time, under the second -generation second -generation project Strictly, the sufficient index of its core solvency has decreased significantly, and in the future, it will face certain capital supplementary pressures. The report shows that in 2019, 2020, 2021 at the end of the year and the end of the first quarter of this year, the company's comprehensive solvency adequacy ratio was 174.91%, 158.28%, 144.79%, and 141.63%. %, 132.52%, 109.47%, and 70.81%. It can be seen that the company's solvency adequacy ratio is in a continuous decline. At the same time, at the end of the first quarter of this year, the core solvency adequacy ratio of another person's insurance company was 97.79%, a decrease of 26.82 percentage points from the end of the previous year; the comprehensive solvency adequacy ratio was 147.69%, a decrease of 6.67 percentage points from the end of the previous year. "At this stage, the company's solvency has reached the regulatory requirements but at a low level. The sustainable development of the future business will make the company face the pressure of capital supplement." China Integrity International stated in the report. The United Credit Report pointed out that Caixiang Life Life "With the sustainable development of insurance business and investment business, the company's core solvency level has declined significantly, and capital supplementation pressure in the future." Since the beginning of this year, the second -generation second -generation project has been fully landed in the insurance industry. Under the new regulatory rules, the competence company's solvency adequacy ratio has generally declined, and some insurance companies have applied for a transitional policy. At the same time, the China Banking Regulatory Commission will recently issued a notice to evaluate the regulation of 70 insurance companies' solvency risk management capabilities. The risk management system of insurance companies is facing more stringent review. On the whole, the insurance industry's demand for funds continues to be strong. In various ways, in order to improve the solvency of the solvency, insurance companies actively supplement capital in various ways. In addition to the two more common ways of debt issuance and shareholders' capital increase, there are insurance companies supplemented capital by replenishing capital by increasing capital or increasing the amount of surplus provident funds through uniplied profits. Industry insiders believe that this shows that some insurance companies' "self -hematopoietic" function can be improved. From the perspective of debt issuance, the reporter of the Securities Daily According to public information statistics, in the first half of this year, a total of 9 insurance companies successfully issued capital supplementary debts, totaling 21.15 billion yuan. Among them, Taiping Life and ICBC Ansheng Life issued 5 billion yuan each; In addition to bonds that have been issued, more insurance companies have issued a debt issuance plan in the first half of the year but they have not yet "landed". The interest rates of capital supplementary debts issued by different insurance companies are large. For example, the highest ticket rate is 6.25%, followed by 5.50%, and the lowest is 3.45%. An analyst believes that this is mainly due to different factors such as the company's nature and business quality between the issuers. Judging from the bonds issued by the same insurance company at different times, the current interest rate has decreased compared to before. For example, CCB Life issued 6 billion yuan in bonds in 2021, with a ticket interest rate of 4.3%; in March of this year, it issued a 2 billion yuan bond with a ticket interest rate of 3.7%. At the same time, China Merchants Renhe Life Insurance issued a debt of 1 billion yuan in June and November last year, and the ticket rate rate was 4.9%and 4.8%. In June this year, its debt issued 1.1 billion yuan, and the ticket interest rate fell to 4.3%. The above -mentioned analysts said that this is mainly affected by market interest rates. Generally speaking, the ticket rate is positively related to the market interest rate. In addition, the current market interest rate shows a downward trend, which is also one of the reasons for the decline of new bond interest rates. From the perspective of other capital supplementary methods, on April 17, Ping An Forepical announced that in order to ensure the solvency and support business development, it is planned to apply to shareholders to increase the capital increase of 10.52 billion yuan. After this capital increase, its registered capital will increase by about 4.594 billion Yuan.

Shareholders 'capital increase is also a more common method of capital increases in insurance companies, but overall, in the past two years, shareholders' capital increase has increased. Xu Yuchen believes that some shareholders are limited by their own cash flow, and the capital increase may be "weak". Some shareholders may be cautious about the expected expected of the insurance industry, and the enthusiasm of capital increase will also be affected. It is worth noting that this year, there are less capital increase methods for insurance companies. For example, Yingdai and Property Insurance will transfer the increasing capital of the unbociatal profit, increase the capital of 3.5 billion yuan, and after the increase, its registered capital increases to 6.5 billion yuan; 100 million shares, the total amount is about 1.2 billion yuan. This method of capital increase is considered to be "self -heating" in the industry, and it is one of the performances of the company in the stage of benign development. Xu Yuchen said that insurance companies to improve their "self -hematopoietic" function, on the one hand, must improve business quality and improve underwriting profits. On the other hand, on the other hand, the investment end must combine new payment capacity supervision regulations to reduce capital consumption. Recommended reading

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Picture ｜ Site Cool Hero Bao Map Network Production | Zhang Xin

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