For the third year in a row, insurance companies issued more than 100 billion yuan in bonds. In the recent year 2025, 23 insurance companies issued a total of 104.2 billion yuan in debt. Industry insiders generally believe that there are multiple driving factors behind this — under the low interest rate cycle, insurance companies generally face higher capital supplementation requirements; interest rates decline, and the cost of issuing bonds is lower, and insurers are motivated to issue new bonds to replace old bonds; there are also insurers who want to finance when interest rates are low to further consolidate their capital strength and increase the safety cushion for development. Furthermore, under the idea of countercyclical supervision, insurance companies' bond issuance has also received support from the regulatory authorities to a certain extent.

For the third year in a row, insurance companies issued more than 100 billion yuan in bonds. In the recent year 2025, 23 insurance companies issued a total of 104.2 billion yuan in debt. Industry insiders generally believe that there are multiple driving factors behind this — under the low interest rate cycle, insurance companies generally face higher capital supplementation requirements; interest rates decline, and the cost of issuing bonds is lower, and insurers are motivated to issue new bonds to replace old bonds; there are also insurers who want to finance when interest rates are low to further consolidate their capital strength and increase the safety cushion for development. Furthermore, under the idea of countercyclical supervision, insurance companies' bond issuance has also received support from the regulatory authorities to a certain extent.