China Insurers Issued CNY 32.07 Billion of Capital-Supplement Bonds in H1, Down 35.3% YoY

Chinese insurers issued 16 bonds for capital replenishment totaling CNY 32.07 billion in the first half of 2026, down 35.3% year on year, with perpetual bonds accounting for about 60% of the issuance, according to 36Kr citing Wind data. Interviewees said future bond issuance by insurers is expected to become more targeted and focused on proactive balance-sheet optimization, while insurers also need to strengthen internal capital generation by optimizing business structures and improving operating efficiency, and explore more diversified capital-replenishment channels.