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色五月第一季-掌握CSGO游戏的胜利密码 - 怀亦网络
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色五月第一季-掌握CSGO游戏的胜利密码

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4月24日,中国平安第十三届董事会第八次会议审议通过了《关于发行境内债券融资工具的议案》。中国平安拟根据市场情况进行债务融资,在境内一次或分多次发行本金不超(含)500亿元人民币债券融资工具,包括但不限于资本补充债券、金融债券、公司债券及其他监管机构许可发行的境内人民币债券融资工具。前述境内债券融资工具不包含可转换债券。该提案将于5月13日股东大会上正式表决,自获得股东大会授权之日起3年有效。

公告显示,中国平安此次拟发行债券主要为满足公司长期稳定发展的需求,进一步优化资本结构,调整公司债务结构,降低财务融资成本。本轮债券发行期限预计在5年或以上,具体期限构成和各期限品种的发行规模由董事会根据相关规定及市场情况确定。

根据中国平安发布的2024年度业绩报告,2024年,中国平安实现归属于母公司股东的营运利润1218.62亿元,同比增长9.1%;归属于母公司股东的净利润1266.07亿元,同比增长47.8%;偿二代二期规则下的综合偿付能力充足率为204.1%,核心偿付能力充足率为165.2%。此外,截至2024年12月31日,中国平安现金及现金等价物合计超4790亿元,集团母公司的可动用资金余额为745.65亿元,保持合理水平。

近年来,债权融资成为保险公司主要的资本补充方式。截至记者发稿,今年以来,保险公司发行资本补充债、永续债规模达到523亿元。其中,永续债发行规模为457亿元,资本补充债券发行规模为66亿元。2024年7月,中国平安旗下的平安产险发行100亿元资本补充债券,票面利率2.27%;2024年12月,平安人寿完成2024年永续债发行工作,本期债券基本发行规模100亿元,附不超过50亿元的超额增发权,最终发行规模150亿元,票面利率2.24%;今年2月,平安人寿再次发行130亿元永续债,票面利率2.35%,认购倍数达2.4倍。据平安人寿相关负责人介绍,本期债券募集资金将用于补充平安人寿核心二级资本。

国泰君安证券分析师刘欣琦认为,寿险行业近几年面临转型压力,导致增长承压,不利于权益资产定价和获取回报,保险公司通过股权融资补充资本的难度较大。由于债权融资约束少、发行周期短、发行成本低,成为不少寿险公司进行资本补充的选择。

普华永道中国金融行业管理咨询合伙人周瑾在接受《金融时报》记者采访时也表示,近几年,实体企业对保险公司的出资能力和出资意愿都有所降低,保险公司通过股权方式补充资本有些难度。因此,通过资本补充债和永续债等方式来实现资本补充,尤其是通过发债补充资本并不涉及现有股东股权结构改变或新股东入股价确定的问题,容易在股东层面达成一致。加上今年年初市场利率处于低点,发债成本也相对较低,导致今年保险公司的发债规模增长显著。

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