Just over a year after Chinese regulators gave the green light to insurance companies to issue perpetual bonds to shore up their balance sheets, Taikang Life Insurance became the first horse out of the gate.
The Beijing-based company, one of China's top five life insurers by premium income, sold 5 billion yuan ($696.6 million) of perpetual bonds at a coupon rate of 3.7% on Nov. 7, the first of three tranches that will raise 20 billion yuan in total over the next two years. In September, Taikang Life became the first Chinese insurer to win approval to issue this type of bond.
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