According to Brokerage China, as of December 20, 2024, the scale of newly issued Bonds by Chinese insurance companies has reached 117.5 billion yuan, setting a record for the highest annual level since the insurance industry began issuing Bonds in 2005. This reflects the insurance companies' need for capital supplementation, low interest rates, and the replacement of old debts. A previous analysis by United Credit Ratings indicated that the initial two peaks in bond issuance were closely related to the solvency supplementary needs caused by regulatory changes. Since insurance companies began issuing capital supplementary Bonds in 2015, the bond issuance situation has shown that due to strict requirements on debt financing limits and rising interest rates in 2017, insurance companies have experienced a significant contraction in capital supplementary Bond issuance in 2017, followed by a gradual recovery after 2018.