NCI Completes RMB10.00 Billion Undated Capital Bond Issue at 1.90% Initial Coupon

Bulletin Express07-23

New China Life Insurance Company Ltd. (NCI) has finalized the issuance of undated capital bonds in China’s inter-bank market, raising RMB10.00 billion. The bonds were launched on 21 July 2026 and the transaction was completed on 23 July 2026 after securing approvals from the National Financial Regulatory Administration and the People’s Bank of China.

The instrument carries a 1.90% annual coupon for the first five years, with the rate reset every subsequent five-year period. Beginning in year five, NCI holds a conditional redemption option on each interest payment date.

Proceeds will be directed toward replenishing core tier-two capital and bolstering the company’s solvency position, in line with regulatory approvals.

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