APAC insurance companies raise $4.57B so far in 2021; AIA Group tops list

Insurance and insurance technology companies in the Asia-Pacific region this year have raised at least $4.57 billion from capital markets through mid-September, according to an S&P Global Market Intelligence analysis.

Subordinated debt offerings comprised most of the capital offerings from Jan. 1 to Sept. 19, with $2.06 billion of total gross amount offered during the period. Common equity offerings accounted for $1.39 billion of the total, while senior debt offerings constituted $1.11 billion.

AIA Group Ltd. emerged as the largest capital issuer in the region and the largest subordinated debt issuer with $1.13 billion of gross amount offered during the period from two offerings in April and June.

QBE Insurance Group Ltd. was the second-largest subordinated debt issuer with its $553.8 million convertible bond offering in September. Asahi Mutual Life Insurance Co. also completed a $380.0 million subordinated debt offering in January.

South Korea's Fubon Hyundai Life Insurance Co. Ltd. was the biggest common equity issuer in Asia-Pacific during the period thanks to a $404.6 million private placement in June. The life and health insurer was also the fifth-largest capital issuer in the region.

Cathay Life Insurance Vietnam Co. Ltd. ended the period as the second-largest common equity issuer with its $400.0 million private placement in July, while Singapore Life Pte. Ltd. landed at third spot with a $238.1 million private placement in March.

In senior debt, Guoren Property & Casualty Insurance Co. Ltd. was the largest issuer in the region due to a $560.0 million senior debt offering in June. The China-based property and casualty insurer was also the second-largest capital issuer overall in Asia-Pacific as of Sept. 19.

China Ping An Insurance Overseas (Holdings) Ltd. finished the year-to-date period as the second-largest senior debt issuer, with a $550.0 million offering in August.