How APAC insurers raised billions in H2 2025

S&P Global Ratings suggests MS&AD may avoid large investments for at least 2 years.

China Pacific Insurance (Group) Co. Ltd. raised more money than any other insurance company in the Asia-Pacific region during the second half of 2025.

According to S&P Global Market Intelligence, the company raised about $2.0b (HK$15.56b) through convertible bonds in September 2025.

During an earnings call, company officials said they will focus on growing their health insurance business in 2026. This move comes as demand for health coverage rises in China and the government introduces new policies supporting health and long-term care insurance.

High activity in Japan
Japanese insurers were also major players in the capital markets. Mitsui Sumitomo Insurance Co. Ltd. and Nippon Life Insurance Co. were the second- and third-largest fundraisers in the region during the same period.

Mitsui Sumitomo issued about $1.3b (JPY200b) in bonds in July 2025. This followed a $3.8b investment in the US insurer W. R. Berkley Corp. earlier that year.

In November, the company also agreed to buy an 18% stake in the asset management firm Barings LLC for $1.44b.

Analysts from S&P Global Ratings suggest that the parent company, MS&AD Insurance Group, is unlikely to make more large investments for at least two years following these deals.

Nippon Life raised $589.74m (EUR500m) through notes just before announcing a plan to buy Medical Data Vision Co. Ltd. The goal of this acquisition is to help the insurer build better health data and analytics tools.

Nippon Life will pay $0.0b (JPY0.003b) per share to minority shareholders and $0.0b (JPY0.001b) for additional shares from SBI Holdings Inc.

Whilst these large investments have put more pressure on the company's finances, experts say Nippon Life maintains a strong capital level due to its solid reputation in the markets.

($1.00 = HK$7.82 = JPY155.87 = EUR0.85)