{
  "id": "term-hybridkapital",
  "type": "term",
  "languages": {
    "en": {
      "id": "term-hybridkapital",
      "lang": "en",
      "type": "term",
      "title": "Hybrid Capital (Hybridkapital)",
      "shortDefinition": "Hybrid capital comprises financing instruments with characteristics of both equity and debt, which under Solvency II can qualify as basic own funds of Tier 1, Tier 2, or Tier 3 quality depending on their structure.",
      "synonyms": [
        "Hybridkapital",
        "Subordinated Capital"
      ],
      "linesOfBusiness": [
        "All lines"
      ],
      "jurisdictions": [],
      "tags": [
        "Capital Management",
        "Solvency II"
      ],
      "relations": {
        "relatedTerms": [
          "term-eigenmittel",
          "term-hurdle-rate"
        ],
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      },
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      "reviewStatus": "expert-reviewed",
      "reviewedBy": "Guido Hesse, Hesse Group Holding AG",
      "lastReviewed": "2026-09-04",
      "version": "0.1.0",
      "updated": "2026-08-31",
      "generated": {
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        "at": "2026-08-31T00:00:00.000Z"
      },
      "verified": [
        {
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      ],
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      "url": "https://hgh.ch/lexikon/en/knowledge/term/hybrid-capital/",
      "alternateUrl": "https://hgh.ch/lexikon/de/wissen/begriff/hybridkapital/",
      "body": "## Concept\n\nHybrid capital refers to financing instruments that combine features of equity (e.g., subordination, loss absorption, unlimited maturity) with features of debt (e.g., fixed coupon payments, tax deductibility). Typical examples include subordinated bonds, profit participation certificates, and contingent convertible bonds (CoCo bonds).\n\n## Recognition under Solvency II\n\nUnder the European Solvency II regime, hybrid capital instruments are classified as basic own funds of Tier 1, Tier 2, or Tier 3 quality depending on whether they meet certain criteria (subordination, loss-absorbing capacity, absence of incentives to redeem, maturity); each tier category is subject to quantitative limits relative to the Solvency Capital Requirement (SCR).\n\n## Relevance for Capital Structure\n\nHybrid capital allows insurers and reinsurers to strengthen their regulatory own-funds position without issuing common equity to the same extent as a capital increase would require, and is therefore frequently used as a cost-efficient instrument for capital optimization as part of capital management."
    },
    "de": {
      "id": "term-hybridkapital",
      "lang": "de",
      "type": "term",
      "title": "Hybridkapital (Hybrid Capital)",
      "shortDefinition": "Hybridkapital umfasst Finanzierungsinstrumente mit Eigenschaften sowohl von Eigen- als auch von Fremdkapital, die unter Solvency II je nach Ausgestaltung als Basiseigenmittel der Tier-1-, Tier-2- oder Tier-3-Qualität angerechnet werden können.",
      "synonyms": [
        "Hybrid Capital",
        "Nachrangkapital"
      ],
      "linesOfBusiness": [
        "All lines"
      ],
      "jurisdictions": [],
      "tags": [
        "Kapitalmanagement",
        "Solvency II"
      ],
      "relations": {
        "relatedTerms": [
          "term-eigenmittel",
          "term-hurdle-rate"
        ],
        "partOf": [],
        "appliesTo": [],
        "regulatedBy": [],
        "relevantFor": [],
        "insurableVia": [],
        "mitigatedBy": [],
        "comprises": [],
        "alternativeTo": [],
        "complementedBy": []
      },
      "attribute": null,
      "profile": null,
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      "standards": [],
      "reviewStatus": "expert-reviewed",
      "reviewedBy": "Guido Hesse, Hesse Group Holding AG",
      "lastReviewed": "2026-09-04",
      "version": "0.1.0",
      "updated": "2026-08-31",
      "generated": {
        "by": "process:reconstructed",
        "at": "2026-08-31T00:00:00.000Z"
      },
      "verified": [
        {
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      ],
      "staleAfter": null,
      "url": "https://hgh.ch/lexikon/de/wissen/begriff/hybridkapital/",
      "alternateUrl": "https://hgh.ch/lexikon/en/knowledge/term/hybrid-capital/",
      "body": "## Begriff\n\nHybridkapital bezeichnet Finanzierungsinstrumente, die Merkmale von Eigenkapital (z. B. Nachrangigkeit, Verlustabsorption, unbegrenzte Laufzeit) mit Merkmalen von Fremdkapital (z. B. feste Verzinsung, steuerliche Abzugsfähigkeit) kombinieren. Typische Beispiele sind nachrangige Anleihen, Genussrechte und bedingte Pflichtwandelanleihen (Contingent Convertibles, CoCo-Bonds).\n\n## Anrechnung unter Solvency II\n\nUnter dem europäischen Solvenzregime Solvency II werden Hybridkapitalinstrumente je nach Erfüllung bestimmter Kriterien (Nachrangigkeit, Verlustabsorptionsfähigkeit, fehlende Anreize zur Rückzahlung, Laufzeit) den Basiseigenmitteln der Tier-1-, Tier-2- oder Tier-3-Qualität zugeordnet; für jede Tier-Kategorie gelten quantitative Obergrenzen im Verhältnis zur Solvenzkapitalanforderung (SCR).\n\n## Bedeutung für die Kapitalstruktur\n\nHybridkapital ermöglicht es Versicherern und Rückversicherern, ihre aufsichtsrechtliche Eigenmittelausstattung zu stärken, ohne im gleichen Umfang wie bei einer Kapitalerhöhung Stammkapital auszugeben, und wird daher häufig als kosteneffizientes Instrument zur Kapitaloptimierung im Rahmen des Kapitalmanagements eingesetzt."
    }
  }
}