NCI(601336) 中国经济网·2025-01-20 23:01Core Viewpoint - The five major insurance companies in China reported a total premium income of 2.84 trillion yuan for 2024, reflecting a year-on-year growth of 5.3% [1][2]. Group 1: Premium Income Performance - China Life, China Pacific, China Ping An, China Property & Casualty, and New China Life achieved premium incomes of 671.7 billion yuan, 692.753 billion yuan, 858.143 billion yuan, 442.072 billion yuan, and 170.511 billion yuan respectively in 2024 [2]. - All five companies experienced positive growth in premium income, with China Ping An showing the highest year-on-year increase of 7.2% [2]. - Compared to 2023, China Life, China Ping An, and New China Life saw an expansion in their premium income growth rates [2]. Group 2: Monthly Performance Trends - In the first seven months of 2024, premium income growth varied among the five companies, but all turned positive starting in August [3]. - New China Life faced a decline in premium income for the first seven months, but began to recover with positive growth from August onwards [3]. Group 3: Life Insurance Sector Insights - The life insurance segment saw premium incomes of 671.7 billion yuan, 106.003 billion yuan, 502.877 billion yuan, 238.823 billion yuan, and 170.511 billion yuan for China Life, China Property & Casualty, China Ping An, China Pacific, and New China Life respectively, with year-on-year growth rates of 4.7%, 5.3%, 7.8%, 2.4%, and 2.8% [3]. - Analysts predict that the growth in renewal premiums will drive stable growth in life insurance premiums, supported by strong demand for savings insurance and improved business quality [3]. Group 4: Property Insurance Sector Performance - The "old three" property insurance companies achieved a combined premium income exceeding 1 trillion yuan in 2024, with China Property & Casualty, China Ping An, and China Pacific reporting premium incomes of 538.055 billion yuan, 321.821 billion yuan, and 203.249 billion yuan respectively, reflecting year-on-year growth rates of 4.3%, 6.5%, and 6.8% [4]. Group 5: Future Outlook - Analysts expect that the recovery in average vehicle premiums and the macroeconomic rebound will accelerate growth in non-auto insurance in 2025 [5].