4月人身险保费强势复苏，同比增超10%

Group 1 - The life insurance sector experienced a significant recovery in premium income in April, with total original insurance premium income reaching 2.10 trillion yuan in the first four months of the year, a year-on-year increase of 1.8% [1] - In April alone, life insurance companies achieved original insurance premium income of 287.9 billion yuan, reflecting a year-on-year growth rate of 11.6% [1] - The premium income for different types of insurance from January to April showed that life insurance, accident insurance, and health insurance generated 1.61 trillion yuan, 15.3 billion yuan, and 325.5 billion yuan respectively, with growth rates of 1.2%, -5.0%, and 2.4% [1] Group 2 - Analysts suggest that the life insurance sector is expected to gradually emerge from the adjustment cycle and move towards high-quality development in a low-interest-rate environment by the second half of 2025 [2] - The demand for savings and pension products is anticipated to grow rapidly due to the aging population, while the supply of commercial health insurance is expected to increase [2] - The transition to floating income products has become a common choice among life insurance companies in the current low-interest-rate environment, although challenges remain for dividend insurance to regain mainstream market status [2][3] Group 3 - The acceptance of dividend insurance is gradually improving, and as commercial banks lower deposit rates, the relative attractiveness of insurance products is expected to increase, leading to sustained improvement in new premium growth for insurance companies [3] - The optimization of liability costs for insurance companies is anticipated as they transition to dividend insurance, alongside stabilization of long-term interest rates alleviating pressure from interest rate spreads [3]