华创证券：预定利率调整影响消减 2026年分红险转型或超预期

Group 1: Industry Overview - The insurance industry achieved original premium income of 57,629 billion yuan from January to November 2025, with a year-on-year growth of 7.6% and a month-on-month decrease of 0.4 percentage points [2] - Life insurance premiums totaled 33,874 billion yuan, with a year-on-year increase of 11.5% and a month-on-month decrease of 0.5 percentage points [2] - The overall premium growth rate for both life and non-life insurance has declined [2] Group 2: Life Insurance Sector - Life insurance companies reported original premium income of 41,472 billion yuan from January to November 2025, reflecting a year-on-year growth of 9.1% [3] - The growth rate for life insurance premiums has been narrowing, with a year-on-year decrease of 2.3% in November, although the month-on-month growth improved by 2.9 percentage points [3] - The focus of life insurance companies is expected to shift towards the launch of new products for 2026, starting in early December [3] Group 3: Non-Life Insurance Sector - Non-life insurance companies achieved original premium income of 16,157 billion yuan from January to November 2025, with a year-on-year growth of 3.9% [4] - The growth rate for various non-life insurance products has shown a decline, while health insurance continues to see an increase with a year-on-year growth of 11.4% [4] - The auto insurance segment accounted for 52% of total premiums, with a year-on-year growth of 3.1% [4] Group 4: Asset Changes - As of the end of November 2025, the total assets of the insurance industry reached 40.6 trillion yuan, an increase of 13.2% compared to the end of the previous year [5] - Life insurance companies held assets of 35.75 trillion yuan, reflecting a year-on-year increase of 13.3% [5] - The net assets of the insurance industry reached 3.68 trillion yuan, up by 10.7% from the previous year [5] Group 5: Recommendations - The recommended order for investment is China Life Insurance, China Pacific Insurance, China Property Insurance, and China Taiping [6]