开源证券：保险占居民理财比重有望持续提升，行业有望步入黄金发展周期

Core Viewpoint - The insurance industry is expected to enter a "golden development period" as the attractiveness of insurance products increases due to the transformation of dividend insurance and the ongoing demand for pension and health protection, leading to improvements in both new premium income and investment returns [1][2]. Group 1: Insurance Product Appeal - The transformation of dividend insurance is enhancing the attractiveness of insurance products, while the demand for pension and health protection continues to grow, leading to a stable return rate advantage for insurance products [2][4]. - By 2026, the insurance sector is anticipated to see a stabilization and recovery in new individual insurance premiums, supported by the dual-channel approach of banks and insurance companies [2][3]. Group 2: Market Trends and Projections - The proportion of total premiums is projected to increase from 15.8% in 2022 to 22.4% by 2025, reflecting a cumulative increase of 6.6 percentage points over three years [3]. - The share of insurance premiums in household deposits is expected to rise, with a decrease in household deposits from 66.2% to 64.5% and an increase in premium stock from 12.5% to 14.1% between December 2023 and November 2025 [3]. Group 3: Competitive Advantages - The ongoing transformation of dividend insurance is expected to enhance product competitiveness, with "insurance+" products providing unique barriers to entry [4]. - The demand for pension and health protection is anticipated to continue to grow, establishing a solid foundation for the insurance industry's "golden" development phase [4].