6月行业保费点评：人身险延续高景气度，财险保持稳健增长

Investment Rating - The industry investment rating is "Buy" [3] Core Views - The life insurance sector continues to show high growth due to expectations of a decrease in the preset interest rate and a high willingness of residents to save. The premium income growth rate for life insurance companies from January to June is 13%, an increase from 12.3% in January to May, significantly higher than the growth rates of listed insurance companies such as Ping An (5%), China Life (4.1%), New China Life (-8.4%), and China Pacific Insurance (-1.2%) [2][3] - In the property insurance sector, the growth rate of auto insurance premiums has slowed, while non-auto insurance has seen accelerated growth. The premium income growth rate for property insurance companies from January to June is 4.5%, slightly up from 4.4% in January to May. Among listed insurers, China Pacific Insurance (7.7%) outperformed the industry growth rate, while PICC Property (3.7%) and Ping An Property (4.1%) lagged behind [2] Summary by Sections Life Insurance - The premium growth rate for life insurance in June was 19.7%, up from 15.5% previously, indicating a strong willingness to save among residents. The growth in health insurance premiums was 7.5%, while accident insurance premiums saw a decline of 26.5% [2] - The market shares of major life insurers as of the end of June were: Ping An (12.2%, down 0.9 percentage points), China Life (18.6%, down 1.6 percentage points), New China Life (3.8%, down 0.9 percentage points), and China Pacific Insurance (5.8%, down 0.8 percentage points) [2] Property Insurance - The growth rate for auto insurance premiums in June was 1.9%, down from 3.3% previously, primarily due to a 6.8% decline in monthly auto sales. Non-auto insurance premiums grew by 7.4%, up from 4.7%, driven by the gradual progress of policy-related insurance bidding processes [2] - The market shares for property insurers as of the end of June were: PICC Property (34%), Ping An Property (17.5%), and China Pacific Insurance (12.3%), with slight changes in market share percentages [2] Investment Recommendations - The report maintains a "Buy" rating for the insurance sector, noting that the valuation of insurance stocks is currently at historically low levels. It suggests continued attention to insurance stocks, specifically recommending: China Pacific Insurance (A/H), China Property Insurance (H), China Life (A/H), China Taiping (H), New China Life (A/H), Ping An (A/H), and AIA Group (H) [2]