保险行业数据点评：寿险景气度有望延续
Xiangcai Securities·2024-08-02 02:31

Investment Rating - The industry rating is "Overweight" [2] Core Insights - Premium growth is rebounding, with total insurance premium income in June reaching 3.55 trillion yuan, a year-on-year increase of 10.6% [3][5] - The growth rate of life insurance premiums has accelerated, with a cumulative original premium income growth rate of 14.9% in June [3][9] - Health insurance growth continues to recover, with a cumulative original premium income growth rate of 5.9% in June [3][9] - The growth of auto insurance is slowing down, with a cumulative original premium income growth rate of 2.7% in June [3][10] - Non-auto insurance premium growth has rebounded, primarily driven by increases in agricultural and accident insurance [3][10] Summary by Sections Premium Growth Recovery - In June, the cumulative premium income of insurance companies was 3.55 trillion yuan, up 10.6% year-on-year, with a single-month premium income of 597.72 billion yuan, up 13.0% year-on-year [3][5] - The decline in bank deposit rates and the attractiveness of high-yield products are contributing to this growth [5][13] Life and Health Insurance Growth - Life insurance cumulative original premium income growth rate was 14.9% in June, with a single-month growth rate of 19.7% [3][9] - Health insurance cumulative original premium income growth rate was 5.9%, with a single-month growth rate of 7.4% [3][9] Auto and Non-Auto Insurance Trends - Cumulative original premium income growth rate for auto insurance was 2.7%, with a single-month growth rate of 1.8% [3][10] - Non-auto insurance cumulative original premium income growth rate was 6.2%, with a single-month growth rate of 7.5% [3][10] Investment Recommendations - The report suggests that the insurance premium growth will continue to accelerate due to the decline in deposit rates and the competitive advantage of savings-type life insurance products [3][13] - The report maintains an "Overweight" rating for the industry, anticipating continued support for the liability side of insurance companies [3][13]