上市险企2024年7月保费点评：高基数压力逐渐缓释，关注产品与渠道优化后的价值提升

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector, indicating a positive outlook for the industry in the next six months [6]. Core Insights - The report highlights that the insurance sector is experiencing a marginal recovery in property insurance business, with a focus on improved risk management leading to better combined ratio (COR) performance. The monthly year-on-year growth rates for major property insurers in July were: PICC Property (+7.6%), Ping An Property (+6.6%), and Taikang Property (+6.0%) [5][6]. - The report notes that the high base pressure from the previous year has largely dissipated, with a sustained renewal effect driving demand improvements in the liability side of the insurance business. The cumulative premium growth rates for life insurance companies for the first seven months of 2024 were led by Ping An Life (+6.4%) and China Life (+4.4%) [6][8]. - The report emphasizes that the continuous decline in the preset interest rate is expected to stimulate savings and protection demand among residents, maintaining a competitive edge for insurance products. The growth in new policies is contributing to stable renewal income, which supports overall premium growth [6][8]. Summary by Sections Life Insurance - The cumulative premium growth for life insurance companies in the first seven months of 2024 shows varying performance, with Ping An Life at +6.4% and Taikang Life at -2.6%. In July, the monthly growth rates were notably higher for PICC Life (+21.8%) and Ping An Life (+17.2%) [6][8]. - The report indicates that the demand release effect from last year's interest rate cuts has mostly faded, but regulatory adjustments to the upper limit of preset interest rates may still stimulate demand [6][8]. Property Insurance - The cumulative premium growth for property insurance in the first seven months of 2024 was +4.0%, with July showing a monthly growth of +7.6%. The growth in non-auto insurance segments remains strong, with significant contributions from health and liability insurance [6][9]. - The report suggests that the property insurance sector is well-positioned for growth, with a focus on improving risk management and product offerings [6][9]. Investment Outlook - The report suggests that the life insurance sector's transformation is ongoing, with a focus on capacity enhancement and demand activation. The property insurance sector is also expected to see quality and quantity improvements, reaffirming the investment opportunities in this area [6][8]. - The report expresses optimism regarding the equity market outlook, particularly in light of the "National Nine Articles" policy, which is expected to provide a new starting point for the capital market [6][8].