保险行业7月月报：寿险仍延续较快增长，非车险业务明显回暖

Investment Rating - The report maintains an "Outperform" rating for the insurance industry, indicating a positive outlook for leading insurance companies in the long term due to low valuations and high safety margins [5]. Core Insights - In July, the original premium income for life insurance companies increased by 14% year-on-year, although the growth rate slowed compared to June. The overall premium growth remains stable, with health insurance premiums up by 13% and property insurance premiums up by 9% [3][4]. - The report highlights improvements in both the liability and asset sides of insurance companies, suggesting that the pressure on interest spreads is expected to gradually ease due to regulatory guidance aimed at reducing liability costs [5]. - The report emphasizes the potential for health insurance to provide stable contributions in a declining interest rate environment, which can enhance long-term profitability for insurance companies [4]. Summary by Sections Life Insurance - In the first seven months of 2024, life insurance original premiums reached 30,879 billion yuan, a year-on-year increase of 13%. The scale of premiums was 35,243 billion yuan, up by 10.9% [3]. - The original premium income for July alone was 2,732 billion yuan, reflecting a 14.3% year-on-year increase, although this represents a decline of 2.3 percentage points from June [3][12]. Health Insurance - Health insurance premiums in July increased by 12.7% year-on-year, with a cumulative growth of 7.8% in the first seven months of 2024 [4]. - The report suggests that health insurance can reduce dependency on investment returns and improve long-term profitability through a comprehensive health ecosystem [4]. Property Insurance - Property insurance premiums reached 10,400 billion yuan in the first seven months of 2024, marking a 5.1% year-on-year increase. In July, premiums were 1,224 billion yuan, up by 9.1% compared to the previous year [4][13]. - The growth in property insurance is driven by stable growth in auto insurance and a notable increase in non-auto insurance premiums, which saw significant year-on-year growth in various categories [4]. Market Conditions - The report notes that the current market still shows strong demand for savings, and with the ongoing regulatory push to lower liability costs, the pressure on insurance companies' interest spreads is expected to ease [5]. - The valuation of the insurance sector is currently at historical lows, with estimates ranging from 0.35 to 0.75 times the 2024 expected P/EV, indicating that the sector is undervalued [5].