综合金融服务行业周报：国常会研究推动保险业高质量发展

Investment Rating - The insurance sector maintains an "outperform" rating compared to the broader market [7][25]. Core Insights - The insurance industry is expected to see continuous improvement in premium income in the medium to long term, driven by a recovery in the economy and an increase in new business value [7][25]. - The average valuation of the insurance sector is currently at 0.31-0.72 times 2024 EP/EV, which is considered historically low [25]. - The report highlights the significant growth in profits and new business value for listed insurance companies, with a 15.6% year-on-year increase in profit for the first half of 2024 [7][22]. Summary by Sections Insurance Sector Performance - The insurance sector outperformed the CSI 300 index, with a 2.42% increase in the last five trading days [5][9]. - Year-to-date, the insurance sector has risen by 15.87%, while the securities and multi-financial sectors have declined [10][12]. Financial Metrics - Listed insurance companies reported a total profit of 204.15 billion CNY in the first half of 2024, reflecting a 15.6% increase year-on-year [24]. - New business value (NBV) for listed life insurance companies grew by 24% year-on-year, with some companies like PICC Life and Taiping Life exceeding 50% growth [22][24]. Regulatory and Economic Environment - The State Council is promoting high-quality development in the insurance industry, emphasizing its role in improving people's livelihoods and supporting the real economy [25]. - The report anticipates that as the economy recovers, both the liability and investment sides of the insurance business will improve significantly [7][25]. Recommendations - Key companies recommended for investment include China Pacific Insurance, China Life, CITIC Securities, and Huatai Securities [5][7].