非银行金融行业上市险企2024中报综述：资负两端均超预期

Investment Rating - The report maintains an industry recommendation rating for the insurance sector, highlighting the strong performance of listed insurance companies in H1 2024 and the expectation of high-quality development through asset-liability linkage in the second half of the year [2][34]. Core Insights - The insurance industry has shown robust growth in new business value (NBV), with significant increases across various companies, driven by strong demand for savings insurance products and optimization of product and channel structures [2][7]. - The property and casualty (P&C) insurance sector continues to exhibit differentiated performance, with stable growth in premium income among the "old three" insurers, although growth rates vary [18][22]. - Investment returns have improved significantly, with a notable rise in total investment yield due to favorable market conditions and high-dividend stocks outperforming [26][27]. - Profit growth has exceeded expectations, with most companies emphasizing shareholder returns through mid-year dividends [30][32]. Summary by Sections Industry Scale - The insurance sector comprises 84 listed companies with a total market capitalization of 4,346.8 billion and a circulating market value of 4,123.4 billion [1]. Life Insurance Sector - In H1 2024, the life insurance sector experienced a two-digit growth in NBV, with notable increases from China Taiping (+83.6%) and New China Life (+57.7%) [2][7]. - The product structure is increasingly focused on traditional savings insurance, reflecting a shift in consumer demand towards wealth management and protection [10][12]. - The agent workforce has stabilized, with improvements in productivity and income generation [13]. Property and Casualty Insurance Sector - The "old three" P&C insurers reported steady growth in original insurance premiums, with China Pacific Insurance leading at +7.8% [18]. - The overall combined ratio (COR) for these insurers remains favorable, indicating effective risk management [22]. Investment Performance - Investment assets for listed insurers have shown steady growth, with a focus on high-quality fixed-income assets [24]. - The net investment yield has declined slightly, but total investment yield has improved significantly, driven by strong performance in high-dividend stocks [26][27]. Profitability and Dividends - The growth rate of net profit for listed insurers in H1 2024 was led by China Pacific (+37.1%), with all companies reporting positive growth [30]. - Most companies have distributed mid-year dividends, reflecting a commitment to shareholder returns [32]. Future Outlook - The report anticipates continued strong performance in the insurance sector, with expectations for double-digit growth in NBV and improved operational efficiency in the P&C sector [34].