2024 年半年度财产险行业分析

Investment Rating - The report indicates a stable growth in the property insurance sector, with a focus on the performance of various insurance types, particularly auto insurance, which remains the primary revenue source for property insurers [2][3]. Core Insights - In 2023, the property insurance sector saw a total insurance business income of 15,868 billion yuan, reflecting a year-on-year growth of 6.73%, although the growth rate decreased by 1.98 percentage points compared to the previous year [2][3]. - The auto insurance segment generated a premium income of 8,673 billion yuan, marking a growth of 5.64% year-on-year, while non-auto insurance segments like liability and health insurance experienced slower growth rates due to policy changes [2][3]. - The market concentration in the property insurance industry remains high, with the top three insurers holding over 60% of the market share, indicating a stable competitive landscape [2][3][6]. Summary by Sections Premium Income and Growth - In 2024 H1, property insurers achieved a premium income of 9,176 billion yuan, a year-on-year increase of 4.53%, with auto insurance contributing 4,311 billion yuan, up 2.77% [3][6]. - Health insurance premiums reached 1,475 billion yuan, growing by 12.08%, while agricultural insurance premiums were 1,063 billion yuan, up 6.30% [3]. Market Dynamics - The report highlights the increasing contribution of non-auto insurance to overall premium income, driven by rising public awareness and favorable policies [2][3]. - The competitive landscape remains stable, with leading insurers maintaining their market positions despite regulatory changes and market fluctuations [2][3][6]. Investment and Financial Performance - Property insurers' investment income has shown improvement, with a comprehensive investment return rate of 2.87% in 2023, higher than the previous year [5][6]. - The total investment balance of property insurers reached 2.02 trillion yuan by the end of 2023, with bonds and bank deposits being the primary asset classes [5][6]. Regulatory Environment - The regulatory framework for internet insurance is tightening, which may impact the rapid expansion of internet insurance businesses, but is expected to lead to a more standardized market in the long run [4][9]. - The solvency levels of property insurers remain adequate, with an average comprehensive solvency ratio of 238.2% as of the end of 2023, indicating a strong financial position [7][9].