保险行业2024年8月保费数据点评：负债端景气增长，政策组合拳利好投资端改善

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [3][4]. Core Insights - The insurance sector is experiencing growth in the liability side, with favorable policies expected to improve the investment side [3][4]. - August saw a significant increase in life insurance premiums, driven by rapid growth in new policy sales, while health insurance showed improvement and accident insurance faced pressure [5]. - The report anticipates that a combination of policies will positively impact the investment side of the insurance sector [4][5]. Summary by Sections Premium Income - From January to August, the insurance industry reported premium income of CNY 437.84 billion, a year-on-year increase of 13.0%. The life insurance sector's premium income was CNY 321.26 billion, up 16.1% year-on-year, with life, health, and accident insurance premiums at CNY 260.82 billion, CNY 57.55 billion, and CNY 2.89 billion, reflecting increases of 18.6%, 7.3%, and a decrease of 10.0% respectively [5]. - In August alone, life insurance premium income reached CNY 216.1 billion, a year-on-year increase of 68.5%, attributed to a surge in sales before the switch in product pricing rates [5]. Investment Contributions - New contributions to policyholder investment funds (mainly universal insurance) totaled CNY 45.89 billion from January to August, down 2.1% year-on-year, with August showing a 3.0% increase year-on-year [5]. - The report highlights that the insurance companies are enhancing the attractiveness of universal accounts to boost sales [5]. Non-Life Insurance Growth - From January to August, non-life insurance premium income was CNY 116.57 billion, a year-on-year increase of 5.5%. The report notes that auto insurance continues to grow slowly, while health and liability insurance are the main drivers of non-auto growth [5]. - The average premium paid per vehicle has decreased by 21% compared to before the reform [5]. Policy Impact - The report discusses regulatory measures aimed at strengthening the linkage between assets and liabilities, which are expected to benefit the investment side. Key policies include enhancing interest rate transmission and encouraging long-term equity investments by insurance funds [5]. - As of the end of August 2024, the balance of insurance fund investments was CNY 31.8 trillion, with a stable and balanced allocation across major asset classes [5]. Investment Recommendations - The report suggests maintaining an "Overweight" stance on the insurance sector, particularly recommending increased investment in China Life and New China Life due to their greater investment flexibility [5].