24版保险“国十条”政策例行吹风会点评：明确高质量发展方向，利好头部险企盈利能力改善

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, consistent with the previous rating [1]. Core Insights - The State Council's issuance of the "Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Insurance Industry" is expected to benefit the industry by guiding risk prevention and enhancing development quality, with leading insurance companies likely to benefit more [2][3]. - The policy emphasizes "strong regulation, risk prevention, and development promotion," aiming to enhance the insurance sector's role as an "economic shock absorber" and "social stabilizer" while improving insurance protection capabilities and service levels [3]. Summary by Sections Policy Overview - The report discusses the recent press conference held by the State Council, which elaborated on the "24th version of the 'National Ten Measures'" aimed at guiding the high-quality development of the insurance industry [3]. - Key areas of focus include enhancing asset-liability linkage, encouraging product transformation in life insurance, and improving health insurance coordination with medical insurance [3]. Investment Recommendations - The report suggests that the "National Ten Measures" and subsequent initiatives will positively impact the industry's fundamentals, enhancing profitability stability. It recommends increasing holdings in companies with greater investment flexibility, such as China Life and New China Life [3]. Financial Metrics - The report provides valuation metrics for various listed insurance companies, indicating expected earnings per share (EPS) and price-to-earnings (P/E) ratios for the years 2023 to 2026, with all companies rated as "Overweight" [6]. - For instance, China Life is projected to have an EPS of 4.70 in 2023, increasing to 7.09 by 2026, with a P/E ratio of 11.03 in 2023 [6]. Conclusion - The report concludes that the high-quality development direction indicated by the new policies is likely to improve the financial health of leading insurance companies, making them more resilient and profitable in the long term [3].