保险行业数据点评：寿险实现高增，关注资本市场政策落地

Investment Rating - The industry maintains an "Overweight" rating [4][11] Core Insights - The insurance sector shows a sustained growth in liabilities, with a focus on the impact of capital market policies [1][5] - Life insurance premiums have experienced significant growth, while non-life insurance remains stable [2][8] - Recent financial policies are expected to enhance the investment environment for insurance companies [2][11] Summary by Sections 1. Liability Side Performance - In August, total insurance premium income reached 4.38 trillion yuan, a year-on-year increase of 13.0% (previous value 10.8%), with monthly premium income at 436.02 billion yuan, up 37.7% year-on-year (previous value 12.7%) [2][5] - The adjustment of the maximum guaranteed interest rates for various insurance products is expected to attract premium inflows, leading to rapid growth in life insurance premiums [5][6] 2. Life Insurance Growth - Cumulative original premium income for life insurance companies in August was 3.21 trillion yuan, a year-on-year increase of 16.1% (previous value 13.1%), with monthly growth at 54.1% (previous value 14.3%) [2][6] - The growth rate of life insurance premiums has significantly increased, partly due to the low base effect from the previous year [6][7] - Health insurance continues to recover, with cumulative original premium income growth at 7.3% (previous value 6.3%) [6][8] 3. Non-Life Insurance Stability - Cumulative original premium income for non-life insurance companies in August was 1.16573 trillion yuan, with a year-on-year growth of 5.5% (previous value 5.1%) [8][11] - The growth in auto insurance premiums is influenced by the increase in sales of new energy vehicles [8][11] 4. Investment Recommendations - The report suggests that the recent capital market support policies will benefit the equity market and in turn, the insurance companies [11] - The ongoing growth in insurance premium income and the relative advantages of savings-type life insurance products are expected to maintain the positive outlook for the liability side [11]