Investment Rating - The investment rating for the company is "Buy" (maintained) [7][12] Core Insights - The company reported a premium income of 46.179 billion yuan in September 2024, representing a year-on-year increase of 6.7%, with auto insurance growing by 5.3% and non-auto insurance by 8.9% [4][11] - The growth in auto insurance is attributed to an increase in new car sales and average premiums, with expectations for steady growth driven by policies promoting vehicle upgrades [11][12] - Non-auto insurance continues to show positive growth, particularly in health insurance and credit guarantee insurance, with a forecast for continued growth in the coming year [11][12] Summary by Sections Premium Income - In September 2024, the company achieved a premium income of 46.179 billion yuan, up 6.7% year-on-year, with auto insurance at 26.955 billion yuan (+5.3%) and non-auto insurance at 19.224 billion yuan (+8.9%) [4][11] Auto Insurance - The auto insurance premium growth is primarily due to an increase in new car sales and average premiums, with a notable improvement in growth rate from August (4.4%) to September (5.3%) [11] - The company expects the combined ratio (COR) for auto insurance to improve to below 97% in 2024 due to enhanced risk management and regulatory support [11][12] Non-Auto Insurance - Non-auto insurance premiums grew by 8.9% in September, driven by health insurance (+18.3%) and credit guarantee insurance (+15.8%) [11] - The company anticipates continued growth in non-auto insurance premiums, supported by economic recovery and favorable policies [11][12] Financial Projections - The company forecasts net profits of 28.121 billion yuan, 30.728 billion yuan, and 34.063 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 14%, 9%, and 11% [12][13]
中国财险：车险继续提速，非车险增速延续向好