上市险企9月保费数据点评：3Q24人身险新单增速亮眼

Investment Rating - The report rates the insurance sector as "Overweight" indicating an expectation for the industry to outperform the overall market [12]. Core Insights - The new business premium growth for life insurance companies in Q3 2024 was impressive, driven by a low base effect and adjustments in the predetermined interest rates [2]. - The report highlights significant year-on-year growth in new business value (NBV) for major insurers, with China Life Insurance expected to see a NBV growth of 18.9% and China Pacific Insurance at 33.5% [2][3]. - The property insurance premium growth remained stable, with major companies managing to control the impact of large disasters on their comprehensive cost ratios [3]. - The report anticipates that the insurance sector will benefit from upcoming supportive policies, with several companies already issuing profit increase announcements for the first three quarters of 2024 [3]. Summary by Sections Life Insurance Performance - From January to September 2024, life insurance premium income growth rates were as follows: Sunshine Life (+17.4%), Ping An Life (+9.8%), PICC Life (+5.9%), China Life (+5.1%), China Pacific Life (+2.4%), and Xinhua Life (+1.9%) [2]. - In September alone, Ping An Life reported a premium growth of 20.1%, while China Life experienced a decline of 4.0% [2]. - The report attributes the high growth in new business to two main factors: a decrease in the base from the previous year and the release of pent-up demand due to interest rate adjustments [2]. Property Insurance Performance - For the first nine months of 2024, the premium income growth rates for property insurance were: Zhong An Online (+10.9%), Sunshine Property (+8.9%), China Pacific Property (+7.7%), PICC Property (+4.6%), and Ping An Property (+3.6%) [3]. - The report indicates that the overall claims expenditure for property insurance companies increased by 8.1% year-on-year, amounting to 711.6 billion [3]. Company Performance and Valuation - The report tracks the performance of major listed insurance companies, with notable profit growth forecasts for the first three quarters of 2024: China Life (+165%-185%), Xinhua (+95%-115%), PICC (+65%-85%), China Pacific (+60%-70%), and China Property (+20%-40%) [3][4]. - Valuation metrics for key companies are provided, with China Life's market capitalization at 99.69 billion RMB and a PE ratio of 27.95 [8].