Investment Rating - The industry rating is "Overweight" indicating a positive outlook for the sector in the next six months [24] Core Insights - The report highlights that the life insurance sector is experiencing a transformation in liabilities, with a notable improvement in productivity despite a marginal decline in workforce size. This trend is expected to continue as demand is activated by increased awareness of insurance needs [6] - The property insurance sector shows a solid growth in both quantity and quality, with non-auto insurance demonstrating strong growth potential. The report reaffirms the investment opportunities in property insurance [6] - The investment outlook is optimistic due to the "National Nine Articles" policy, which signals a new starting point for the capital market. Long-term interest rates are at historically low levels, and a reduction in the preset interest rate is expected to alleviate risks associated with interest rate spreads [6] Summary by Sections Life Insurance - The cumulative premium growth rates for major life insurance companies for the first nine months are as follows: Ping An Life (+10.2%), PICC Life (+5.9%), China Life (+5.1%), Taikang Life (+2.4%), and New China Life (+1.9%) [6][8] - The monthly premium growth rates for September show Ping An Life at +22.5%, PICC Life at +8.8%, and China Life at -4.0% compared to August [8] Property Insurance - The cumulative premium growth for property insurance in the first nine months is +4.6%, with September showing a monthly growth of +6.7% [9] - The growth rates for auto insurance and non-auto insurance in September are +5.3% and +8.5% respectively, indicating a stable growth in auto insurance and a narrowing growth in non-auto insurance [6] Investment Opportunities - The report emphasizes the importance of focusing on large listed insurance companies with a significant competitive advantage, as the sector is currently undervalued [6]
上市险企2024年9月保费点评：9月产寿险增速环比回落，关注新定价产品全面上线后的价值提升
Donghai Securities·2024-10-18 05:00