2024年9月上市险企保费数据点评：产寿表现稳健，投资端提振推动利润超预期

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, consistent with the previous rating [2][3]. Core Insights - The life insurance premium growth continued in the first nine months of 2024, driven by strong customer demand and a favorable pricing interest rate switch window, leading to concentrated sales of new policies [3][4]. - The property insurance premium growth showed divergence, with expectations of a stable combined ratio (COR) [3][4]. - Significant investment income improvements are expected to drive profits beyond expectations for listed insurance companies [3][4]. Summary by Sections Life Insurance - From January to September, the cumulative life insurance premium growth for listed companies was as follows: Sunshine Life (17.4%) > Ping An (9.8%) > PICC Life (5.9%) > China Life (5.1%) > Taiping Life (2.4%) > New China Life (1.9%) [3][4]. - In September alone, the monthly life insurance premium performance varied: Ping An (20.1%) > Taiping Life (12.6%) > PICC Life (8.8%) > New China Life (2.1%) > China Life (-4.0%) > Sunshine Life (-13.8%) [3][4]. - The negative growth for China Life in September is attributed to a strategic shift towards preparing for 2025 business goals, while Sunshine Life's decline is due to a proactive optimization of business structure [3][4]. - New business performance showed that Ping An's individual new business grew by 12.8% year-on-year, while PICC Life's long-term new business premium increased by 3.2%, with a remarkable 123.7% growth in September [3][4]. Property Insurance - The cumulative property insurance premium growth for listed companies from January to September showed divergence: ZhongAn Online (10.9%) > Sunshine Property (8.9%) > Taiping Property (7.7%) > Ping An Property (5.9%) > PICC Property (4.6%) [3][4]. - In September, ZhongAn Online's property insurance premium growth was particularly strong at 44.0%, attributed to a recovery in health insurance demand [3][4]. - The growth in auto insurance premiums remained weak, with Ping An Property at 3.8% and PICC Property at 3.2%, influenced by regulatory changes [3][4]. Profitability and Investment - The new business value (NBV) is expected to continue growing, supported by strong sales of savings insurance and improvements in new business value rates [3][4]. - As of the end of September, the capital market showed unexpected recovery, which is anticipated to significantly boost investment income and drive profits for listed insurance companies beyond expectations [3][4]. - The report suggests maintaining an "Overweight" rating for the industry, recommending to increase holdings in companies with greater investment flexibility, such as China Life and New China Life [3][4].