9月保费点评：人身险增速环比下滑，财险增长稳健

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The report highlights a decline in the growth rate of life insurance premiums in September, primarily due to a reduction in the preset interest rate [3] - Property insurance premiums showed steady growth, with a notable acceleration in auto insurance premiums [4] - The report anticipates an improvement in the net profit value (NBV) growth rate for insurance companies in the first three quarters of 2024, driven by a combination of lower preset interest rates and high-quality product/channel transformations [5] Summary by Sections Premium Income Overview - Cumulative original premium income from January to September 2024 for major insurers: China Ping An (689.2 billion, +8.4%), China Life (608.3 billion, +5.1%), China Pacific Insurance (369.4 billion, +4.6%), and others [2] - September 2024 monthly original premium income: China Ping An (46.2 billion, +16.1%), China Life (43.4 billion, -4.0%), and others [2] Life Insurance Analysis - Cumulative premium growth rates for life insurance from January to September 2024: China Ping An (+9.8%), China Pacific Insurance (+7.3%), China Life (+5.1%), and others [3] - Monthly premium growth rates for September 2024: China Ping An (+20.1%), China Pacific Insurance (+12.6%), and others [3] - The decline in growth rates is attributed to regulatory changes effective September 1, 2024, which lowered the interest rate cap for standard insurance products to 2.5% [3] Property Insurance Analysis - Cumulative premium growth rates for property insurance from January to September 2024: ZhongAn Online (+10.9%), China Pacific Insurance (+7.7%), and others [4] - Monthly premium growth rates for September 2024: ZhongAn Online (+44.0%), China Ping An (+10.9%), and others [4] - The report notes that the auto insurance segment is experiencing accelerated growth due to government policies and seasonal effects [4] Investment Recommendations - The report maintains a "Recommended" rating for the industry, favoring companies with strong asset-side equity elasticity such as New China Life and China Life, as well as those with ongoing business optimization like China Pacific Insurance [5]