上市险企9月保费点评：产品切换后寿险保费增速短期调整，车险业务持续改善

Investment Rating - The report maintains an "Outperform" rating for the insurance industry, indicating a positive outlook compared to the market [1]. Core Insights - The insurance industry is experiencing a short-term adjustment in premium growth, with life insurance premiums showing a significant decline compared to August, while property insurance continues to improve [1]. - The report highlights that the insurance sector has opportunities for improvement on both the asset and liability sides, with a high safety margin and a balanced approach to risk and return [1]. - The report anticipates that the upcoming economic recovery in China will alleviate pressure on the investment income of insurance companies, particularly if long-term interest rates stabilize or rise [1]. Summary by Sections Life Insurance Premiums - In September, the total premium income for listed life insurance companies was CNY 14,818.76 million, reflecting a year-on-year growth of 5.8% [3]. - Major companies reported the following cumulative premium income for the first nine months: - China Life: CNY 6,083 million (+5.1%) - Ping An Life: CNY 4,217.16 million (+10.2%) - Taikang Life: CNY 2,095.93 million (+2.4%) - New China Life: CNY 1,456.44 million (+1.9%) [3]. - The report notes that the decline in new policies is expected to lead to a decrease in renewal income in 2024 [1]. Property Insurance Premiums - The total premium income for listed property insurance companies reached CNY 8,530.16 million, with a year-on-year growth of 5.7% [4]. - Key players reported the following cumulative premium income for the first nine months: - PICC Property: CNY 4,283.30 million (+4.6%) - Ping An Property: CNY 2,393.71 million (+5.9%) - Taikang Property: CNY 1,598.19 million (+7.7%) - ZhongAn Online: CNY 254.96 million (+10.9%) [4]. - The report indicates that the growth in property insurance premiums is supported by policies promoting vehicle scrappage and updates [1]. Market Trends and Future Outlook - The report emphasizes that the insurance sector is currently undervalued, with strong demand for savings products, and that the industry is expected to maintain an "Outperform" rating due to its historical low valuation [1]. - The report also notes that the recent decline in long-term interest rates to around 2.11% is expected to provide some relief to insurance companies regarding their investment income [1].