摩根士丹利：香港_中国保险_9月寿险和财产险及意外险保费增长依然稳健

Investment Rating - The industry view is rated as Attractive [6][20]. Core Insights - The growth in Gross Written Premiums (GWP) for both Life and Property & Casualty (P&C) insurance sectors remains healthy, with significant year-on-year increases noted in September [2][5]. - Life insurance GWP growth was robust, with Ping An Life reporting a 23% increase year-on-year, while PICC Life and CPIC Life reported increases of 9% and 13% respectively [3][4]. - New sales in the third quarter of 2024 showed strong expansion, with PICC Life's first-year premium (FYP) increasing by 122% year-on-year, driven by a 221% increase in regular premiums [4]. - The P&C sector also continued its growth trend, with major players like Ping An P&C, PICC P&C, and CPIC P&C reporting GWP growth rates of 10.9%, 6.7%, and 6.6% respectively in September [5][11]. Summary by Sections Life Insurance - Life GWP growth in September was slower compared to August but remained healthy overall, with year-to-date growth for most insurers between 5-10% [3]. - The demand for insurance products is expected to remain strong in the long term due to guaranteed principles and increasing needs for elderly care and healthcare [3]. New Sales Performance - The third quarter of 2024 saw significant new sales growth, with Ping An Life achieving a 66% increase in new business [4]. - The overall expectation is for strong Value of New Business (VNB) growth across the industry, with projections of over 50% year-on-year growth in the third quarter [4]. Property & Casualty Insurance - The P&C sector's GWP growth continued, with notable increases in non-auto lines, particularly in Accident & Health (A&H) and Credit insurance [5]. - Online insurer ZhongAn reported a return to double-digit GWP growth, achieving 10.9% year-to-date growth [5].