保险行业9月月报：寿险保费增速环比回落，车险业务增速平稳

Investment Rating - The report maintains an "Outperform" rating for the insurance industry, indicating a positive outlook compared to the market performance [1]. Core Insights - In September, the original premium income for life insurance companies increased by 12% year-on-year, but the growth rate showed a significant decline compared to August. Health insurance premiums grew by 5% year-on-year, while property insurance premiums increased by 6%. The growth rate for auto insurance remained stable. The report expresses optimism about the long-term development of leading insurance companies, citing improvements in both liabilities and assets, low valuations, and high safety margins [1][2]. Summary by Sections Life Insurance - For the first nine months of 2024, the original premium income for life insurance reached 37,101 billion yuan, a year-on-year increase of 15.5%. The scale premium was 42,170 billion yuan, up 13.5% year-on-year. The original premium income for Q3 showed a year-on-year increase of 25%, with a notable growth spike attributed to the adjustment of the preset interest rate and a low base from the previous year [1][2]. - In September, the original premium income for life insurance companies was 2,752 billion yuan, reflecting an 11.5% year-on-year increase, but a significant drop in growth rate compared to August [1][2]. Health Insurance - The health insurance premium for the first nine months of 2024 increased by 8.6% year-on-year, with Q3 showing a 12.2% year-on-year growth, which was an improvement from Q2. However, the September growth rate fell to 5.3%, a decline of 15.4% compared to August [1][2]. Property Insurance - The total premium income for property insurance companies in the first nine months of 2024 reached 13,067 billion yuan, a year-on-year increase of 5.5%. The Q3 growth rate was 8%, an increase of 4.1 percentage points from Q2. In September, the premium income was 1,409 billion yuan, up 6.2% year-on-year, but the growth rate decreased by 2.9% compared to August [1][2]. Auto Insurance - The auto insurance premium for the first nine months of 2024 increased by 3.3% year-on-year, with Q3 showing a 4.4% year-on-year growth, which was an improvement from Q2. The September premium growth remained stable at 4.5% year-on-year [1][2]. Market Outlook - The report anticipates that the insurance sector will continue to benefit from a strong demand for savings in the market. With ongoing regulatory guidance for insurance companies to reduce liability costs, the pressure on investment income is expected to gradually ease. The report also notes that the valuation of the insurance sector is currently at historical lows, ranging from 0.57 to 0.93 times the 2024E P/EV [1][2].