保险行业数据点评：保费增速如期回落，寿险景气度有望维持

Investment Rating - The industry rating is maintained at "Overweight" [2][10] Core Insights - Premium growth has returned to normal levels, with life insurance maintaining a favorable outlook [2][5] - In September, the cumulative premium income of insurance companies reached 4.79 trillion yuan, a year-on-year increase of 12.7% [2][5] - The growth rate of life insurance premiums has slowed down, but the sector remains in a favorable state [2][6] - Recent counter-cyclical policies have boosted market confidence, leading to significant growth in investment performance for insurance companies in Q3 [2][5] Summary by Sections Premium Growth Trends - In September, cumulative premium income was 4.79 trillion yuan, with a monthly premium income of 416.17 billion yuan, showing a year-on-year growth of 9.7% [2][5] - The growth rate of life insurance premiums was 18.4%, with a monthly growth rate of 15.7% [2][6] Life Insurance Performance - Cumulative original premium income for life insurance reached 3.49 trillion yuan, with a year-on-year growth of 15.7% [2][6] - The growth rate of health insurance premiums has decreased, while accident insurance remains sluggish [2][6][7] Property Insurance Performance - Cumulative original premium income for property insurance was 1.31 trillion yuan, with a year-on-year growth of 5.5% [2][8] - The growth rate of non-auto insurance has slowed down, affecting overall property insurance performance [2][8] Investment Recommendations - The implementation of counter-cyclical economic policies is expected to improve macroeconomic conditions and enhance asset returns for insurance companies [2][10] - The report suggests monitoring the impact of new policies and changes in asset returns on insurance company valuations [2][10]