保险行业2024年9月保费数据点评：寿险边际回落，财险延续降速

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - In September, the growth rate of life insurance premiums has marginally declined, while health and accident insurance are under pressure. The property insurance sector continues to show a slowdown, with agricultural insurance dragging down non-auto growth rates. The liability side is expected to remain stable, and improved investment returns are anticipated to boost profits, hence the "Overweight" rating is upheld [3][4]. Summary by Sections Premium Income - From January to September, the insurance industry reported premium income of CNY 479.45 billion, with a year-on-year growth of 7.2% (previously 7.5%). The life insurance sector accumulated original premium income of CNY 348.79 billion, reflecting a year-on-year increase of 7.8% (previously 8.2%). Specifically, life insurance, health insurance, and accident insurance premiums were CNY 281.39 billion, CNY 64.07 billion, and CNY 3.33 billion, showing year-on-year growth rates of 18.4%, 6.7%, and -9.8% respectively [3][5]. Monthly Performance - In September, life insurance original premium income was CNY 20.57 billion, with a year-on-year growth of 15.7% (previously 68.5%). The decline in growth is attributed to a reduction in pricing rates for traditional insurance, leading to decreased customer demand. Health insurance premiums for September were CNY 6.51 billion, with a year-on-year growth of 1.6% (previously 17.5%). Accident insurance premiums were CNY 440 million, showing a year-on-year decline of 8.9% (previously -9.7%) [5][6]. Investment and Profit Outlook - The liability side is expected to remain robust, with strong customer demand for insurance savings. The combination of reduced pricing rates, integration of banking and insurance, and optimized term structures is anticipated to improve value rates. The investment side is benefiting from a recovering capital market, leading to significant improvements in investment returns. It is expected that listed insurance companies will report profits exceeding expectations for the first three quarters [3][5]. Recommendations - The report suggests maintaining an "Overweight" rating for the industry, with a focus on companies with greater investment flexibility such as Xinhua Insurance and China Life [5][6].