保险行业2024年三季报回顾与展望：股市反弹带动净利润大涨，NBV增速环比提升

Investment Rating - The industry investment rating is "Outperform the Market" [1][2]. Core Viewpoints - The net profit of listed insurance companies increased significantly by 80.9% year-on-year in the first three quarters of 2024, driven by the stock market rebound [1][2]. - Major companies like China Life, Xinhua, PICC, Taikang, and Ping An reported substantial net profit growth, with China Life achieving a remarkable 194% increase [1][2]. - The overall net assets of listed insurance companies increased by 6.8% compared to the beginning of the year [1][3]. Summary by Sections Net Profit Analysis - In Q3 2024, the net profit of listed insurance companies totaled 1,472.3 billion yuan, reflecting a year-on-year increase of 565.4% [2]. - China Life's net profit for Q3 was 662.5 million yuan, marking a turnaround from losses, while Ping An's net profit increased by 151.3% [2]. New Business Value (NBV) Growth - The new business value (NBV) for major insurers showed significant growth, with China Life and Ping An reporting increases of 110.3% and 75.3% respectively [1][6]. - The NBV margin for listed insurers is expected to continue improving due to better business structure and cost management [1][6]. Premium Growth - The premium income for property insurance in Q3 showed steady growth, with a year-on-year increase of 4.6% for major insurers [1][10]. - The total premium income for the first three quarters of 2024 reached 428.3 billion yuan, up 4.6% from the previous year [13]. Investment Performance - The total investment income of listed insurance companies improved significantly, with average net investment returns for China Life and Ping An at 3.5% and 6.1% respectively [1][20]. - The overall investment asset scale increased by 13.5% compared to the beginning of the year, benefiting from the stock market recovery [1][19]. Agent Workforce Growth - The number of agents for major insurers has increased, with China Life and Ping An reporting growth rates of 1.1% and 4.3% respectively compared to the beginning of the year [1][9]. - The agent productivity has also improved, with Ping An's average NBV per agent increasing by 15.0% year-on-year [1][9].