保险行业2024年三季报业绩综述：投资驱动利润高增，NBV表现亮眼

Investment Rating - The report maintains a positive investment outlook for the insurance industry, highlighting strong profit growth driven by investment performance and significant improvements in fair value changes [2][3]. Core Insights - The net profit of A-share listed insurance companies increased by 78% year-on-year to CNY 319 billion in the first three quarters, with Q3 net profit soaring by 460% to CNY 147.2 billion, primarily due to a low base and a rebound in the stock market [2][5]. - Total investment income for A-share insurance companies rose by 114% year-on-year to CNY 685.2 billion, with fair value changes contributing 92% of this increase [9][12]. - New Business Value (NBV) continued to grow significantly, with Q3 new business value growth ranging from 22% to 113.9% year-on-year, driven by a combination of low base effects and expected adjustments in preset interest rates [2][18]. Summary by Sections 1. Profit Growth Driven by Investment - A-share insurance companies reported a net profit of CNY 3.19 trillion in the first three quarters, exceeding expectations [5]. - Q3 net profit reached CNY 147.2 billion, a 460% increase year-on-year, largely due to favorable stock market conditions [5][9]. - Investment income was the main driver of profit growth, with total investment income increasing by 114% to CNY 685.2 billion [9][12]. 2. New Business Value (NBV) Performance - NBV growth for A-share insurance companies was robust, with Q3 new business value increasing by 49.4% to CNY 121.6 billion [18]. - The NBV margin (NBVM) showed a positive trend, with notable improvements across major companies [21][24]. 3. Investment Performance - The total investment return rate improved significantly, with FVOCI assets increasing by CNY 37.1 billion quarter-on-quarter [3][49]. - The net investment yield decreased slightly due to falling interest rates, but total investment returns increased by 2.57% to 6.8% year-on-year [3][9]. 4. Recommendations - The report suggests continued focus on solvency, reserves, and overseas asset allocation, recommending stocks of major insurance companies such as New China Life, China Life, Ping An, China Pacific Insurance, and China Property Insurance [3][5].