保险行业2024年三季报业绩综述：盈利大增，趋势延续

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The insurance industry is expected to continue its strong performance, with significant profit increases driven by investment gains. Major companies like Ping An and China Life reported net profits exceeding 100 billion yuan [3][12] - The net profit growth rates for major insurers in the first three quarters of 2024 are as follows: China Life (+173.9%), New China Life (+116.7%), PICC (+77.2%), Taikang (+65.5%), and Ping An (+36.1%) [12] - The report anticipates that the insurance asset side will maintain high elasticity, and the liability side's performance may exceed market expectations [5][51] Summary by Sections 1. Performance Overview - In the first three quarters of 2024, insurers' revenues grew by over 10% year-on-year, with net assets showing varied growth rates. China Life's net assets increased significantly by 72.9% [3][16] - The return on equity (ROE) for major insurers improved, with New China Life leading at 21.0% and China Life at 20.0% [12][39] 2. Business Segmentation - Life Insurance: New Business Value (NBV) saw a year-on-year increase of over 25% for all insurers, with PICC Life leading at 113.9% [22] - Property Insurance: Insurance service revenue showed stable growth, with PICC leading at 5.3% year-on-year [27] - Investment: Total investment returns increased significantly due to the rise in the value of trading financial assets, with New China Life achieving a total investment return rate of 6.8% [36] 3. Investment Recommendations - The report recommends stocks with high asset-side elasticity, including China Life and New China Life, as well as China Pacific Insurance for its strong growth and transformation performance. Ping An is highlighted for its potential benefits from easing real estate risks [5][51]