保险行业2024年三季报总结：投资推动利润大增，价值增速持续走扩

Investment Rating - The insurance industry is rated as "Buy" in the report [1]. Core Insights - The report highlights significant profit growth driven by a rebound in the equity market, with net profit for listed insurance companies doubling in the third quarter. The net profit growth rates for the first three quarters of 2024 are as follows: China Life (+194.1%), New China Life (+116.7%), China Pacific Insurance (+65.5%), China Property Insurance (+38%), and Ping An (+36.1%) [1][6]. - The report emphasizes that the substantial increase in profits is attributed to the recovery of the equity market, which has led to a significant rise in the fair value of stocks and funds held by insurance companies. The total investment return rates for China Life, New China Life, and China Pacific Insurance have increased by 2.6 percentage points, 4.5 percentage points, and 3.1 percentage points, respectively [1][6]. - The report also notes that the new business value (NBV) has shown strong growth, with the first three quarters of 2024 seeing NBV growth rates of New China Life (+79.2%), China Pacific Insurance (+37.9%), Ping An (+34.1%), China Life (+25.1%), and AIA (+19.6%) [1][12]. Summary by Sections 1. Profit - The rebound in the equity market has significantly boosted investment income, leading to a substantial increase in profits for listed insurance companies. The net profit growth rates for the first three quarters of 2024 are as follows: China Life (+194.1%), New China Life (+116.7%), China Pacific Insurance (+65.5%), China Property Insurance (+38%), and Ping An (+36.1%) [1][6]. - The report attributes the profit growth to the recovery of the equity market, which has led to a significant rise in the fair value of stocks and funds held by insurance companies. The total investment return rates for China Life, New China Life, and China Pacific Insurance have increased by 2.6 percentage points, 4.5 percentage points, and 3.1 percentage points, respectively [1][6]. 2. Life Insurance - The new business value (NBV) has shown strong growth, with the first three quarters of 2024 seeing NBV growth rates of New China Life (+79.2%), China Pacific Insurance (+37.9%), Ping An (+34.1%), China Life (+25.1%), and AIA (+19.6%) [1][12]. - The report indicates that the growth in new business value is driven by the switch in predetermined interest rates, which has released further demand for savings among residents, leading to a significant increase in new business premiums [12][17]. 3. Property Insurance - The report notes that the premium growth rate for property insurance has expanded compared to the mid-year report, although the impact of natural disasters has affected underwriting profitability. The premium growth rates for the first three quarters are as follows: China Pacific Property (+7.7%), Ping An Property (+5.9%), and PICC Property (+4.6%) [1][6]. 4. Investment Recommendations - The report suggests actively monitoring the insurance sector due to the significant profit growth and continuous value expansion. Specific stocks recommended for attention include China Pacific Insurance (A/H), New China Life (A/H), Ping An (A/H), China Taiping (A/H), China Life (A/H), China Property Insurance (H), and AIA (H) [1][6].