保险行业月报（2024年10月）：上市险企10月保费数据点评-政策落地影响寿险增速，头部险企产险差距收窄

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating an expectation of industry index growth exceeding the benchmark index by more than 5% in the next 3-6 months [5][34]. Core Insights - The insurance industry is experiencing a slowdown in life insurance premium growth due to the full implementation of adjusted guaranteed interest rates, while property insurance premium growth is showing signs of narrowing gaps among leading companies [5][6]. - For the first ten months of 2024, the total life insurance premiums for listed companies reached CNY 18,226 billion, with a year-on-year growth of 4.9% for China Life, 9.0% for Ping An, 2.4% for China Pacific, 1.8% for New China, and 7.0% for PICC [5][6]. - The report highlights that the premium growth for life insurance in October showed a decline for all companies except for China Pacific, with year-on-year changes indicating a downward trend [5][6]. Summary by Sections Life Insurance Business - The report notes that the adjustment of guaranteed interest rates has led to a significant impact on new policy sales, with October showing a decline in premiums for most companies [5][6]. - China Life's premium for the first ten months was CNY 626.9 billion, with a year-on-year increase of 4.9%, while Ping An reported CNY 477.5 billion, up 9.0% [5][6]. - The report indicates that the health insurance segment has seen a slight decline in performance, with PICC's life insurance premiums down by 0.9% in October [5][6]. Property Insurance Business - The total property insurance premiums for listed companies reached CNY 12,995 billion in the first ten months of 2024, with year-on-year growth rates of 4.8% for PICC, 6.5% for Ping An, and 7.4% for China Pacific [5][6]. - In October, property insurance premiums increased for all companies, with PICC showing a growth of 7.8% and Ping An at 12.2% [5][6]. - The report emphasizes that the growth in auto insurance premiums is being supported by an increase in vehicle sales, particularly in the new energy vehicle segment, which saw a year-on-year increase of 49.6% in October [5][6]. Investment Recommendations - The report suggests that despite the slowdown in life insurance premium growth, the overall premium growth for the year is expected to remain stable, with a focus on improving new business value [5][6]. - The recommended stock order includes China Pacific, Ping An, New China, and China Life, with a focus on companies like PICC and China Property Insurance [5][6].