上市险企2024年10月保费数据点评：寿险保费承压，财险景气度延续

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector [1] Core Insights - Life insurance premiums are under pressure, while property insurance maintains a positive outlook [1] - The cumulative premium income for major listed insurance companies from January to October 2024 shows varied growth rates, with life insurance experiencing a slowdown and property insurance continuing to grow [2][5] - The report highlights the impact of interest rate adjustments on insurance product sales, leading to a temporary cooling in new policy sales [6][9] Summary by Sections Life Insurance - In October, the combined premium income of five listed life insurance companies decreased by 1.2% year-on-year, with a significant decline in growth rate compared to the previous month [5] - For the first ten months of 2024, cumulative premium income growth rates for major companies were as follows: China Ping An (+9.0%), China Life (+4.9%), China Pacific (+2.4%), New China Life (+1.8%), and China Insurance (+7.0%) [2][5] - The report notes that the demand for new policies has been affected by the earlier release of demand due to interest rate changes, leading to a cooling in short-term sales [6] Property Insurance - The cumulative premium income growth rates for property insurance from January to October 2024 were: China Pacific (+7.4%), Ping An (+6.5%), and China Insurance (+4.8%) [7] - In October, the monthly growth rates for property insurance premiums were: Ping An (+12.2%), China Insurance (+7.8%), and China Pacific (+3.9%), indicating a mixed performance influenced by different non-auto business rhythms [7] - The report anticipates continued growth in auto insurance premiums driven by policies and improving new car sales, while non-auto insurance is expected to maintain good growth levels due to policy support and economic recovery [9] Investment Recommendations - The report suggests that the reduction in the guaranteed interest rates for insurance products will alleviate the risk of margin compression for insurers [9] - It recommends focusing on companies that are likely to benefit from asset-driven growth, specifically China Life, New China Life, and China Pacific [9]