上市险企10月保费点评：寿险保费增速持续回落，关注25年开门红表现

Investment Rating - The report maintains an "Outperform" rating for the insurance industry, indicating expected returns above the market benchmark by over 10% [1]. Core Insights - The report highlights a decline in the premium growth rate for listed life insurance companies, with a year-on-year decrease of 1.3% in October. In contrast, property insurance companies showed a positive trend, with a 6.4% increase in auto insurance premiums [1][3]. - The overall insurance sector is experiencing improvements in both liability and asset sides, suggesting a high safety margin and balanced risk-reward profile [1]. - The report anticipates that the demand for insurance remains strong, and regulatory guidance to lower liability costs will gradually alleviate pressure on insurance companies' interest margins [1][3]. Summary by Sections Life Insurance Premiums - In October, the cumulative premium income for life insurance companies reached CNY 15,493.44 million, reflecting a 5.5% year-on-year increase, while the monthly premium showed a decline of 1.3% [3]. - Major companies like China Life, Ping An Life, and Taikang Life reported varying premium growth rates, with China Life at 4.9% and Ping An Life at 9.4% for the cumulative period [3][3]. - The report notes that the decline in premium growth is attributed to factors such as reduced preset interest rates and product transitions affecting short-term sales [1][3]. Property Insurance Premiums - The cumulative premium income for property insurance companies was CNY 9,278.29 million, with a year-on-year increase of 6.0%. The monthly premium growth was reported at 9.5% [3][3]. - Key players like PICC Property and Casualty and Ping An Property & Casualty showed positive growth in their respective premium incomes, with increases of 4.8% and 6.5% [3][3]. - The report emphasizes that the auto insurance segment continues to perform well, driven by policies such as vehicle scrappage subsidies [1][3]. Market Outlook - The report suggests that the valuation of the insurance sector is currently at historical lows, with an estimated P/EV ratio for 2024E at 0.59-0.94 times, indicating a potential for recovery as the economy stabilizes [1][3]. - The anticipated stabilization of long-term interest rates and the ongoing favorable policies in the real estate sector are expected to improve the quality of insurance companies' investment assets [1][3].