上市险企2024年10月保费点评：寿险承压财险改善，关注新定价策略下的“开门红”布局

Investment Rating - The industry investment rating is "Overweight" [4][27]. Core Viewpoints - The report highlights the performance of listed insurance companies in China, with life insurance premiums showing varied growth rates. For the first ten months of 2024, the cumulative year-on-year growth rates for life insurance premiums are as follows: Ping An Life (+9.4%), PICC Life (+5.6%), China Life (+4.9%), Taikang Life (+2.4%), and Xinhua Insurance (+1.8%) [5][10]. - The report notes that the "stop-sale speculation" has led to pressure on sales in October, while health insurance demand remains strong. The new pricing strategies are expected to enhance the "opening red" layout for future growth [6][8]. - The report emphasizes the marginal improvement in property insurance growth rates, particularly for leading companies, indicating a favorable environment for investment in top-tier property insurers [7][8]. Summary by Sections Life Insurance Performance - For the first ten months of 2024, cumulative premiums for major life insurers are as follows: China Life (62.69 billion, +4.9%), Ping An Life (44.74 billion, +9.4%), PICC Life (9.98 billion, +5.6%), Taikang Life (21.96 billion, +2.4%), and Xinhua Insurance (15.56 billion, +1.8%) [10]. - October's single-month premium growth rates show a decline for most insurers, with Taikang Life at +2.3%, while others like China Life and Ping An Life reported declines of -2.6% and -1.9% respectively [6][10]. Property Insurance Performance - The cumulative premiums for property insurance in the first ten months show a year-on-year growth of +4.8%, with notable performances from Ping An Property (+6.5%) and PICC Property (+4.8%) [10]. - The report indicates that the growth in auto insurance is driven by increased vehicle sales, with a single-month growth rate of +6.4% in October, while non-auto insurance segments like health and cargo insurance have shown robust growth [7][10]. Investment Recommendations - The report suggests focusing on high-quality development under the new regulatory framework, with an emphasis on optimizing product design and enhancing channel value. It recommends attention to pure life insurance stocks and large comprehensive insurers with strong competitive advantages [8].