2024年10月上市险企保费数据点评：寿险阶段性回调，财险增长改善

Investment Rating - The industry investment rating is "Overweight" [7][8]. Core Viewpoints - The life insurance premium growth has shown a temporary decline in the first ten months of 2024, attributed to product switching and strategic shifts towards preparing for the 2025 business kickoff [5][6]. - The property insurance sector has seen marginal improvement in premium growth, with both auto and non-auto insurance segments recovering [6]. - The report maintains a positive outlook for the annual New Business Value (NBV) growth and profitability improvement [6]. Summary by Sections Life Insurance - From January to October, cumulative life insurance premiums for listed companies continued to grow, with China Ping An at 9.0%, PICC Life at 5.6%, China Life at 4.9%, China Pacific Life at 2.4%, and New China Life at 1.8% [6]. - In October, the monthly growth rates for life insurance premiums declined, with PICC Life at 2.3%, New China Life at -0.2%, China Ping An at -1.9%, China Life at -2.6%, and PICC Life at -2.8% [6]. - The decline is expected due to the switching of old and new products and a focus on achieving performance targets for 2024 while preparing for the 2025 business kickoff [6]. Property Insurance - Cumulative property insurance premiums for listed companies showed steady growth, with ZhongAn Online at 13.0%, China Pacific Property at 7.4%, Ping An Property at 6.5%, and PICC Property at 4.8% [6]. - In October, the monthly growth rates for property insurance premiums were led by ZhongAn Online at 36.1%, followed by Ping An Property at 12.2%, PICC Property at 7.8%, and China Pacific Property at 3.9% [6]. - The growth in PICC Property's auto insurance premiums was 6.4%, driven by increased new car sales due to enhanced subsidy policies [6]. New Business Value (NBV) - The report anticipates continued growth in NBV for 2024, supported by prior concentrated sales of savings insurance and improvements in new business value rates due to pricing adjustments and product structure optimization [6]. - The report emphasizes the importance of asset-liability matching in a declining interest rate environment, predicting that companies focusing on this will have stronger profitability and dividend certainty [6]. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the industry, with specific recommendations to increase holdings in China Life and New China Life for their greater investment flexibility, and to hold China Pacific for stable dividends [6].