上市险企10月保费数据点评：人身险步入“开门红”储备阶段

Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for the sector [1]. Core Insights - The report highlights that the life insurance sector is entering a "preparation phase" for the upcoming sales season, with October premium growth showing weakness due to a combination of factors including a shift in predetermined interest rates and preparations for the upcoming sales push [1]. - The premium growth rates for listed life insurance companies from January to October show varying performances, with Sunshine Life at +15.5% year-on-year, Ping An Life at +9.0%, and China Life at +4.9%, among others [1]. - The report anticipates that the current round of product adjustments will be gradual, with improvements in new business value margin (NBVM) expected to drive stable growth in new business value (NBV) for the upcoming sales season in 2025 [1]. Summary by Sections Life Insurance Premium Growth - October premium growth for life insurance companies was weak, with notable year-on-year changes: Sunshine Life (+15.5%), Ping An Life (+9.0%), and China Life (+4.9%) [1]. - The report notes that the premium growth in October was influenced by a high base from the previous year and a slowdown in business activity as companies prepare for the next sales season [1]. Property Insurance Performance - The property insurance sector showed stable growth, with notable performances from companies like ZhongAn Online (+13.0%) and Sunshine Property (+9.2%) in the first ten months of the year [1]. - In October, non-auto insurance premiums for PICC Property saw a recovery with double-digit growth, indicating a positive trend in this segment [1]. Investment Recommendations - The report suggests that investors should focus on companies with improving dividend trends as a potential driver for valuation changes, recommending companies such as Ping An, New China Life, and China Life [1].