2024年三季度保险业资金运用情况点评与展望：静待发令枪

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [2][18]. Core Viewpoints - The report highlights a significant rebound in the capital market during the third quarter of 2024, leading to a substantial improvement in the investment yield of listed insurance companies. The insurance sector is optimizing its asset allocation by increasing investments in long-term bonds and FVOCI stocks, while also strategically increasing positions in the equity market to seize investment opportunities [3][18]. - The report notes that the investment yield for the insurance industry has improved year-on-year, with specific figures showing a comprehensive investment yield of 7.30% for life insurance companies, 5.47% for property insurance companies, and 7.16% for the industry overall, reflecting increases of 3.98%, 2.26%, and 3.88% respectively [4][18]. Summary by Relevant Sections Investment Yield Analysis - The comprehensive investment yield for life insurance companies, property insurance companies, and the overall industry for Q3 2024 is reported as 7.30%, 5.47%, and 7.16% respectively, with year-on-year increases of 3.98%, 2.26%, and 3.88% [4][18]. - The report indicates that the capital market's rebound has led to a significant appreciation in the fair value of equity assets, contributing to the improved investment yield levels in the insurance sector [4][7]. Asset Allocation Trends - The insurance industry has increased its allocation to standardized assets, including bonds, stocks, and funds, to capitalize on market recovery. As of Q3 2024, the year-on-year growth in the scale of bonds, stocks, securities investment funds, and bank deposits is reported at 29.3%, 16.2%, 13.8%, and 11.0% respectively [9][10]. - Life insurance companies have notably increased their investment in long-term bonds to extend asset duration and optimize asset-liability management [9][10]. Fund Utilization and Premium Income - The report analyzes the linkage between the incremental balance of insurance funds and premium income, indicating that the fund utilization rate for the industry was 36% in Q3 2023 and is expected to rise to 103% by Q4 2024 [14][17]. - The incremental balance of funds utilized by life insurance companies for Q3 2024 is reported at 12,292 million, while property insurance companies show a slight increase of 267 million [17].