国君非银|预计负债端全年稳健,资产端显著改善

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook despite some short-term adjustments in life insurance growth [3]. Core Insights - The insurance industry experienced a premium income of 50,733 billion yuan from January to October, with a year-on-year growth of 6.7%, slightly down from 7.2% previously [1]. - Life insurance premiums totaled 36,441 billion yuan during the same period, reflecting a year-on-year increase of 7%, down from 7.8% [1]. - Health insurance premiums showed a positive trend with a 6.5% increase, while accident insurance faced challenges with a decline of 9.8% [1]. - The investment income from insurance funds improved significantly, with a year-on-year increase in annualized financial return rate to 3.12% and a comprehensive return rate rising to 7.16% [2]. Summary by Sections Life Insurance - Life insurance premiums for January to October reached 29,236 billion yuan, with a year-on-year growth of 17.4%. However, October saw a decline of 3.7% in monthly premiums [1]. - The decline in October is attributed to adjustments in pricing rates and a shift in focus towards the 25-year product launch [1]. Health Insurance - Health insurance premiums for January to October amounted to 6,846 billion yuan, with a year-on-year increase of 6.5%. October's performance showed a growth of 3.4% [1]. - The growth in health insurance is driven by increased sales efforts from some insurance companies [1]. Accident Insurance - Accident insurance premiums totaled 359 billion yuan from January to October, reflecting a year-on-year decline of 9.8%. October's performance continued to show weakness with an 8.6% decrease [1]. Property and Casualty Insurance - Property and casualty insurance premiums reached 14,333 billion yuan from January to October, with a year-on-year growth of 5.7% [2]. - The growth in auto insurance was driven by a recovery in new car sales, with premiums increasing by 4.8% [2]. - Non-auto insurance premiums showed a robust increase of 8.8%, with health, accident, liability, and agricultural insurance all experiencing significant growth [2]. Investment Performance - The total investment balance of insurance funds reached 32.2 trillion yuan, a 14.2% increase from the previous year [2]. - The allocation towards bonds increased, while the share of bank deposits decreased, indicating a strategic shift in asset management [2].