保险Ⅱ行业点评报告：上市险企11月保费点评：寿险单月保费增速转正，关注25年开门红表现

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [1]. Core Views - The monthly premium growth for listed life insurance companies turned positive in November 2024, with a year-on-year increase of 1.5%, compared to a decline of 1.3% in October [2]. - The report highlights that the recovery in premium growth is attributed to the easing of short-term sales pressure due to adjustments in preset interest rates and ongoing strong demand for savings products [2]. - The report anticipates that participating insurance products will become a key driver for premium growth in the future, as they offer lower guaranteed returns, which can help reduce liability costs for insurance companies [2]. Summary by Sections Life Insurance - The cumulative original premium income for major life insurers from January to November 2024 showed year-on-year growth rates of +4.8% for China Life, +8.8% for Ping An Life, +2.2% for Taikang Life, +2.2% for New China Life, and +5.5% for PICC Life [1]. - In November, the monthly original premium growth rates were +4.2% for China Life, -1.5% for Ping An Life, -2.2% for Taikang Life, +10.5% for New China Life, and +2.6% for PICC Life [1]. - The report notes that PICC Life's first-year premium for long-term insurance dropped by 10.9% year-on-year, while health insurance premiums surged by 237% [2]. Property Insurance - The cumulative original premium income for property insurers from January to November 2024 was +5.1% for PICC Property, +6.8% for Ping An Property, and +7.0% for Taikang Property [3]. - In November, the monthly premium growth rates were +9.2% for PICC Property, +9.8% for Ping An Property, and +3.1% for Taikang Property [3]. - The report indicates that the growth in PICC's auto insurance premiums increased by 7.5% year-on-year, driven by policies promoting vehicle scrappage and renewal [3]. Market Conditions - The report suggests that the current market demand for savings remains strong, and the pressure on insurance companies' interest margins is expected to gradually ease due to regulatory guidance to lower liability costs [4]. - The yield on ten-year government bonds has decreased to approximately 1.78%, and the report anticipates that as the domestic economy recovers, the pressure on investment returns from fixed-income assets will also ease [4]. - The insurance sector's valuation is currently at historical lows, with estimates ranging from 0.58 to 0.91 times the 2024E P/EV, indicating a favorable risk-reward profile for investors [4].