Industry Overview - The insurance industry is rated as "Outperform" (强于大市) for 2025, reflecting a positive outlook on the sector's growth and resilience [2] - The core view of the report is that the insurance industry will continue to see steady growth in both life and property insurance sectors, driven by policy support, product innovation, and improved investment performance [3][4] Life Insurance Sector - Life insurance NBV (New Business Value) showed significant growth in 2024, with structural optimization and improved NBVM (New Business Value Margin) [3] - Demand for savings insurance products is expected to remain strong in 2025 due to diverse wealth management and pension needs [3] - Policy support for pension, health, and inclusive insurance will further boost the sector [3] - Major listed insurers are focusing on long-term dividend insurance products for their 2025 "opening red" campaigns, driven by regulatory encouragement and strategic adjustments [3][4] Property Insurance Sector - Property insurance premiums are expected to grow steadily, with COR (Combined Operating Ratio) likely to improve, especially in the auto insurance segment [4] - The focus of competition in the auto insurance sector has shifted from pricing to service, with leading insurers benefiting from their comprehensive advantages [4] - Non-auto insurance business is expected to recover rapidly, driven by low base effects and normalized operations [4] Investment Outlook - Investment pressure is expected to ease, with potential for profit growth in 2025 due to improved investment returns and a stable equity market [4] - The 10-year government bond yield is expected to fluctuate within a limited range, providing a stable environment for insurers' investment portfolios [4] - A series of policies aimed at stabilizing the economy and the market are expected to support a rebound in the equity market, benefiting insurers' investment performance [4] Key Companies Performance - Major listed insurers such as China Life, Ping An, and China Pacific Insurance showed strong performance in 2024, with significant growth in NBV and investment returns [3][4] - China Life and Ping An are recommended for attention if the equity market remains volatile, while New China Life and China Life are recommended if the market continues to perform well [5] Market Trends and Data - The A-share insurance sector outperformed the broader market in 2024, with the insurance index rising by 41.57% compared to the 15.80% rise in the CSI 300 index [20] - The sector's valuation and holdings remain at the bottom, with potential for valuation recovery driven by easing real estate investment risks [5]
保险行业2025年度策略报告：稳中求进，变革图强
平安证券·2024-12-15 02:35