上市险企11月保费数据点评：续期或支撑寿险平稳收官，开门红有望实现正增

Industry Investment Rating - The report maintains a "Recommend" rating for the insurance industry, indicating a positive outlook for the sector [1] Core Views - The life insurance sector is expected to see steady growth, supported by renewal business, with potential for a strong start in the new year [1] - The property insurance sector shows narrowing growth gaps among leading companies, with PICC experiencing sustained improvement in its business climate [1] Life Insurance Sector - From January to November 2024, the cumulative premiums for listed life insurance companies showed varying growth rates: China Life (CNY 644.3 billion, +4.8%), Ping An (CNY 504.1 billion, +8.5%), CPIC (CNY 228.8 billion, +2.2%), New China Life (CNY 163.2 billion, +2.1%), and PICC (CNY 150.1 billion, +6.8%) [1] - In November 2024, monthly premium growth rates improved for most companies except CPIC: China Life (+4.2%), Ping An (-0.9%), CPIC (-2.2%), New China Life (+10.5%), and PICC (+2.0%) [1] - The impact of the reduction in the predetermined interest rate continues to affect new policy sales, with Ping An being the only company to achieve positive growth in November 2023 [1] - PICC's life insurance renewal business drove improvement in November, with cumulative life insurance premiums up 5.5% and health insurance premiums up 9.8% [1] Property Insurance Sector - From January to November 2024, cumulative property insurance premiums for listed companies showed growth rates: PICC (CNY 496.8 billion, +5.1%), Ping An (CNY 292.3 billion, +6.8%), and CPIC (CNY 187.0 billion, +7.0%) [1] - In November 2024, property insurance premiums increased across the board: PICC (+9.2%), Ping An (+9.8%), and CPIC (+3.1%) [1] - PICC's property insurance growth was driven by auto insurance (+3.9%), accident and health insurance (+9.1%), and liability insurance (+12.2%), while agricultural insurance and enterprise property insurance saw slower growth [1] Investment Recommendations - The report recommends focusing on CPIC, Ping An, New China Life, and China Life, with attention also on PICC Group, China P&C Insurance, and PICC [1] - The life insurance sector is expected to see steady performance, with renewal business playing a more active role despite the impact of the predetermined interest rate reduction on new policies [1] - The property insurance sector is expected to maintain a positive business climate, with PICC showing sustained improvement [1]