上市险企2024年11月保费数据点评：寿险保费增速回暖，关注25年“开门红”进展

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The life insurance premium growth is recovering, with a focus on the progress of the 2025 "New Year Opening" [1]. - The report highlights the impact of the scheduled interest rate switch on premium income and the varying performance among major insurers [3][4]. Summary by Sections Premium Income Data - Major listed insurers reported the following premium income for January to November 2024: - China Life: CNY 644.3 billion, +4.8% YoY - Ping An: CNY 504.1 billion, +8.5% YoY - China Pacific: CNY 228.8 billion, +2.2% YoY - New China Life: CNY 163.2 billion, +2.1% YoY - China Property: CNY 150.1 billion, +6.8% YoY - Property insurance premiums also showed growth, with Ping An Property at CNY 292.3 billion, +6.8% YoY [2]. Life Insurance Performance - In November, the five listed insurers' total life insurance premium income increased by 1.7% YoY, with a 2.9 percentage point improvement from the previous month. The cumulative premium growth for January to November was 5.4%, slightly down from October [3]. - Individual performance in November showed significant variation, with New China Life leading at +10.5% YoY, while China Pacific and Ping An experienced declines [3]. Property Insurance Insights - The property insurance sector saw cumulative premium growth rates of +7.0% for China Pacific, +6.8% for Ping An, and +5.1% for China Property from January to November [5]. - In November, the monthly growth rates were +9.8% for Ping An, +9.2% for China Property, and +3.1% for China Pacific, indicating a mixed performance influenced by different business segments [5]. Future Outlook - The report anticipates a positive trend in auto insurance premiums due to year-end promotions and government initiatives, while non-auto insurance is expected to maintain good growth levels [7]. - The focus will be on improving value rates and the progress of the 2025 "New Year Opening" preparations, with an emphasis on product structure optimization [4][8].