保险行业月报：寿险保费增速延续放缓态势，财险保费增速稳中有升

Industry Investment Rating - The report maintains a "Neutral" rating for the insurance industry, indicating that the expected performance of the industry will align with the benchmark index over the next 12 months [4]. Core Insights - Life insurance premium growth continues to slow down, while non-life insurance premium growth is stable and on the rise. In November 2024, life insurance premium growth showed a decline, primarily due to reduced preset interest rates and demand being pulled forward [2][3]. - The report highlights that the life insurance sector's premium growth for the first 11 months of 2024 was 5.3%, a slight decrease from the previous month. Major companies like Ping An and Taikang saw declines in their life insurance premiums in November [2][4]. - Non-life insurance premiums benefited from a rebound in new car sales, with companies like PICC, Ping An, and Taikang reporting year-on-year growth rates of 5.1%, 6.8%, and 7.0%, respectively [3][4]. Summary by Sections Life Insurance - In November 2024, major life insurance companies reported the following premium growth rates: China Life at 4.2%, Ping An at -1.5%, Taikang at -2.2%, and Xinhua at 10.5%. The total premium for the five major life insurers was 617 million, reflecting a 1.5% year-on-year growth [7]. - For the period from January to November 2024, the total life insurance premium growth was 5.3%, with significant contributions from Xinhua and PICC [7]. Non-Life Insurance - The non-life insurance sector saw a positive trend, with PICC, Ping An, and Taikang reporting premium growth rates of 9.2%, 9.8%, and 3.1% respectively in November 2024. The growth was primarily driven by auto insurance and health insurance [3][12]. - ZhongAn's premium growth continued to rise, with a year-on-year increase of 24% in November, reflecting a recovery since July [3][4]. Investment Recommendations - The report suggests focusing on high dividend yield stocks within the sector, maintaining buy ratings for Ping An, Taikang, and China Pacific Insurance [4][6]. - The target prices for these companies are set at 60.00, 32.00, and 14.90 respectively, indicating potential upside from their current prices [6][13].