保险Ⅱ上市险企保费点评：11月人身险保费增速企稳，2025开门红有望延续景气度

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The growth rate of life insurance premiums stabilized in November 2024, and the "opening red" for 2025 is expected to continue the favorable trend [2][3] - The total premium income of listed insurance companies in November 2024 reached 652 billion, with a month-on-month increase of 2.9 percentage points [3] - The report anticipates that the new business value (NBV) will maintain good growth in 2025, supported by the transformation of individual insurance channels and the competitive advantage of participating products [3] Summary by Sections Life Insurance Sector - In the first eleven months of 2024, cumulative life insurance premium growth was 1.7%, with major companies like China Life and Ping An showing growth rates of 4.8% and 8.5% respectively [3][8] - The monthly premium income for November 2024 was 652 billion, with notable increases from New China Life (10.5%) and China Life (4.2%) [3][8] - The decline in premium growth in November was attributed to the adjustment of preset interest rates, leading to some demand being released in advance [3][8] Property Insurance Sector - The total premium income for property insurance in November 2024 was 795 billion, reflecting an 8.7% year-on-year increase [3][8] - The report highlights a continuous improvement in the growth rate of property insurance premiums, with companies like Zhong An Online and PICC showing significant increases [3][8] Market Outlook - The report expresses concerns about the impact of preset interest rate reductions and the potential for demand to be affected in the upcoming "opening red" period [3][8] - It is expected that the insurance companies will actively prepare for the "opening red," with individual insurance channels showing effective transformation [3][8] - The report recommends companies such as China Life, Ping An, and China Pacific Insurance as beneficiaries of the favorable market conditions [3][8]