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上市险企2024年11月保费点评：寿险改善财险稳健， 业务重心转向2025“开门红”预录
Donghai Securities·2024-12-18 07:30

Investment Rating - The industry investment rating is "Overweight" indicating a focus on high-quality development under strong regulation and risk prevention frameworks, with an emphasis on optimizing product design and enhancing channel value [4][23]. Core Viewpoints - The report highlights that the non-bank financial sector is currently at a historically low valuation, presenting significant investment opportunities. It suggests focusing on pure life insurance stocks with greater elasticity to equity markets and large comprehensive insurance companies with clear competitive advantages [4][5]. Summary by Sections Insurance Premium Data - For the first eleven months of 2024, the cumulative premium growth rates for life insurance companies are as follows: Ping An Life (+8.8%), China Life (+4.8%), PICC Life (+5.5%), Taikang Life (+2.2%), and New China Life (+2.1%). In the property insurance sector, the growth rates are: Taikang Property (+7.0%), Ping An Property (+6.8%), and PICC Property (+5.1%) [6][8]. Monthly Premium Performance - In November 2024, the monthly premium growth rates for life insurance were: New China Life (+10.5%), China Life (+4.2%), PICC Life (+1.9%), Ping An Life (-1.5%), and Taikang Life (-2.2%). For property insurance, the monthly growth rates were: PICC Property (+9.2%), Ping An Property (+9.8%), and Taikang Property (+3.1%) [3][6][8]. Market Trends and Insights - The report notes that the life insurance sector is shifting focus towards the 2025 "opening red" strategy, characterized by a predominance of dividend insurance products, innovative payment methods, and improved product value due to regulatory changes [4][5][6]. Key Growth Drivers - The growth in property insurance is supported by a strong performance in auto sales, with November auto sales growth reaching 16.6%, which positively impacts auto insurance premiums. Non-auto insurance segments, particularly health and liability insurance, also show robust growth [3][6]. Future Outlook - The report anticipates that the non-bank financial sector will benefit from policy support aimed at enhancing product design and channel efficiency, which is expected to drive future growth [4][5].