2024年保险行业分析及2025年展望

Investment Rating - The report indicates a stable credit risk level for the insurance industry, with an overall investment rating reflecting a controlled credit risk environment [8][67]. Core Insights - The insurance industry is expected to maintain a stable credit level in the near future, supported by regulatory guidance aimed at enhancing corporate governance, reducing liability costs, and improving risk management capabilities [8][67]. - The personal insurance sector is projected to see a continuous increase in premium income due to the ongoing adjustment of preset interest rates and the implementation of new regulations [8][66]. - Property insurance companies are anticipated to improve profitability as they gain more pricing autonomy, with non-auto insurance business contributing significantly to growth [5][67]. - The introduction of new accounting standards is expected to enhance financial transparency and comparability, facilitating high-quality development within the insurance sector [8][67]. Summary by Sections Industry Overview - The insurance industry has experienced a growth in solvency adequacy ratio, with the average comprehensive solvency adequacy ratio reaching 197.4% and the average core solvency adequacy ratio at 135.1% as of September 2024 [44][46]. - The personal insurance sector has seen a significant increase in premium income, driven primarily by life insurance, while health insurance and universal insurance have faced challenges due to regulatory changes [19][49]. Regulatory Environment - The regulatory framework emphasizes "strong regulation, risk prevention, and promoting high-quality development," which is expected to guide the industry towards improved governance and risk management [8][66]. - Recent policies have adjusted the pricing mechanisms for personal insurance products, linking preset interest rates to market rates, thereby alleviating cost pressures on liability management [13][66]. Financial Performance - The overall profitability of the insurance sector has improved, with net profits for personal insurance companies reaching 2846.74 billion yuan in the first three quarters of 2024, reflecting a significant year-on-year increase [62][70]. - The property insurance sector has also shown growth in net profits, with a reported increase of 15.48% year-on-year for the first three quarters of 2024 [62][63]. Investment Trends - The investment asset structure remains stable, with fixed-income assets being the primary allocation. However, the low-interest-rate environment continues to pose challenges for asset allocation [40][57]. - The comprehensive investment return rate has improved significantly, with a year-on-year increase noted in the first three quarters of 2024 [61][70].