保险行业11月月报：产险单月保费增速回落，关注寿险2025年开门红表现

Industry Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Views - The decline in monthly premium income for life insurance companies narrowed slightly in November, with attention on the performance of insurers' "opening red" campaigns [1] - Property insurance premium growth slowed in November, with both auto and non-auto insurance segments experiencing a deceleration [2] - Health insurance premiums saw a significant monthly increase, driven by a low base effect from the previous year [13] - The insurance sector is seen as having both offensive and defensive characteristics, with low valuations and low holdings, making it attractive [14] Life Insurance Segment - From January to November 2024, life insurance premiums reached 4048.1 billion yuan, up 14.0% YoY, with scale premiums at 4608.1 billion yuan, up 11.9% YoY [1] - In November, life insurance premiums totaled 158.6 billion yuan, down 1.6% YoY, but the decline narrowed by 0.3 percentage points compared to October [1] - Universal life insurance premiums (mainly from policyholder investment contributions) fell 2% YoY from January to November, while unit-linked insurance premiums rose 25% YoY [1] - Insurers are focusing on promoting dividend insurance products, which are expected to perform better than expected due to strong market savings demand [1] Property Insurance Segment - From January to November 2024, property insurance premiums reached 1555.3 billion yuan, up 6.8% YoY [2] - In November, property insurance premiums totaled 122.0 billion yuan, up 7.8% YoY, but the growth rate slowed by 12.9 percentage points compared to October [2] - Auto insurance premiums grew 5.2% YoY from January to November, with November premiums up 8.3% YoY, though the growth rate slowed by 10.3 percentage points compared to October [2] - Non-auto insurance premiums grew 8.7% YoY from January to November, with November premiums up 6.8% YoY, a significant slowdown compared to October [2] Health Insurance Segment - From January to November 2024, health insurance premiums grew 8.5% YoY, with November premiums up 9.0% YoY, a 2.2 percentage point increase from October [13] - The proportion of health insurance premiums reached 23% at the end of November, up 0.2 percentage points from October [13] Market and Valuation - The insurance sector's valuation is at historically low levels, with a P/EV range of 0.60-0.93x for 2024E, making it an attractive investment [14] - The 10-year government bond yield has slightly rebounded to around 1.74%, which could alleviate pressure on insurers' fixed-income investment yields [14] Key Companies Performance - China Life Insurance: Cumulative premiums from January to November reached 644.3 billion yuan, up 4.8% YoY, with a market share of 16.9% [25] - Ping An Life Insurance: Cumulative premiums from January to November reached 472.1 billion yuan, up 8.8% YoY, with a market share of 12.4% [25] - PICC Property & Casualty: Cumulative premiums from January to November reached 496.8 billion yuan, up 5.1% YoY, with a market share of 31.9% [27] - Ping An Property & Casualty: Cumulative premiums from January to November reached 292.3 billion yuan, up 6.8% YoY, with a market share of 18.8% [27]