非银行业点评：寿险重点转向开门红，车险受益于汽车产销高增

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, suggesting that insurance stocks are expected to benefit from improved liquidity and stable interest rates in 2025 [4]. Core Insights - The insurance industry has seen a total premium income of 535.8 billion yuan from January to November 2024, representing a year-on-year increase of 11.8%. Life insurance and health insurance premiums contributed significantly, with life insurance premiums at 300.88 billion yuan (up 16.4%) and health insurance premiums at 72.56 billion yuan (up 6.4%) [1][4]. - The report anticipates that life insurance will gradually emerge from its adjustment phase, moving towards high-quality development in a low-interest-rate environment. Property insurance is expected to focus on a balance between scale and value [1][4]. - The growth in auto insurance premiums is driven by a robust increase in vehicle production and sales, with auto insurance premiums reaching 81.81 billion yuan (up 5.2%) and non-auto insurance premiums at 73.72 billion yuan (up 8.7%) from January to November 2024 [1][4]. Summary by Sections Life Insurance - Life insurance premiums for the first eleven months of 2024 totaled 300.88 billion yuan, with a slight decline in November premiums by 3.5% year-on-year. The overall performance remains strong despite a minor dip [1][4]. - Health insurance premiums also maintained growth, with a total of 72.56 billion yuan, reflecting a year-on-year increase of 6.4% [1][4]. Investment Products - New contributions to policyholder investment funds have decreased by 1.8% year-on-year, totaling 543.8 billion yuan. This decline is attributed to lower interest rates and increased competition from other wealth management products [1][4]. - In contrast, new contributions to investment-linked insurance accounts increased by 24.8% year-on-year, indicating a recovery in the equity market [1][4]. Auto and Non-Auto Insurance - The auto insurance sector benefited from favorable government policies and a significant increase in vehicle production and sales, with November figures showing a year-on-year increase of 11.1% in production and 11.7% in sales [1][4]. - Non-auto insurance premiums have also shown strong growth, particularly in agricultural, health, and accident insurance, with respective year-on-year increases of 14.7%, 42.3%, and 11.8% [1][4]. Future Outlook - The report projects that life insurance will enter a new upward cycle, supported by improvements in distribution channels and product offerings. The focus will be on individual insurance and the growth of dividend insurance as a mainstream product [1][4]. - Property insurance is expected to see a shift towards professionalization and specialization, with leading companies likely to strengthen their market positions [1][4].