非银行业周报（2024年第四十五期）：寿险保额下滑，财险保费稳增

Investment Rating - The report maintains the investment rating for the non-bank financial sector [1]. Core Insights - The non-bank financial index increased by 0.85%, ranking 6th out of 31 industries, while the brokerage index rose by 0.76% and the insurance index by 1.78% [1]. - The insurance sector's original premium income for the first 11 months of the year reached 5.36 trillion yuan, reflecting a year-on-year growth of 6.2% [5]. - The report highlights that the insurance industry's premium income is under pressure, particularly in life insurance, where the amount of insurance coverage has decreased by 13% [35]. - The report suggests that mergers and acquisitions in the brokerage sector are expected to accelerate, with a focus on companies like Guotai Junan and Guolian Securities [4][11]. Summary by Sections Securities - The brokerage sector's PB valuation is currently at 1.51 times, near the 50th percentile of 2020 [11]. - The China Securities Regulatory Commission approved the merger of Guolian Securities and Minsheng Securities, marking a significant step in industry consolidation [11][70]. - The report indicates that ongoing mergers and acquisitions will enhance industry competitiveness and resource allocation [4]. Insurance - The original premium income for property insurance companies was 1.56 trillion yuan, with a year-on-year growth of 5.89% [16]. - The report notes that the insurance industry's total assets reached 35.19 trillion yuan, with net assets of 3.13 trillion yuan as of November 2024 [15]. - The report emphasizes the need to monitor the performance of the bond market, equity market, and real estate market to assess future valuation recovery in the insurance sector [6].