上市险企12月保费点评：预计储蓄需求依旧旺盛，将带动寿险开门红延续增长；财险保费有望稳中有升

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector, indicating a positive outlook for the industry in the near term [1]. Core Insights - The insurance sector is expected to see continued growth driven by strong savings demand, particularly in life insurance, while property insurance premiums are anticipated to remain stable [1][5]. - The report highlights that the overall premium income for listed life insurance companies increased by 5.1% year-on-year, with December showing a slight increase of 0.9% compared to the previous month [5][11]. - The report notes that the property insurance sector's overall growth rate remains stable, although there was a decline in growth rates for both auto and non-auto insurance in December [5][15]. Summary by Sections Life Insurance - Major life insurance companies reported year-on-year premium growth: China Life (+4.7%), Ping An Life (+7.8%), Taikang Life (+2.4%), and New China Life (+2.8%) for the full year [5][6]. - December premium growth for these companies varied, with New China Life showing a significant increase of 19.1% month-on-month, while Ping An Life experienced a decline of 5.6% [5][6]. - The report anticipates that the demand for insurance products, particularly participating insurance, will remain strong, supported by regulatory measures aimed at reducing liability costs for insurance companies [5][6]. Property Insurance - The cumulative premium income for major property insurance companies was as follows: PICC Property (+4.3%), Ping An Property (+6.5%), Taikang Property (+6.8%), and ZhongAn Property (+13.4%) for the full year [5][9]. - In December, the premium growth rates for these companies were mixed, with PICC Property declining by 4.4% while ZhongAn Property grew by 6.2% [5][9]. - The report emphasizes that leading property insurance companies maintain a competitive edge due to their better business quality and lower claims ratios, particularly in auto insurance [5][9]. Investment Recommendations - The report suggests that the current market conditions, characterized by low valuations and low holdings in insurance stocks, present a balanced risk-reward scenario for investors [5][26]. - It is noted that the recent decline in long-term interest rates may alleviate pressure on insurance companies' investment income, particularly as the domestic economy recovers [5][26]. - The insurance sector's valuation is currently at historical lows, with estimates ranging from 0.53 to 0.82 times the 2024 expected P/EV, reinforcing the "Accumulate" rating [5][26].