上市险企2024年12月保费数据点评：负债端2024年业绩表现初揭面纱

Investment Rating - The industry investment rating is "Positive" for listed insurance companies [2]. Core Viewpoints - The performance of the life insurance sector in 2024 shows a mixed trend, with new business premiums for Ping An and PICC Life increasing by 7.9% year-on-year, while PICC Life's new business premiums decreased by 8.3% [2]. - The cumulative premium growth rates for major life insurance companies in 2024 are as follows: Sunshine Life (yoy +7.8%), Ping An Life (yoy +7.6%), PICC Life (yoy +5.3%), China Life (yoy +4.7%), New China Life (yoy +2.8%), and Taikang Life (yoy +2.4%) [2]. - The introduction of a dynamic adjustment mechanism for the guaranteed interest rate of life insurance products alleviates concerns about the impact of interest rate adjustments on performance [3]. - The property insurance sector showed stable premium performance in 2024, with cumulative premium growth rates for major companies: Zhong An Online (yoy +13.4%), Sunshine Property (yoy +8.1%), Taikang Property (yoy +6.8%), Ping An Property (yoy +6.5%), and PICC Property (yoy +4.3%) [4]. Summary by Sections Life Insurance Sector - The new business premium growth for Ping An Life and health insurance is +7.9% year-on-year, while PICC Life's new business premiums decreased by 8.3% [2]. - The monthly premium growth in December shows significant variation among companies, with New China Life at +19.1% and Sunshine Life at -45.2% [2]. - The dynamic adjustment mechanism for guaranteed interest rates is expected to stabilize the opening performance of major companies [3]. Property Insurance Sector - The cumulative premium growth for property insurance companies in 2024 is stable, with Zhong An Online leading at +13.4% [4]. - December's monthly premium growth shows a decline for some companies, with PICC Property experiencing a -4.4% year-on-year decrease [4]. - The performance of auto insurance and non-auto insurance segments varies, with auto insurance premiums for PICC Property growing by 4.1% for the year [4]. Investment Recommendations - The report suggests focusing on high elasticity stocks such as New China Life and China Life in the short term, while recommending stocks with potential valuation logic shifts like Ping An and China Property in the medium term [5].