人身险行业2024年信用回顾与2025年展望

Investment Rating - The report indicates a positive outlook for the life insurance industry, with expectations of continued premium income growth in 2025 [4][6]. Core Insights - The life insurance industry experienced premium income growth in the first three quarters of 2024, primarily driven by life and health insurance, while accident insurance saw a decline [2][5]. - The industry’s claims expenditure increased at a rate higher than premium income, indicating rising costs [6][7]. - Asset allocation within life insurance companies has shown growth, with significant increases in bond and stock investments, while the proportion of bank deposits and securities investment funds has decreased [9][10]. - The solvency ratios of life insurance companies improved by the end of September 2024, attributed to capital replenishment and a recovering capital market [12][14]. - Regulatory measures have been enhanced to guide the high-quality development of the industry, focusing on differentiated supervision and risk prevention [3][15]. Summary by Sections Industry Performance Data - In the first three quarters of 2024, the life insurance industry reported a total premium income of 39,948.45 billion, a year-on-year increase of 13.51%, with original insurance premium income at 34,878.78 billion, up 15.70% [6][8]. - The original premium income from life insurance reached 28,138.86 billion, reflecting an 18.36% increase, while health insurance grew by 6.71% [7][11]. - Claims expenditure for the same period was 9,199.01 billion, marking a 46.77% increase compared to the previous year [7][8]. Asset Allocation - By September 2024, the total asset allocation of life insurance companies reached 289,404.85 billion, with a year-on-year growth of 14.93% [9][10]. - The balance of bond investments increased by 25.52%, and stock investments rose by 17.24% [10][11]. Solvency and Risk Ratings - The average comprehensive solvency ratio improved to 188.9% by September 2024, with the core solvency ratio at 119.5%, both showing increases from the beginning of the year [12][14]. - The number of companies rated as Class A increased, while those rated B, C, and D decreased, indicating an overall improvement in risk ratings [12][14]. Regulatory Environment - In 2024, multiple regulatory policies were introduced to enhance supervision and guide the development of the life insurance industry, focusing on product pricing, asset risk classification, and internal control mechanisms [3][15]. - The implementation of the "reporting and operation integration" policy is expected to reduce underwriting costs and improve profitability in the long term [4][15].