保险行业数据点评：寿险稳健增长，负债端保持景气

Investment Rating - The industry rating is maintained at "Overweight" [3][7][17] Core Insights - The insurance sector has shown steady growth in life insurance, with a robust liability side and new changes on the asset side expected to improve [2][10] - Premium income for insurance companies reached 5.70 trillion yuan in December 2024, reflecting a year-on-year growth of 11.2%, although the growth rate is slowing down [3][10] - The introduction of policies to accelerate the entry of medium- and long-term funds into the market is expected to enhance the asset side of insurance companies, reducing the risk of interest spread losses [3][10] Summary by Sections 1. Liability and Asset Side Performance - The liability side remains robust, with the asset side expected to see new changes that will improve the overall performance of insurance companies [2][10] - The second batch of long-term stock investment trials for insurance funds is set to be implemented in the first half of 2025, which may help in reducing interest spread losses [3][10] 2. Life Insurance Growth - Cumulative original premium income for life insurance reached 4.01 trillion yuan, with a year-on-year growth of 13.2% [4][11] - The cumulative original premium income for life insurance specifically was 3.19 trillion yuan, growing by 15.4% year-on-year [4][11] - Monthly premium income growth for life insurance showed a positive trend, indicating steady growth despite some fluctuations [4][11] 3. Non-Life Insurance Performance - Cumulative original premium income for property insurance reached 1.69 trillion yuan, with a year-on-year growth of 6.5% [5][15] - The growth rate for car insurance premiums was 5.4%, supported by increased consumer policies driving car sales [5][15] - Non-car insurance premium growth has slowed, with health and liability insurance showing faster growth rates of 16.6% and 8.1%, respectively [6][15] 4. Investment Recommendations - The expectation of stable capital market conditions is likely to improve asset returns for insurance companies [7][17] - The dynamic adjustment of preset interest rates is anticipated to alleviate cost pressures on the liability side [7][17] - The overall outlook for both asset and liability sides is positive, which may enhance the matching of returns and reduce interest spread losses [7][17]