保险行业1-2月月报：寿险累计保费同比下滑，应更关注业务结构改善趋势-2025-04-01

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next 6 to 12 months [1]. Core Insights - The life insurance sector has experienced a cumulative premium income decline of 2.6% year-on-year in the first two months of 2025, with January showing a drop and February recovering slightly [6]. - The report emphasizes the importance of improving business structure over mere scale growth, particularly in the context of shifting product focus towards dividend insurance [6]. - Health insurance premiums increased by 8.1% year-on-year in February, reflecting a significant growth potential in commercial health insurance due to deepening cooperation between medical insurance and commercial insurance [6]. - Property insurance premiums rose by 9.4% year-on-year in February, with both auto and non-auto insurance segments showing improvement [6]. - The report highlights opportunities for improvement in both liability and asset sides, with expectations of declining liability costs and potential recovery in long-term interest rates [6]. Summary by Sections Life Insurance - In the first two months of 2025, life insurance companies reported original premium income of CNY 12,716 billion, down 2.2% year-on-year, with a total premium income of CNY 14,782 billion, down 2.8% [6]. - The report notes that the decline in new policy premiums may exceed the overall premium decline [6]. Health Insurance - Health insurance premiums for January and February showed a year-on-year increase of 3.6%, with February's growth rate significantly improving to 8.1% [6]. - The report suggests that the integration of insurance with health management services can enhance customer loyalty and drive business growth [6]. Property Insurance - Property insurance companies reported a total premium income of CNY 3,203 billion in the first two months, reflecting a year-on-year increase of 4.7% [6]. - The report indicates that the growth in non-auto insurance premiums was particularly strong, with health, accident, liability, and agricultural insurance premiums increasing by 20%, 17%, 13%, and 1% respectively in February [6]. Market Conditions - The report anticipates that the market's demand for savings remains strong, and with ongoing regulatory guidance, liability costs are expected to decrease gradually [6]. - The valuation of the insurance sector is currently at historical lows, with estimates ranging from 0.52 to 0.77 times the 2025E P/EV [6].