保险业2025Q1经营数据点评：财险增长强劲，寿险降幅收窄

Investment Rating - The industry rating is "Recommended" [2] Core Insights - In Q1 2025, the life insurance sector saw a slight decline in premium income, with a year-on-year decrease of 0.3%, totaling 1,659 billion yuan. The breakdown includes life insurance at 1,383.2 billion yuan (-1.0%), accident insurance at 11.7 billion yuan (-4.5%), and health insurance at 264.1 billion yuan (+3.7%) [1] - The property insurance sector experienced robust growth, with total premium income reaching 515.5 billion yuan in Q1 2025, reflecting a year-on-year increase of 5.1%. This includes auto insurance at 223.4 billion yuan (+4.3%) and non-auto insurance at 292.1 billion yuan (+5.7%) [2] - The total assets of the insurance industry reached 37,842.5 billion yuan by the end of March 2025, marking a 5.4% increase from the end of 2024. Life insurance companies accounted for 33,063 billion yuan (+4.8%), while property insurance companies had assets of 3,081.3 billion yuan (+6.2%) [3] Summary by Sections Life Insurance - In Q1 2025, life insurance premium income showed a declining trend, with a total of 1,659 billion yuan, down 0.3% year-on-year. The monthly premium income in March was 463.9 billion yuan, up 6.3% year-on-year, indicating a recovery trend [1] - The decline in premium income is attributed to factors such as reduced consumer demand due to last year's adjustments in product interest rates and the shift towards dividend insurance products, which have a higher sales difficulty [1] Property Insurance - The property insurance sector demonstrated strong performance with a total premium income of 515.5 billion yuan in Q1 2025, a 5.1% increase year-on-year. The growth was driven by a 6.0% increase in new car sales, which supported auto insurance premiums [2] - Non-auto insurance growth was primarily fueled by accident and health insurance, with year-on-year increases of 8.6% and 7.7%, respectively [2] Asset Management - As of March 2025, the total assets of the insurance industry reached 37,842.5 billion yuan, a 5.4% increase from the previous year. The net assets totaled 3,523.7 billion yuan, reflecting a 6.0% increase [3] Investment Recommendations - The report suggests maintaining a "Recommended" rating for the industry, highlighting companies like China Life Insurance and New China Life Insurance for their strong asset management and business optimization strategies [4]