中国财产险行业展望，2025 年4 月

Investment Rating - The outlook for the property insurance industry is stable, with no significant changes expected in overall credit quality over the next 12-18 months [3][51]. Core Insights - In 2024, the property insurance sector is expected to see steady growth in auto insurance premiums, while non-auto insurance segments such as health, agricultural, and liability insurance will increasingly contribute to overall revenue. However, the growth rate of the property insurance industry is slowing down, and significant differentiation within the industry remains evident [3][4]. - The regulatory environment is tightening, with new policies encouraging property insurance companies to support green, inclusive, and technology-driven insurance initiatives, while also promoting stable capital market participation [4][5][7]. - The financial performance of the property insurance industry is under pressure due to frequent natural disasters impacting underwriting profitability, although investment income is expected to rise due to lower interest rates and a rebound in capital markets [3][4][33]. Summary by Sections Regulatory Environment - The new "National Ten Articles" emphasizes strict regulation and risk prevention, aiming for high-quality development in the insurance industry [5][6]. - Specific measures have been introduced to ensure the property insurance sector maintains stable growth and enhances risk prevention capabilities over the next five years [6][7]. Business Operations - The property insurance industry is experiencing a slowdown in premium growth, with total premium income reaching CNY 1.69 trillion, a year-on-year increase of 5.6% [15][19]. - The market remains competitive, with the top three property insurance companies holding a combined market share of 62.76% [19][20]. Financial Condition - The overall profitability of the property insurance sector is improving, with net profits increasing by 20.71% year-on-year to CNY 57.19 billion [36][37]. - The average comprehensive solvency ratio for property insurance companies is 238.5%, indicating a generally sufficient level of solvency [40][41]. Investment Strategy - Property insurance companies are diversifying their investment strategies, with a focus on fixed-income assets, while also increasing allocations to equities as the market recovers [29][32]. - The total investment assets of the property insurance industry reached CNY 33.26 trillion, reflecting a year-on-year growth of 15.08% [27][28].