保险行业4月月报：寿险保费持续复苏，财险业务增速稳健-20250530

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - In April, the life insurance premium showed a continued recovery with a year-on-year increase of 11.6%, marking a 5.4 percentage point improvement from March [4]. - The total original premium for life insurance from January to April 2025 reached 2,096.6 billion yuan, reflecting a year-on-year growth of 1.8% [4]. - The report highlights that the current dividend insurance business is gaining market acceptance, and with commercial banks lowering deposit rates, the attractiveness of insurance products is expected to improve [4]. - Health insurance premiums in April showed a modest year-on-year increase of 0.3%, with a total of 648.6 billion yuan in premiums from January to April, up 4.1% year-on-year [4]. - Property insurance premiums in April increased by 5.5% year-on-year, with stable growth in both auto and non-auto insurance segments [4]. - The report notes that the insurance sector is experiencing improvements in both liability and asset sides, with a low valuation and low holdings, suggesting a balanced risk-reward profile [4]. Summary by Sections Life Insurance - April's life insurance premiums reached 287.9 billion yuan, up 11.6% year-on-year, continuing the upward trend from March [4]. - The total original premium for life insurance from January to April was 2,096.6 billion yuan, with a growth of 1.8% year-on-year [4]. Health Insurance - Health insurance premiums in April increased by 0.3% year-on-year, with a total of 648.6 billion yuan from January to April, reflecting a 4.1% increase [4]. - The report emphasizes the long-term growth potential of health insurance through the integration of various health services [4]. Property Insurance - Property insurance premiums in April rose by 5.5% year-on-year, with stable growth in both auto and non-auto segments [4]. - The report indicates that the growth in auto insurance is supported by the increasing penetration of new energy vehicles [4]. Market Conditions - The report mentions that the current valuation of the insurance sector is at historical lows, with estimates for 2025 ranging from 0.55 to 0.92 times PEV and 0.92 to 2.06 times PB [4]. - The report anticipates a gradual decline in liability costs and relief from interest rate pressure as the economy recovers [4].