保险业2025年5月保费点评：寿险增速延续扩大，财险保持稳健

Investment Rating - The industry rating is "Recommended" [2] Core Viewpoints - In the life insurance sector, the premium growth rate continued to expand in May 2025, with original premium income for the first five months reaching 227.97 billion yuan, a year-on-year increase of 3.3%. The life insurance segment saw a significant monthly increase of 24.1% in May [1][2] - The property insurance sector reported a steady growth in auto insurance premiums, driven by new car sales, with total original premium income for the first five months at 78.05 billion yuan, a year-on-year increase of 5.2% [2] - The total assets of the insurance industry reached 3,842.39 billion yuan by the end of May 2025, reflecting a 7.0% increase from the end of 2024, primarily due to premium income growth and investment asset appreciation [3] Summary by Sections Life Insurance - Original premium income for life insurance in May was 26.74 billion yuan, with a year-on-year increase of 24.1%. The total for the first five months was 187.35 billion yuan, up 3.9% year-on-year [1] - The new investment contributions from policyholders in the first five months were 34.06 billion yuan, a decrease of 4.3% year-on-year, with May showing a slight increase of 1.2% [1] Property Insurance - The auto insurance segment's original premium income for the first five months was 37.20 billion yuan, a year-on-year increase of 4.4%, while non-auto insurance premiums reached 40.85 billion yuan, up 6.0% [2] - In May, the total original premium income for property insurance was 13.20 billion yuan, with auto insurance contributing 7.53 billion yuan and non-auto insurance 5.66 billion yuan [2] Asset Management - By the end of May 2025, the total assets of life insurance companies were 3,366.27 billion yuan, a 6.7% increase from the end of 2024, while property insurance companies had total assets of 307.76 billion yuan, up 6.1% [3] - The net assets of the insurance industry totaled 360.23 billion yuan, reflecting an 8.3% increase from the end of 2024 [3] Investment Recommendations - Recent regulatory measures are expected to lower liability costs for life insurance companies, benefiting leading firms in the sector. The current yield on ten-year government bonds is fluctuating between 1.6% and 1.7%, with anticipated adjustments in preset rates [4]