保险行业2025年5月保费收入点评：寿险高增驱动行业保费回暖，财险延续稳定

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to market benchmarks [2][6]. Core Insights - The life insurance sector is experiencing significant premium growth, particularly in life insurance, while health and accident insurance face short-term pressures. In the first five months of 2025, life insurance premium income reached 18,735 billion, with a year-on-year increase of 3.9% [5][7]. - Property insurance companies are seeing stable growth in auto insurance premiums, with a total premium income of 3,720 billion for auto insurance, reflecting a 4.4% increase year-on-year. Non-auto insurance is also expected to improve in profitability [5][7]. - Overall, the insurance industry reported a cumulative premium income of 30,602 billion, up 3.8% year-on-year, with a notable monthly increase of 13.2% in May [5][7]. Summary by Sections Life Insurance Companies - Cumulative premium income for life insurance companies was 22,797 billion, with a year-on-year growth of 3.3%. In May alone, premium income was 3,328 billion, marking a 16.6% increase [5][7]. - Life insurance premiums specifically reached 2,674 billion in May, showing a robust year-on-year growth of 24.1% [5][7]. - Health insurance premiums decreased by 6.3% year-on-year, while accident insurance premiums fell by 8.5% [5][7]. Property Insurance Companies - Cumulative premium income for property insurance companies was 7,805 billion, with a stable year-on-year growth of 5.2% [5][7]. - Auto insurance premiums totaled 3,720 billion, with a 4.4% increase year-on-year, benefiting from government policies and rising penetration of new energy vehicles [5][7]. - Non-auto insurance premiums reached 4,085 billion, up 6.0% year-on-year, driven by growth in health and accident insurance [5][7]. Overall Industry Performance - The insurance industry as a whole saw a cumulative premium income of 30,602 billion, reflecting a 3.8% year-on-year increase [5][7]. - Total assets in the insurance industry reached 384,239 billion, up 7.0% since the beginning of the year, while net assets increased by 8.3% to 36,023 billion [5][7].