Workflow
保险行业周报(20250818-20250822):预定利率拟调整,寿险销售呈分化趋势-20250824
Huachuang Securities·2025-08-24 08:01

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [20]. Core Insights - The insurance index rose by 1.4% this week, underperforming the broader market by 2.78 percentage points. Individual stock performances varied significantly, with ZhongAn up by 6.88% and AIA down by 2.8% [1]. - Aflac Insurance reported a tax-adjusted operating profit of $3.609 billion for H1 2025, a 12% increase per share, and a basic free surplus of $3.569 billion, up 10% per share [2]. - Sunshine Insurance reported a net profit of 3.389 billion yuan for H1 2025, reflecting a year-on-year increase of 7.8% [2]. - The report highlights a divergence in premium growth among major insurers, with New China leading the industry with a 23.2% year-on-year increase in life insurance premiums for the first seven months of 2025 [3][4]. Summary by Sections Market Performance - The insurance index increased by 1.4%, while the broader market outperformed it by 2.78 percentage points. Notable stock performances included ZhongAn (+6.88%) and AIA (-2.8%) [1]. Premium Analysis - For the first seven months of 2025, major insurers reported varying premium growth rates. China Pacific's cumulative premium was 314.6 billion yuan, up 5.5% year-on-year, while New China reported a 23.2% increase in life insurance premiums [3][4]. Investment Recommendations - The report suggests that the recent upward trend in the equity market, with the Shanghai Composite Index surpassing 3800, will benefit the insurance sector. The report anticipates a potential recovery in valuations for undervalued stocks, particularly New China, which has seen a year-to-date increase of 124.25% [4]. Valuation Metrics - The report provides price-to-earnings (PE) and price-to-book (PB) ratios for key companies, with China Pacific at 1.19x PB and New China at 2.41x PB, indicating a favorable investment outlook for these stocks [9][5].