Soochow Securities·2025-08-27 13:37Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Insights - In July, the life insurance premium growth rate significantly increased, while the property insurance business remained stable [1] - The life insurance companies' original premium income for the first seven months of 2025 reached 33,203 billion yuan, a year-on-year increase of 7.5%, with a total premium income of 37,498 billion yuan, up 6.4% year-on-year [4] - The report anticipates a shift towards dividend insurance products following adjustments in the preset interest rates, indicating a positive outlook for the industry's liability cost optimization [4] - The health insurance premium in July showed a year-on-year increase of 2.6%, marking a return to positive growth [4] - The property insurance companies' premium income for the first seven months of 2025 was 10,933 billion yuan, reflecting a year-on-year increase of 5.1% [4] - The report highlights that the market's savings demand remains strong, and the liability costs are expected to gradually decrease, alleviating pressure from interest rate differentials [4] Summary by Sections Life Insurance - July's single-month life insurance premium reached 3,447 billion yuan, a year-on-year increase of 26.2%, with a notable acceleration from June's growth [4] - The new investment contributions from policyholders showed a year-on-year decrease of 1% for the first seven months, but July saw a significant increase of 21% [4] Health Insurance - The health insurance premium for July was 2.6% higher year-on-year, reversing the negative trend observed in June [4] - The report emphasizes the potential for long-term growth in health insurance through the integration of various health-related services [4] Property Insurance - The property insurance premium for July increased by 5.3% year-on-year, with non-auto insurance business showing improved growth [4] - The report notes that the growth in non-auto insurance premiums was driven by health insurance, with specific segments like health and accident insurance showing substantial increases [4] Market Outlook - The report indicates that the valuation of the insurance sector remains at historical lows, with expected valuations for 2025 ranging from 0.64 to 0.95 times PEV and 1.10 to 2.24 times PB [4] - The report concludes that the leading insurance companies are likely to maintain robust growth and profitability, particularly in the context of ongoing reforms [4]