保险业2025年8月保费收入点评：短期增幅提升，长期负债结构优化

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The insurance industry has seen a cumulative premium income of CNY 47,999 billion as of the end of August 2025, representing a year-on-year growth of 9.63%, with the growth rate expanding for five consecutive months [2] - The growth in premium income is driven by savings-type insurance products, particularly dividend insurance, which has led to a continuous recovery in the industry's premium growth [2][17] - The adjustment of the predetermined interest rates for traditional, dividend, and universal insurance products to 2.0%, 1.75%, and 1.0% respectively has catalyzed a short-term increase in premium income due to "buying before suspension" behavior [2][17] - The attractiveness of traditional insurance products is expected to decline as predetermined interest rates decrease, making dividend insurance a core product in a low-interest-rate environment [2][17] Summary by Sections Premium Income Overview - As of August 2025, the life insurance sector achieved a cumulative premium income of CNY 37,999 billion, with a year-on-year growth of 11.32%, and a monthly growth rate of 47.24% [3] - The breakdown of premium income shows that life insurance, health insurance, and personal accident insurance generated CNY 29,746 billion, CNY 5,784 billion, and CNY 268 billion respectively, with year-on-year changes of +14.05%, -22.07%, and -57.57% [3] Predetermined Interest Rate Adjustments - The predetermined interest rates for various insurance products have been adjusted, with the current rates being 2.0% for ordinary products, 1.75% for dividend insurance, and 1.0% for universal insurance, reflecting a reduction of 50 basis points, 25 basis points, and 50 basis points respectively [6][7] - The downward adjustment of predetermined interest rates is expected to support the expansion of premium income in the short term and improve the liability side of insurance companies [7] Product Dynamics - Dividend insurance is characterized by a "low guaranteed return + high floating return" structure, which allows insurance companies to share investment risks with policyholders, thereby reducing rigid repayment costs [12] - The demand for dividend insurance is anticipated to grow, especially in the context of declining returns from wealth management tools, making it a core choice for yield-driven clients [12] Property Insurance Performance - As of August 2025, property insurance companies reported a total premium income of CNY 12,201 billion, with a year-on-year growth of 4.67%, and the non-auto insurance segment showing a growth rate of 5.0% [14]