保险行业月报（2025年1-8月）：炒停持续催化寿险销售，预计9月新预定利率下增速回落-20251014

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [27]. Core Insights - The insurance industry achieved a total premium income of CNY 47,999 billion from January to August 2025, reflecting a year-on-year increase of 9.6% and a month-on-month increase of 2.9 percentage points. Life insurance premiums reached CNY 29,746 billion, with a year-on-year growth of 14% [7][8]. - The report highlights that the life insurance sector continues to support industry growth, with significant sales driven by the anticipated adjustment of the preset interest rate [7][8]. - The report suggests that the life insurance industry is expected to see improved operational quality due to the dynamic adjustment mechanism of preset interest rates and the transformation of participating insurance products [7][8]. Summary by Sections Key Company Earnings Forecast, Valuation, and Investment Ratings - China Pacific Insurance: 2025E EPS of CNY 5.21, PE of 6.71, PB of 1.14, rated as "Recommendation" [3]. - China Life Insurance: 2025E EPS of CNY 3.04, PE of 12.88, PB of 2.02, rated as "Recommendation" [3]. - Ping An Insurance: 2025E EPS of CNY 7.17, PE of 7.68, PB of 1.00, rated as "Strong Recommendation" [3]. - China Property & Casualty Insurance: 2025E EPS of CNY 1.06, PE of 7.41, PB of 1.19, rated as "Recommendation" [3]. - New China Life Insurance: 2025E EPS of CNY 11.61, PE of 5.36, PB of 1.80, rated as "Recommendation" [3]. Industry Overview - The life insurance sector's premium income for January to August 2025 was CNY 29,746 billion, with a year-on-year increase of 14% and a month-on-month increase of 5 percentage points [7][8]. - The health insurance and accident insurance segments also showed growth, with health insurance premiums at CNY 7,599 billion (up 2.4% year-on-year) and accident insurance at CNY 655 billion (up 3.6% year-on-year) [7][8]. - The total assets of the insurance industry reached CNY 40.11 trillion by the end of August 2025, an increase of 11.7% from the previous year [7][8]. Investment Recommendations - The report indicates that the life insurance sector is expected to benefit from the recent adjustments in preset interest rates, which may lead to a reduction in cost risks and an improvement in operational quality [7][8]. - In the property and casualty insurance sector, the implementation of new policies is anticipated to enhance cost efficiency and benefit leading companies with scale advantages [7][8].