Huachuang Securities·2025-11-05 07:46Investment 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 [3][26]. Core Viewpoints - The insurance industry experienced a total premium income of 52,146 billion yuan from January to September 2025, reflecting a year-on-year increase of 8.8% but a quarter-on-quarter decline of 0.9 percentage points. The life insurance sector's premium income was 31,708 billion yuan, with a year-on-year growth of 12.7% [7][8]. - The report highlights that the life insurance sector is facing challenges due to a decline in sales attributed to the adjustment of the preset interest rate, which has led to a cooling in sales in September 2025 [7][8]. - The property insurance sector showed improved performance, with a total premium income of 13,712 billion yuan from January to September 2025, marking a year-on-year increase of 4.9% [7][8]. Summary by Sections Industry Overview - The life insurance sector's cumulative growth has slowed, impacting overall premium growth. The health and accident insurance segments have shown growth, with health insurance premiums reaching 8,427 billion yuan (up 2.4% year-on-year) and accident insurance at 760 billion yuan (up 3.3% year-on-year) [7][8]. - The total assets of the insurance industry reached 40.4 trillion yuan by the end of September 2025, a year-on-year increase of 12.5% [7][8]. Life Insurance Companies - Life insurance companies reported a total premium income of 38,434 billion yuan, with a year-on-year increase of 10.5%. However, September saw a decline in life insurance premiums by 4.6% year-on-year [7][8]. - The report notes that the adjustment of the preset interest rate has had a short-term impact on sales, particularly in September [7][8]. Property Insurance Companies - The property insurance sector's premium income showed a year-on-year increase of 4.9%, with car insurance accounting for 50% of the total premiums [7][8]. - The report indicates that the recent regulatory changes in non-auto insurance are expected to enhance cost efficiency in the industry, benefiting leading companies [7][8].