保险业数据点评：寿险延续修复态势，财险增长放缓

Investment Rating - The industry maintains an "Overweight" rating [3][12] Core Insights - Premium income growth is recovering, and the liability side continues to stabilize. In February, the cumulative premium income of insurance companies reached 1.53 trillion yuan, a year-on-year increase of 9.2% [6][12] - The life insurance sector shows a continued recovery trend, with cumulative original premium income reaching 1.23 trillion yuan in February, up 10.5% year-on-year [7][12] - The property insurance sector experiences slowed growth, with cumulative original premium income of 305.81 billion yuan in February, reflecting a year-on-year increase of 4.0% [10][12] Summary by Sections Premium Income Growth - In February, insurance companies' cumulative premium income was 1.53 trillion yuan, with a year-on-year growth of 9.2%, and a monthly premium income of 434.83 billion yuan, growing by 12.1% [6][12] - The "reporting and operation integration" requirement has limited commission rates in the bank insurance channel, impacting premium income growth since last August [6] Life Insurance Recovery - Cumulative original premium income for life insurance in February was 1.23 trillion yuan, with a year-on-year increase of 10.5% and a monthly growth of 17.3% [7][12] - The cumulative original premium income growth for life insurance was 10.7%, with a monthly growth rate of 20.0% [7][12] - Health insurance also shows signs of recovery, with cumulative original premium income growth of 10.6% [7][12] Property Insurance Slowdown - Cumulative original premium income for property insurance in February was 305.81 billion yuan, with a year-on-year increase of 4.0% and a monthly decline of 0.48% [10][12] - The growth rate for auto insurance was 1.9%, with a monthly decline of 1.4% due to decreased retail sales of passenger vehicles [10][12] - Non-auto insurance saw a cumulative growth of 5.8%, with a monthly growth of 0.3% [10][12]