保险行业上市险企3月保费收入点评：人身险普遍延续正增，财产险迎来向上拐点

Investment Rating - The report maintains a "Recommended" investment rating for the insurance industry [1] Core Insights - The report highlights that the premium income of listed insurance companies for the first quarter of 2024 shows a positive trend in life insurance and a recovery point for property insurance [1] - Life insurance premiums for January to March 2024 show a mixed performance, with China Life and Ping An Life reporting positive growth, while others like New China Life and PICC Life experienced declines [1] - Property insurance premiums have generally increased, with notable growth in companies like ZhongAn Online and PICC Property, indicating a recovery in the market [1] Summary by Sections Life Insurance - For the cumulative premium income from January to March 2024, China Life reported a growth of 3.2%, while Ping An Life saw a modest increase of 0.9%. Other companies like PICC Life and New China Life reported declines of -8.2% and -11.7% respectively [2] - In March 2024, all listed life insurance companies except New China Life achieved positive year-on-year growth, with PICC Life leading at +34.8% [1][2] - The report anticipates that new business growth may slow down in the second quarter due to regulatory impacts and pricing adjustments, but renewal business growth will remain a stabilizing factor for premium income [1] Property Insurance - The cumulative premium income for property insurance from January to March 2024 showed growth across all companies, with ZhongAn Online leading at +18.1% [2] - March 2024 saw a significant rebound in year-on-year growth rates for property insurance, with ZhongAn Online at +22.3% and PICC Property at +12.7% [1][2] - The report suggests that the recovery in auto insurance premiums is expected to continue alongside the increase in new car sales, while non-auto business also shows improvement due to various positive factors [1] Future Outlook - The report indicates that while new business and value growth pressures may increase due to high base effects and regulatory policies, there are potential opportunities from strong demand for savings-type insurance products and improved product value rates post-regulatory changes [1] - The asset side is highlighted as a focus area, with expectations of continued improvement in insurance capital investments due to economic stabilization and favorable market conditions for quality companies [1]