保险行业2023年报综述：价值高增投资承压，关注权益配置改善空间

Industry Investment Rating - The report maintains a "推荐" (recommend) rating for the insurance industry, indicating a positive outlook despite challenges in the investment side [2] Core Views - The insurance industry in 2023 saw strong growth in the liability side, driven by robust premium sales and value growth, while the asset side faced pressure due to declining interest rates, equity market volatility, and new accounting standards [7] - The life insurance sector experienced high growth in New Business Value (NBV), with significant contributions from both volume and value improvements, while the property insurance sector saw steady premium growth but rising costs [16] - Investment returns were under pressure, with a notable increase in bond allocations across the industry, reflecting a cautious approach amid market uncertainties [42] Liability Side: Life Insurance - NBV Growth: Life insurance NBV saw significant growth, with PICC Life leading at +69.6% YoY, followed by New China Life at +65.1% and Sunshine Life at +44.2% [7] - Agent Quality Improvement: Despite a shrinking agent force, the quality of agents improved significantly, with China Life's monthly per capita first-year premiums increasing by 28.6% and Ping An's agent productivity rising by 89.5% [18] - Bank Insurance Channel: The bank insurance channel contributed significantly to NBV, with Ping An, CPIC, and PICC Life seeing their bank insurance NBV shares rise by 2.2pct, 7.6pct, and 6.8pct, respectively [25] Liability Side: Property Insurance - Premium Growth: Property insurance premiums grew steadily, with CPIC Property leading at +11.4% YoY, followed by PICC Property at +6.3% and Ping An Property at +1.4% [13] - Cost Pressure: The combined ratio (COR) for property insurance rose, with Ping An Property reaching 100.7%, up by 1.1pct YoY, driven by increased claims due to natural disasters [13] - Non-Auto Business: Non-auto insurance, particularly agricultural and liability insurance, showed strong growth, with CPIC Property's agricultural insurance premiums up by 28.8% YoY [32] Asset Side: Investment Performance - Investment Returns: Total investment returns for the five major listed insurers fell by 15.2% YoY, with only Ping An achieving positive growth (+32.8%) due to reduced losses from fair value changes [42] - Bond Allocation: Insurers significantly increased their bond allocations, with CPIC and New China Life leading the shift, reflecting a more conservative investment strategy amid market volatility [42] - FVOCI Gains: Gains from financial assets classified as FVOCI (Fair Value through Other Comprehensive Income) increased, with Ping An's FVOCI debt instruments showing a gain of RMB 90.3 billion [44] Outlook - The report suggests that the liability side will face pressure due to high base effects and regulatory policies, but opportunities may arise from strong demand for savings-type insurance products and improved product value rates in the bank insurance channel [2] - On the asset side, the focus is on the potential for improved equity investments as the economy stabilizes, with low valuations in the insurance sector presenting high-beta opportunities [2]