招财日报2024.5.21|中国保险行业/理想汽车、华住点评

Investment Rating - The report maintains a positive outlook on the insurance industry, particularly recommending China Life and China Pacific Insurance for their strong premium growth and effective transformation strategies [1][2]. Core Insights - The insurance sector in China is showing signs of recovery, with a notable increase in premium income for leading life insurance companies, indicating resilience despite previous declines [1]. - The property insurance sector is experiencing slower growth, primarily due to a decline in non-auto insurance premiums, which has affected the overall performance of major players [2]. - The report highlights the successful transformation efforts of leading insurers, particularly in enhancing their distribution channels and product offerings, which have contributed to improved premium growth [1][2]. Summary by Sections Life Insurance - In the first four months of the year, the total premium income for six listed life insurance companies increased by 0.4% year-on-year to 854.1 billion yuan, marking a recovery from three consecutive months of negative growth [1]. - China Life and China Pacific Insurance reported double-digit growth rates of 11.6% and 12.3% respectively, significantly improving from March's growth rates [1]. - New business value (NBV) is expected to rise due to ongoing transformation efforts, with a focus on diversified product strategies [1]. Property Insurance - The property insurance sector's premium income growth slowed, with a year-on-year increase of only 2.0% in April, down from March's figures [2]. - Major players like China Pacific Insurance and Ping An Insurance reported modest growth rates, while China Property & Casualty Insurance experienced a decline in non-auto premiums [2]. - The report emphasizes the long-term investment potential of China Property & Casualty Insurance due to its market leadership and robust dividend yield [2].