保险行业4月月报：寿险保费仍实现两位数增长，产险业务增速放缓

Investment Rating - The report maintains an 'Outperform' rating for the insurance industry, indicating optimism about the long-term growth of leading insurers [2][16][19]. Core Insights - In April, life insurance original premium income grew by 10.0% year-on-year, health insurance by 1.8%, and property & casualty insurance by 2.3%, all showing a deceleration compared to March [2][16]. - The report highlights the resilience of liabilities and improving asset quality, with low valuations providing a high safety margin for investors [19]. - The growth in life insurance premiums is attributed to strong market savings demand and improved continuous installment premiums from previous new policies, despite facing short-term pressure on new policy premium growth due to high base effects from the previous year [16][17]. Summary by Category Life Insurance - April's life insurance original premium volume reached RMB 257.8 billion, up 10.0% year-on-year, but down 8.5 percentage points from March [2][16]. - From January to April 2024, life insurance original premiums totaled RMB 2.059 trillion, reflecting a 12.1% year-on-year increase [2][16]. - Policyholder investment payments increased by 1% year-on-year, with a notable 64% increase in unit-linked insurance in April [2][16]. Health Insurance - Health insurance premiums in April increased by 1.8% year-on-year, a decrease of 4.1 percentage points from March [2][17]. - From January to April 2024, health insurance premiums grew by 7.2%, compared to 5.1% in the same period in 2023 [2][17]. - The report suggests significant growth potential for health insurance through the establishment of a comprehensive health ecosystem integrating various services [17]. Property & Casualty Insurance - Property & casualty insurance premiums in April grew by 2.3% year-on-year, with both auto and non-auto insurance experiencing a slowdown [2][18]. - From January to April 2024, property & casualty insurers' premiums reached RMB 616.6 billion, up 4.5% on a comparable basis [2][18]. - The report notes that the increasing penetration of new energy vehicles (NEVs) is expected to enhance the growth momentum of auto insurance premiums due to their higher average premiums compared to traditional vehicles [18].