Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [4][7]. Core Insights - The life insurance sector has shown significant growth in premium income, with a 1.3% year-on-year increase in cumulative premium income for January to April 2025, marking the first positive growth of the year [6][8]. - The property insurance sector has maintained stable growth, with a cumulative premium income increase of 5.2% year-on-year for the same period, reflecting consistent performance in both auto and non-auto insurance segments [6][8]. - Overall, the insurance industry reported a cumulative premium income of 25,954 billion, representing a 2.3% year-on-year increase, with April alone showing a 9.6% increase compared to the previous year [8]. Summary by Sections Life Insurance - Cumulative premium income for life insurance companies reached 19,469 billion, with a year-on-year growth of 1.3% [8]. - In April, premium income was 2,879 billion, showing a significant year-on-year increase of 11.6%, driven primarily by a 16.8% increase in life insurance premiums [6][8]. - The demand for savings-type insurance products has surged due to declining deposit rates, contributing to the growth in new policy sales [6][7]. Property Insurance - Cumulative premium income for property insurance companies was 6,486 billion, with a year-on-year increase of 5.2% [8]. - In April, premium income was 1,331 billion, reflecting a year-on-year growth of 5.5%, with auto insurance premiums increasing by 4.5% [6][8]. - Non-auto insurance premiums also showed growth, particularly in accident insurance (+25.7%) and health insurance (+14.7%) [8]. Overall Industry Performance - The insurance industry's total assets reached 381,170 billion by the end of April, marking a 6.2% increase since the beginning of the year [6][8]. - The net assets of the industry increased by 8.1% to 35,932 billion [6][8]. - The report anticipates that the adjustment of life insurance preset interest rates may stimulate customer demand in the short term, while long-term benefits are expected from the dynamic changes in market interest rates [6][7].