Core Viewpoint - The cumulative return rate of the property insurance industry from 2009 to 2024 is 181.7%, with an annualized return rate of 14.3%, indicating strong profitability for shareholders in the sector [1][10]. Group 1: Cumulative Return Rate Analysis - The cumulative return rate for the "old three" major companies (People's Insurance, Ping An, and Taiping) is 745.9%, while medium-sized companies have a cumulative return rate of 51.4%, and small companies only 2.3% [2][13]. - From 2009 to 2024, the cumulative net profit of the property insurance industry reached 598.5 billion yuan, with total shareholder capital contributions of approximately 342.5 billion yuan and net assets of about 733.8 billion yuan by the end of 2024 [8][10]. - The cumulative return rate for the property insurance industry has been positive since 2009, with a steady increase over the past twelve years [10][22]. Group 2: Company-Specific Performance - The cumulative return rates of the top ten companies are significantly higher than the industry average, with People's Insurance leading at 960.4% and Ping An at 811.3% [29]. - The cumulative return rates for medium-sized companies show a stark contrast, with total shareholder contributions of 102.3 billion yuan and cumulative profits of 52.7 billion yuan [3][16]. - Small companies have a total shareholder contribution of 148.9 billion yuan but only a cumulative profit of 3.8 billion yuan, highlighting the disparity in performance across company sizes [3][16]. Group 3: Statistical Insights - The average cumulative return rate across the industry is 27%, but the median shows a loss of 14.7%, indicating that over 60% of the 73 companies analyzed have cumulative losses [18][22]. - The distribution of cumulative return rates resembles a normal distribution, reflecting the competitive differences among property insurance companies [26]. - The annualized cumulative return rate for the industry shows an average of -1.6%, with a median of -1.2%, indicating that many companies are struggling to achieve positive returns [25][26].