国信证券指出，8月以来，人身险行业陆续进行产品的切换，带动行业短期保费的快速放量。随着9月剩余产品的陆续切换及去年低基数，持续看好行业保费收入的同比提升。此外，随着保费收入规模的提升，利好险资对于高分红(OCI权益类)及长债类资产的配置，是当前市场中较为稳定的增量资金。Mainland insurance companies have once again risen. As of the time of publication, Ping An Insurance (02318) is up 3.78%, trading at HKD 37.10; China Taiping (00966) is up 3.73%, trading at HKD 9.74; China Pacific Insurance (02601) is up 3.44%, trading at HKD 21.05; New China Life Insurance (01336) is up 3.24%, trading at HKD 16.58.
According to the statistics, as of the first half of 2024, the five listed insurance companies on the Hong Kong stock market in the mainland have achieved over 90% of the net profit attributable to the parent company for the whole year last year; the five insurance companies have achieved a cumulative operating income of CNY 1.27 trillion and a net profit attributable to the parent company of CNY 171.799 billion, with a year-on-year growth rate of 7.41% and 12.55% respectively. Guosen Securities predicts that regulatory guidance in the industry to lower product pricing rates and reduce liability costs, coupled with the strong savings demand from customers, rate control of bank-insurance channels, and optimization of product structure, is expected to achieve a prosperous growth in NBV for the whole year.
Guosen Securities pointed out that since August, the life insurance industry has gradually switched products, driving a rapid increase in short-term insurance premiums in the industry. With the successive switching of remaining products in September and the low base of the previous year, the year-on-year increase in industry premium income is expected to continue. In addition, with the increase in premium income, it is bullish for insurance funds to allocate high-dividend (OCI equity) and long-term bond assets, which is a relatively stable source of incremental funds in the current market.
On the news front, according to statistics, in the first half of 2024, the five listed insurance companies on the Hong Kong stock market in the mainland have achieved more than 90% of the net profit attributable to the parent company for the whole year last year; the five insurance companies have achieved a cumulative operating income of CNY 1.27 trillion and a net profit attributable to the parent company of CNY 171.799 billion, with a year-on-year growth rate of 7.41% and 12.55% respectively. Guosen Securities predicts that regulatory guidance in the industry to lower product pricing rates and reduce liability costs, coupled with the strong savings demand from customers, rate control of bank-insurance channels, and optimization of product structure, is expected to achieve a prosperous growth in NBV for the whole year.