Premium growth of six major A

As of October 17,Domestic foreign exchange platforms 2024, announcements regarding the premium income for the first three quarters from the six major A-share listed insurance companies showed an overall recovery in premium growth. This reflects a positive performance in the insurance industry driven by a rebound in life insurance. According to statistical data from these announcements, in the first three quarters of 2024, the six major insurance companies achieved total premium income of 2,411.789 billion yuan, an increase of 5.53% compared to the same period in 2023, significantly better than the 2.76% growth rate in the first half of the year. This growth was mainly due to the recovery in the life insurance market, with the life insurance growth rate being particularly notable.

In the life insurance sector, a pattern of "five rises and one fall" was observed among the six major insurance companies during the first three quarters of 2024, with China Ping An and China Life leading in premium income. Due to a peak in life insurance subscriptions in the third quarter, PICC Life Insurance, New China Life Insurance, Ping An Life, and China Pacific Life Insurance all achieved double-digit premium growth rates in the third quarter. Notably, PICC Life Insurance's premium income increased by 40.90% year-over-year in the third quarter, making it the fastest-growing company.

This growth is also closely related to macroeconomic factors. In August 2023, the National Financial Regulatory Administration lowered the upper limit of the assumed interest rate for life insurance products, leading to a surge in market subscriptions. Due to changes in the interest rate environment, consumers opted to lock in higher assumed returns before the rate cut, driving the significant increase in third-quarter premium income. In addition, macroeconomic uncertainty and low interest rates inspired more consumers to view life insurance as a key means of wealth protection and retirement planning, further driving the recovery of the life insurance industry.

In terms of property insurance, PICC Property Insurance, Ping An Property & Casualty, and China Pacific Property Insurance also achieved growth in premium income during the first three quarters, with a total original premium income of 827.52 billion yuan, up 5.56% year-over-year. However, unlike the strong recovery in life insurance, growth in the property insurance business was uneven, especially with a slowdown in auto insurance growth, highlighting fierce competition and a saturated auto insurance market. Against this backdrop, PICC Property Insurance actively expanded its non-auto insurance business, achieving rapid growth particularly in liability and health insurance, further promoting the company's diversified development.

As uncertainty in the global economic environment increases and changes in monetary policies occur across countries, the insurance industry will continue to face new challenges and opportunities. Adjustments to the pricing mechanisms of life insurance products in a low-interest-rate environment may become crucial factors influencing future premium growth and market performance. In the future business strategies of China's insurance industry, how to balance market competition, interest rate fluctuations, and product innovation will determine whether the industry can maintain stable growth in an unpredictable macroeconomic environment.

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