12月份的寿险和财险保费略微提高

China Insurance DecLife and P&Cpremiums marginally improved The NFRAannounced Dec premiums for life and P&C segments. Total premiumsreached RMB 6.11tnas ofyear-end, up 7.4% YoY on top of a high base, translatingto 5.4% YoY increase in Dec to RMB 357bn, reversingthemonthly downward trendsince Sep 2025.Personal life and P&C premiums scaled up by 9.1%/2.6% YoY toRMB 4.65tn/1.47tn as of end-FY25, implyinga rise of 6.3%/3.8% YoY in Dec 2025,marginally improving by 6.9pct/3.8pct MoM respectively. We see key trends in Decincluding 1)Life premiums sustained solid growth, up by 11.4% YoY to RMB3.56tn,with the rise in Dec returning to a double-digit of 10.1%YoY after declines for threeconsecutive months (Sep/Oct/Nov:-4.6%/-5.1%/-2.3% YoY); 2) P&C maintained ina low-single digit rise yet marginally improved in the last month thanks to non-autocontributions; 3) Health and accidentpremiums eased in Dec, with the health down3.6% YoY (vs. Nov: +3.3% YoY) and the accident staying flat(+0.4% YoY); 4) Lossratio climbed on a monthly basis yet improved 0.5pct YoY compared to a high base; China Insurance Sector Nika MA(852) 3900 0805nikama@cmbi.com.hk Related reports: 1.China Insurance-Easing solvency riskfactors to steer insurance funds into long-term stockholdings, Dec 8, 2025 (link) 2.中国保险-股票投资风险因子拟再优化，险资长钱加速入市可期,May8, 2025(link) Personal life stayed resilient thanks to a double-digit life premium rebound. In2025, personal life insurance premiums amounted to RMB4.65tn, up by 9.1%YoY, translating into a 6.3% YoY increase in Dec to RMB229bnbackto a growthtrajectory(vs.Nov:-0.6% YoY). Life premium was a highlightin Dec,reboundingtoa double-digitriseof 10.1%YoY to RMB168bn afterfallingin three consecutivemonths (i.e.Sep/Oct/Nov:-4.6%/-5.1%/-2.3% YoY), making up 74% of totalpersonal life premiums, up 6.9pct MoM. Thesluggishlife premium in 4Q25 wasdue tothefront-loaded demands released in Aug 2025triggered by the PIR cut,yet we think the return of life premiums to growth inDec may signal that thedampening demand for life insurance products after the PIR cut is being digested. 3.China Insurance:Raised cap forinsurer’sequity asset allocation couldunleash max. RMB 1.7tn to stock market,Apr 9,2025 (link) 4.China Insurance-4Q24 insurancefunds:industry financial rate of returnextended rally in a five-quarter streak, 5. China Insurance-11/12M Monthly: Lifesales diverged during the jumpstart; P&Csoftened by non-auto slowdown, 21 Jan, P&C eased on a low-single digit rise; more to expect on non-auto CoR.P&Cpremiumsgrew 2.6% YoY to RMB1.47tn in 2025, implying a rise of 3.8% YoY inDec to RMB128bn. The rebound in Dec wasalso a highlight, indicatingresiliencein non-auto segment.Auto premiums rose 3.0% YoY to RMB941bn in 2025, upona lift of 2.2% YoY in Decto RMB97.7bn. Non-auto premiumsincreased 5.0% YoYby year-end to RMB816bn, supported by a jump of 9.6% YoY in Dec to RMB44bnthanks toreboundsin agriculture (+1.99x YoY), health and accident (+9.7% YoY),and liability (+7.7% YoY).The doubled agriculture premiumsin Dec could bedueto a low baseeffect and improvedunderwriting pace for policy-oriented products.P&C claims ratio dropped 0.7pct YoY to 67.8% in FY25driven by lower NAT CAT 6. China Insurance-10M24 Monthly: Lifepremiumretreated as expected,P&Cgrew with auto sales momentum, Nov 19, 7. China Insurance-9M24 Monthly: Lifegrowth normalized with highlights; P&Cexpected to see better UW profit, Oct 21, 8. China Insurance-8M24 Monthly: Lifejumpedon top of low base;P&C topplayers rebounded in growth,Sep 23, Health slowed in Decyet enjoyheadroomfor growthonsupportive policies.Health premiums grew2.0%YoY toRMB997.3bn by2025,withtheDec premium falling 3.6% YoY to RMB53.4bn (vs.Nov:+3.3% YoY). Despitethe monthly ease,we remain positive on growth in the market size of commercial health insurancesupported by favourable policies.On Jan 22, the Insurance Association of Chinaheld asymposium on high-quality development of health insuranceto promotefor thedevelopment of commercial health insuranceand deepening exchangesand cooperationbetweencommercial insurance and medical and pharmaceuticalfields.It is said that overthe past 10 years, theaverageCAGR of commercialhealth insurance hasexceeded20%;and by2025,thetotal compensationspaidby commercial health insurance for innovative drugs and medical deviceshave 9. China Insurance-7M24 Monthly: Lifemomentum kept strong; P&C edged up byauto & non-auto rebounds, Aug 20, 2024(link) 10. China Insurance-Insurance funds:Life/P&C diverged in allocation; financial 11. China Insurance-6M24 monthly: Lifeprints better-than-expected on high base;P&C dragged by auto sales, Jul 23, 2024 MaintainsectorOUTPERFORM and BUY on industry leaders.Thesector istrading at0.2-0.7x FY26E P/EV and 0.6-1.4xFY26E P/B,with a yield ranging at2%-6%.MaintainsectorOUTPERFORM, and reiterate BUY on Ping An (2318HK, BUY),PICC P&C (2328 HK, BUY)andAIA (1299 HK, BUY).Downsiderisks:1) extensive regulatory tightening on life insuranc