20230615-国联证券-非银金融_寿险新单延续高增_财险增速表现分化_3页_481kb

Main findings from the report:

• Event: Listed insurers disclosed 2023 May premium data, showing strong growth across the board.

• Life insurance premiums surged, with new single premiums growing significantly due to high consumer demand and policy effects, potentially exceeding Q2 expectations.

• Property insurance growth varied by company, primarily because of differing non-life strategies, influenced by factors like economic conditions and business focus.

Recommendations include supporting the insurance sector, with particular interest in China Ping An for potential Q2 outperformance and stable performers like China Life and China PRC, amid a supportive policy environment.

Note that actual investments should consider risks, such as unmet policy expectations, slower economic recovery, and possible management changes.