CMSC: Cumulative premium growth for life insurance turns positive; single-month premium growth for property insurance slows

CMSC released a research report stating that the National Financial Regulatory Administration published insurance industry operating data for January-September 2026. Cumulative premium growth for life insurance companies turned slightly positive, with single-month year-on-year growth in September rebounding significantly; single-month premium growth for property insurance companies was slightly negative, with both auto insurance and non-auto insurance declining month-on-month. The industry rating remains "recommended." It is expected that in the fourth quarter the insurance industry will focus mainly on preparing for the 2027 "good start" sales campaign, while some companies may place equal emphasis on closing out the year. Listed insurers will continue to focus their product strategies on participating insurance. Against the backdrop of low interest rates and heightened capital market volatility, the yields and cross-cycle investment advantages of floating-income products remain prominent. CMSC's main views are as follows: Life insurance companies: Cumulative premium growth turned positive; single-month life insurance growth rebounded sharply month-on-month For January-September, cumulative premium income of life insurance companies was RMB3.8631 trillion, up 0.5% year-on-year (previous value: -0.2%). On a single-month basis, premium income of life insurance companies in September was RMB291.2 billion, up 10.5% year-on-year (previous value: -13.6%); of this, life insurance premium income was RMB224.8 billion, up 14.6% year-on-year (previous value: -15.1%), with the sharp increase mainly due to the low base effect after the end of last year's assumed interest rate adjustment window; health insurance premium income was RMB63.1 billion, down 1.0% year-on-year, and accident insurance premium income was RMB3.3 billion, down 9.1% year-on-year. Property insurance companies: Single-month premiums slightly negative; growth in both auto and non-auto insurance slowed For January-September, cumulative premium income of property insurance companies was RMB1.3982 trillion, up 2.0% year-on-year (previous value: +2.2%), maintaining low single-digit growth. On a single-month basis, premium income of property insurance companies in September was RMB150.9 billion, up 0.1% year-on-year (previous value: +1.8%); of this, auto insurance premium income was RMB82.8 billion, down 0.2% year-on-year (previous value: 0.1%), mainly affected by the continued sluggishness of the auto market. In September, China's automobile production and sales fell 8.7% and 8.4% year-on-year, respectively, with the declines widening again from August (-4.7%/-5.1%). In September, non-auto insurance premium income was RMB68.1 billion, up 0.1% year-on-year (previous value: +4.6%), with growth slowing markedly; of this, liability insurance, health insurance, and agricultural insurance rose 7.3%, 3.2%, and 2.6% year-on-year, respectively, all achieving positive growth, while other non-auto insurance businesses, mainly enterprise property insurance and guarantee insurance, continued to contract year-on-year. Industry overall: Premium growth recovered somewhat; asset scale grew steadily For January-September, cumulative premium income of the insurance industry was RMB5.2613 trillion, up 0.9% year-on-year (previous value: +0.4%), with growth recovering somewhat; single-month premium income in September was RMB442.1 billion, up 6.6% year-on-year (previous value: -10.3%), the first positive turn after four consecutive months of negative growth. As of the end of September, total assets of the insurance industry were RMB44.6123 trillion, up 8.0% from the beginning of the year; net assets were RMB4.075 trillion, up 11.2% from the beginning of the year. Risk warnings: Economic growth falling short of expectations; tightening regulation; declining product attractiveness; capital market volatility; declining interest rates; increasing frequency of major disasters.