CMSC has released a research report noting that the National Financial Regulatory Administration published insurance industry operating data for January to September 2026, showing that life insurance companies' cumulative premium growth turned slightly positive, with a significant year-on-year rebound in September alone; property insurance companies recorded a slight monthly premium decline, with both auto and non-auto insurance slowing on a month-over-month basis. The industry rating remains recommended. The fourth quarter is expected to be dominated by preparations for the 2027 opening campaign, with some companies possibly placing equal emphasis on year-end closing. Listed insurers' product strategies continue to focus on participating insurance products, and against the backdrop of low interest rates and intensified capital market volatility, floating-income products' yield and cross-cycle investment advantages remain prominent. CMSC's main views are as follows:
Life insurance companies: Cumulative premium growth turns positive, monthly life insurance growth rebounds sharply month-over-month
For January to September, life insurance companies' cumulative premium income reached 3,863.1 billion yuan, up 0.5% year-on-year (previous value: -0.2%). On a monthly basis, life insurance companies' premium income in September was 291.2 billion yuan, up 10.5% year-on-year (previous value: -13.6%). Within that, life insurance premium income was 224.8 billion yuan, up 14.6% year-on-year (previous value: -15.1%), with the sharp increase mainly due to the low base effect following the end of last year's predetermined interest rate adjustment window. Health insurance premium income was 63.1 billion yuan, down 1.0% year-on-year, while accident insurance premium income was 3.3 billion yuan, down 9.1% year-on-year.
Property insurance companies: Monthly premiums slightly negative, both auto and non-auto insurance growth rates declined
For January to September, property insurance companies' cumulative premium income was 1,398.2 billion yuan, up 2.0% year-on-year (previous value: +2.2%), maintaining low single-digit growth. On a monthly basis, property insurance companies' premium income in September was 150.9 billion yuan, up 0.1% year-on-year (previous value: +1.8%). Within that, auto insurance premium income was 82.8 billion yuan, down 0.2% year-on-year (previous value: +0.1%), mainly affected by the continued downturn in the auto market. In September, China's auto production and sales fell 8.7% and 8.4% year-on-year respectively, with the decline widening further from August (-4.7%/-5.1%). Non-auto insurance premium income in September was 68.1 billion yuan, up 0.1% year-on-year (previous value: +4.6%), with growth slowing markedly. Among these, liability insurance, health insurance, and agricultural insurance achieved positive monthly growth of 7.3%, 3.2%, and 2.6% year-on-year respectively, 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 to September, the insurance industry's cumulative premium income was 5,261.3 billion yuan, up 0.9% year-on-year (previous value: +0.4%), with growth recovering. Monthly premium income in September was 442.1 billion yuan, up 6.6% year-on-year (previous value: -10.3%), the first positive reading after four consecutive months of decline. As of the end of September, the insurance industry's total assets stood at 44,612.3 billion yuan, up 8.0% from the beginning of the year; net assets were 4,075.0 billion yuan, 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; increased frequency of major disasters.
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