德银-中国-保险业-12月保费：寿险表现复杂，财产与灾害险表现稳定-20180122-24页

22January2018InsuranceChinaInsuranceSectorBanking/FinanceInsuranceIndustryUpdateAsiaChinaHongKongIndustryChinaInsuranceSectorDate22January2018DeutscheBankMarketsResearchDecemberpremiums–mixedlife,steadyP&CLifepremiumgrowthamixedbag,stableP&CDecemberlifepremiumgrowthwasmixed,rangingfrom-28.0%to23.6%(vs.-18.6%to25.5%inNov).PingAnandChinaLifecontinuedtobetheonlytwoinsurersrecordingdouble-digitgrowth,at23.6%and23.5%yoy,respectively.PingAnmaintaineddecentDecFYP(ex-grp)growthat20.8%,withstrong2017full-yeargrowthof37.4%.ChinaLifehadplannedtostart2018jump-startsalespreparationlaterthanitspeers,andthusmaintainedasteadygrowthmomentuminDec.GiventherisingcompetitionfrombankWMPs,2018jump-startsaleswillbechallengingforlifeinsurers,andinsurerswithstrongprotectionfocuswilllikelybemoreresilient.P&Cpremiumgrowthwaslargelystable,rangingfrom