Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings

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1 Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Report Prospectus March 2013 Finaccord, 2013 Web: 1

2 Prospectus contents Page What is the research? What methodology has been used? How do banking institutions surveyed break down? What is the report structure? What are the key features of the research? How can the research be used? How can the PartnerBASE be used? Who can use the research? What are some of the key findings? What are the costs and formats? Country-specific reports about bancassurance How can the research be purchased? Finaccord, 2013 Web: 2

3 What is the research? Finaccord s report titled Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings offers uniquely detailed insights into the distribution by banks and other lending institutions of these types of product across eight countries: China, Hong Kong, India, Indonesia, Japan, South Korea, Thailand and Vietnam. Drawing on a survey of over 470 banking entities, the study finds that 45.8% offer at least one form of investment-related life insurance or retirement savings product, giving a total of over 420 initiatives. Hence, given that the aggregate market for investment-related life insurance and retirement savings across the eight countries was worth around USD billion in premiums in 2012, it is clear that banking institutions can intermediate a significant volume of business in these sectors, especially as they are an important distribution channel in many countries. In addition to identifying schemes for the distribution of investment-related life insurance and retirement savings through the bancassurance channel, the research also classifies and analyses these according to the operating model used, distinguishing, for example, between captive, joint venture and external product providers. It also calculates the weighted share of partnerships of the providers involved, thereby specifying not only which competitors hold which partnerships but also illustrating which competitors hold the most significant distribution deals. Finaccord, 2013 Web: 3

4 What methodology has been used? The majority of Finaccord s survey of the provision of investment-related life insurance and retirement savings by banks and other lending institutions in the Asia-Pacific region was carried out on a rolling basis between July 2012 and February 2013, and focused on all significant banking entities in each country. The research embraced the following information: whether investment-related life insurance and retirement savings products are available to customers; if so, how through an external provider, multiple external providers, an external broker, a captive broker, a joint venture provider, a captive provider or a combination of these approaches? if so, who are the product providers? Combined with Finaccord s unique and proprietary quantification of the size and growth of the market for investment-related life insurance and retirement savings in each of the eight countries, with accompanying commentaries concerning the constituent product segments, this is the most thorough and comprehensive research into this subject ever published. Finaccord, 2013 Web: 4

5 How do banking institutions surveyed break down? South Korea, 46 Thailand, 42 Hong Kong, 35 China, 100 Specialised lender, 114 Co - operative bank, 8 Savings bank, 9 Credit union, 1 Vietnam, 51 Japan, 73 Bank, 346 Indonesia, 63 India, 68 Finaccord s universe of banking institutions covers 478 entities in total spread across eight countries in the Asia-Pacific region, including mainstream retail banks, specialised lenders, savings banks, cooperative banks and a credit union. For a full list of the organisations contacted for the research and included in PartnerBASE, please contact Finaccord. Finaccord, 2013 Web: 5

6 What is the report structure? Executive Summary: providing a concise evaluation of the principal findings of the report. Introduction: offering rationale, description of methodology and definitions. Regional Overview: this includes quantification of the size and growth of investment-related life insurance and retirement savings across the eight countries, an analysis of the rates of provision of these products by banking entities, an investigation into the operating models used, and a unique and valuable snapshot of the weighted share of partnerships for these products across the region as a whole. This latter analysis indicates which providers of investment-related life insurance and retirement savings have established the distribution partnerships with the greatest sales potential. Specific country chapters (eight): an in-depth investigation into the distribution of investment-related life insurance and retirement savings by banking entities in each country including an introduction to the banking sector, national market size and growth data for these product categories, commentary concerning the overall importance of bancassurance as a distribution channel, analyses of operating models used by banks and other lending institutions that are active in these fields, computation of the weighted share of bancassurance partnerships among product providers in these countries, and data illustrating the size and growth of key bancassurance competitors. Finaccord, 2013 Web: 6

7 What are the key features of the research? Key features of this report include: analysis of a combined total of 426 partnerships for the distribution of investment-related life insurance and retirement savings through banking entities across eight Asia-Pacific countries; identification of the providers used by the 219 banks and other lending institutions that are active in either or both of these areas; a unique computation of the importance of bancassurance partnerships for every country and for the Asia-Pacific region as a whole: each partnership is weighted by the number of retail customers that each bank has, to illustrate which competitors hold the most significant relationships; discussion of the importance of bancassurance as a channel in each country, with data for the market shares of leading captives, joint ventures and other key bancassurance underwriters; quantification of the size, segmentation and growth of gross written premiums for investmentrelated life insurance and retirement savings in each country across a five-year time frame. Finaccord, 2013 Web: 7

8 How can the research be used? You may be able to use this report plus the PartnerBASE dataset and market data annexe that accompany it in one or more of the following ways: gain access to a source of information that provides a comprehensive overview of the provision of investment-related life insurance and retirement savings by a majority of significant banking entities in these eight countries in the Asia-Pacific region; identify partnership opportunities for investment-related life insurance and retirement savings that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative; understand which product providers have been successful in establishing distribution relationships with the most important banking entities; assess the background to the most significant bancassurance deals, including those that involve major international competitors such as AEGON, Ageas, AIA, Allianz, Aviva, AXA, BNP Paribas, Cigna, Crédit Agricole, Dai-ichi Life, HSBC, ING, Manulife, MassMutual, MetLife, MS&AD, Prudential, Standard Life, Sun Life Financial and Zurich. Finaccord, 2013 Web: 8

9 How can the PartnerBASE be used? Select country Choose product type Identify insurance providers Name of organisation Country Estimated number of retail customers (000s) Product type Product offered? Operating model Partner(s) First Choice Thailand 1,425.0 Investment-related life insurance No First Choice Thailand 1,425.0 Retirement savings No Fubon Bank Hong Kong Investment-related life insurance Yes External underwriter MetLife Fubon Bank Hong Kong Retirement savings Yes External underwriter China Life Fudian Bank China Investment-related life insurance Yes External underwriter Taikang Fudian Bank China Retirement savings Yes External underwriter Taikang Look up specific organisations See the estimated number of retail customers for each organisation Choose operating model Note - The PartnerBASE also includes fields showing the category of organisation, its UHC (ultimate holding company, where part of a major group) and the UHCs that own (or co-own, in the case of joint ventures) the partners used for each product type. Source: Finaccord Asia-Pacific Bancassurance PartnerBASE Finaccord, 2013 Web: 9

10 Who can use the research? 1. Insurance providers and investment managers: this study is a uniquely comprehensive guide to a major segment within the bancassurance market of eight Asia-Pacific countries that can be used to identity partnership opportunities and to monitor competitor activity; 2. Banks and other lending institutions: the research will help banking entities to understand how their bancassurance strategy compares to that of other comparable institutions both in their domestic market and across other key Asia-Pacific countries; 3. Management consultancies: are you helping an insurance company, investment manager or bank with its bancassurance strategy in the specific field of investment-related life insurance or retirement savings? Understand the current status of bank distribution of these two product categories in the Asia-Pacific region, saving time and effort on researching the subject yourself; 4. Investment banks and private equity companies: with some banking and insurance institutions under financial pressure, this research may be useful to understanding where there is scope for them to divest captive or joint venture providers in order to raise capital. Finaccord, 2013 Web:

11 What are some of the key findings? 1. The distribution share of banks for these products in 2012 was highest in South Korea and Hong Kong but least developed in Japan and Vietnam China 38%-42% Hong Kong India Indonesia Japan South Korea Thailand Vietnam 3%-7% 3%-7% 13%-17% 53%-57% 48%-52% 58%-62% 40%-44% Minimum % % range 0% 20% 40% 60% 80% 100% Source: Finaccord analysis Share of the bancassurance distribution channel for investmentrelated life insurance and retirement savings combined, 2012 Finaccord, 2013 Web:

12 What are some of the key findings? (cont.) 2. For investment-related life insurance, a significant proportion of Chinese banks selling these policies do so in conjunction with multiple external providers INVESTMENT-RELATED LIFE INSURANCE IN CHINA: BANK PROVISION RATE AND OPERATING MODELS INVESTMENT-RELATED LIFE INSURANCE IN CHINA : WEIGHTED PROVIDER SHARES OF BANCASSURANCE PARTNERSHIPS % of organisations offering product, and operating models used 100% 80% 60% Other JV underwriter PICC, 3.6% AIA, 3.6% Other, 14.4% China Life, 20.0% 40% 20% 0% Product offered Operating model Captive underwriter Multiple external underwriters External underwriter New China Life, 5.6% Sino-US United MetLife, 10.6% Allianz China Life, 11.3% Ping An, 15.0% Taikang, 16.0% Source: Finaccord Bancassurance in Asia-Pacific PartnerBASE Finaccord, 2013 Web:

13 What are some of the key findings? (cont.) 3. Often driven by national regulations, the operating models used by banks to sell investment-related life insurance vary enormously from country to country External underwriter Captive underwriter Captive broker Other Multiple external underwriters JV underwriter Undisclosed China Hong Kong India Indonesia Japan South Korea Thailand Vietnam Average 0% 20% 40% 60% 80% 100% Source: Finaccord Bancassurance in Asia-Pacific PartnerBASE Finaccord, 2013 Web:

14 What are some of the key findings? (cont.) 4. Key findings from the executive summary include: the approximate value of the market for investment-related life insurance and retirement savings across the eight countries investigated was USD billion in terms of gross written premiums and equivalent revenues in 2012, within which Japan alone accounted for 53.4% of the total; Indonesia and Thailand were the fastest-growing markets between 2008 and 2012, with real inflation-adjusted compound annual growth rates of 11.5% and 11.4%, respectively; an analysis of the weighted share of ultimate holding companies (i.e. groups) with bancassurance partnerships for investment-related life insurance and retirement savings indicates that MetLife is the leading group by this measure across the eight Asia-Pacific countries under consideration, well ahead of other multi-national competitors; however, the international insurance group with bancassurance relationships for these products across the largest number of countries among those researched is Prudential (of the UK), which was found to have established deals with banks in all eight countries. Finaccord, 2013 Web:

15 What are the costs and formats? Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings is available as a standard PDF document and / or hard copy. The PartnerBASE dataset and market data annexe that accompany it at no further charge are in Excel format. Prices for this title and other multi-country titles in the wider series are as follows: REPORT Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Creditor Insurance in Latin America Creditor Insurance in Northern, Central and Eastern Europe Creditor Insurance in Southern and Western Europe Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance Life Bancassurance in Europe: Protection-Related Life Insurance Life Bancassurance in Latin America: Protection-Related Life Insurance Non-Life Bancassurance in Europe: Accident and Health Insurance Non-Life Bancassurance in Europe: Motor and Household Insurance PRICE * GBP 1,995 GBP 1,795 GBP 2,495 GBP 2,495 GBP 2,995 GBP 1,995 GBP 2,995 GBP 1,795 GBP 2,995 GBP 2,995 * Titles focused on bancassurance in single countries are as shown overleaf. For UK-based clients, VAT at the prevailing rate will be added to the basic price. Costs quoted are for a single site user licence only. For a corporate user licence, please see the next slide for further details. Invoices can be paid in EUR, at the prevailing exchange rate, if preferred. Finaccord, 2013 Web:

16 Country-specific reports about bancassurance Separate reports about bancassurance in different countries are available as listed below. These cover not only investment-related life insurance and retirement savings but also protection-related life insurance, accident and health insurance, motor and household insurance, and creditor insurance linked to mortgages, consumer finance and credit cards. BANCASSURANCE IN... Austria GBP 795 India GBP 995 Romania GBP 795 Belgium GBP 795 Indonesia GBP 995 Russia GBP 795 Brazil GBP 995 Ireland GBP 795 South Korea GBP 995 Chile GBP 995 Italy GBP 795 Spain GBP 795 China GBP 995 Japan GBP 995 Sweden GBP 795 Czech Republic GBP 795 Mexico GBP 995 Switzerland GBP 795 Denmark GBP 795 Netherlands GBP 795 Thailand GBP 995 Finland GBP 795 Norway GBP 795 Turkey GBP 795 France GBP 795 Poland GBP 795 UK GBP 795 Germany GBP 795 Portugal GBP 795 Vietnam GBP 995 Hong Kong GBP 995 * For UK-based clients, VAT at the prevailing rate will be added to the basic price. Costs quoted are for a single site user licence only. For a corporate user licence, please see the final slide for further details. Invoices can be paid in EUR or USD, at the prevailing exchange rate, if preferred. For acquisition of multiple reports, please contact Finaccord - discounts may be available. Finaccord, 2013 Web:

17 How can the research be purchased? Simple. Just go to the relevant area of the Finaccord web site available at and fill in the online order form, clearly indicating: report required type of corporate user licence, if required * billing name address and address purchase order number, if applicable Please allow up to one working day for the delivery of electronic copy by . * For the corporate user licence please choose one of the following options: 1. One office, one country: no supplement over and above basic cost of reports ordered 2. Multiple offices, one country: additional 20% over and above basic cost of reports ordered 3. Multiple offices, two to ten countries: additional 50% over and above basic cost of reports ordered 4. Global (unlimited offices in unlimited countries): additional 100% over and above basic cost of reports ordered VAT at the prevailing rate will be added to the price of any corporate user licence acquired by UK-based buyers. Finaccord, 2013 Web:

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