Funds held in Life and Pension products in 2012

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1 DATA BULLETIN November 2013 Funds held in Life and Pension products in 2012 At the end of 2012, the total money invested in life and pension funds was 2,735bn, an increase of 7% from 2,560bn in Money invested in insurer-administered occupational pension funds was 520bn compared with 490bn in the previous year. This is an increase of 6%. Money invested in insurer-administered individual pensions increased from 510bn in 2011 to 550bn in 2012, an 8% increase. Money invested in self-administered pensions not administered by insurers was 1,335bn in 2012, a 9% increase from 1,230bn in 2011 Funds held in insurer-administered life remained unchanged at 150bn. Introduction This bulletin provides estimates for the amounts of money held in insurance companyadministered life funds, occupational and individual pension funds, and self-administered pensions not administered by insurers. The statistical information included in this report is ascertained from data provided by insurance companies to the Financial Conduct Authority (FCA) and the Office for National Statistics (ONS). The ABI ensures that the statistics used in this report are consistent year-on-year; however, there may be some differences due to changes in these data sources. All figures and growth rates used in this bulletin are in real prices. The total amounts of money held in insurer-administered pension funds, alongside money invested in life funds and pensions that are not administered by the insurance industry are illustrated in Table 1 below. In 2012, the total amount held in all life and pension funds increased from 2,560bn in 2011, an increase of 7% to 2,735bn. Table 1 Funds held in life and pension schemes in real terms, bn, bn Insurer-administered occupational pensions Insurer-administered individual pensions Insurer-administered life Insurer-administered other business Total Insurer-administered life and pensions funds 1,290 1,325 1,345 1,115 1,190 1,210 1,330 1,400 Self-administered pensions not administered by insurers 970 1,035 1, ,030 1,025 1,230 1,335 TOTAL 2,260 2,360 2,370 1,955 2,220 2,235 2,560 2,735 Notes ABI Calculations, ONS, Standard & Poor s (FCA Returns) Data for all years from 1990 to 2012 is available in Appendix 1. The total of all insurer-administered funds in the above table will not equal the table for total invested assets published separately by the ABI because the former includes funds held in all FSA authorised life and pension funds and excludes overseas business. 1

2 Funds invested in pensions In 2012, total amount of money invested in all pension funds was 2,405bn, an 8% increase from 2,230bn in This accounts for 88% of the total funds in 2012, compared to 75% of the total in Self-administered pensions accounted for 49% of total funds in 2012, compared to 53% in In contrast, funds held in insureradministered pensions have risen from 21% to 39% of the total funds held over the same period. Figure 1 shows that funds held in insurer-administered occupational pension schemes increased to their highest recorded level in 2012, while money held in insureradministered individual pensions schemes also grew for the second consecutive year. Figure 1 Funds held in pension schemes in real terms, bn, ABI Calculations, ONS, Standard & Poor s Insurer-administered pension funds Funds held in insurer-administered occupational pension schemes rose by 6% from 490bn in 2011 to 520bn in Funds invested within this category relate to trustbased pension schemes such as insurer-administered Defined Benefit schemes, Executive Pension Plans and some Defined Contribution schemes. The total money invested in insurer-administered individual pension schemes increased by 8% to 550bn compared with 2011, a second consecutive year of increase. This will include money held in contract-based pension schemes such as Personal Pensions, Group Personal Pensions and Stakeholder Pensions. Figure 2 demonstrates that the total investment in insurance company-administered pension schemes as a percentage of total pension funds was five percentage points higher than the long-run average in 2012, at 44%. This compares to just 28% in

3 Figure 2 Money held in insurer-administered pensions as a percentage of total money held in all pension funds, ABI Calculations, ONS, Standard & Poor s Figure 3 illustrates that the proportion of investments held in insurer-administered pension-linked funds increased to 72% in 2012 compared to 64% in The share of With-profit investment products shows a declining trend, falling from 21% in 2005 to 12% in 2012, while the proportion held in non-profit investment products has remained stable over the last two years. Figure 3 Investment breakdown for insurer-administered pension funds, ABI Calculations, Standard & Poor s 3

4 A large proportion of insurer-administered pension funds are invested in linked-based products, although all investments have a tendency to follow the movement in equity markets. The equity market turbulence experienced in 2008/09 had an effect on the total funds held in insurer-administered pensions. However, figure 4 shows that while the FTSE All Share Index continued to rise in 2012, this was matched by the rise in insurer-administered pension funds. Figure 4 Funds invested in insurer-administered pension schemes compared to the FTSE All Share Index, ABI Calculations, ONS, Standard & Poor s, FTSE Group 4

5 Rankings of largest UK insurer-administered pension providers Table 2 shows the top 10 insurance companies in 2012, Legal & General managed 24% of all insurer-administered pension funds. The next largest companies were Lloyds Banking Group, Black Rock, Standard Life and Aviva, and collectively these top five companies accounted for 57% of all insurer-administered pensions funds in the year. Table 2 Top 10 UK insurance companies by funds held in insurer-administered pension schemes, bn, 2012 Group Funds held in insurer-administered pensions, m 1 Legal & General 260,560 2 Lloyds Banking Group 106,462 3 Black Rock 82,821 4 Standard Life plc 81,561 5 Aviva plc 77,255 6 Prudential 67,562 7 Friends Life 63,636 8 AEGON NV 51,561 9 Phoenix Group 31, State St Corp 29,398 Total 852,532 Notes ABI Calculations, Standard & Poor s Aegon includes Scottish Equitable Lloyds Banking Group includes Clerical Medical, Halifax Life, St Andrews and St James Place Capital, Lloyds TSB Life and Scottish Widows 5

6 Insurer-administered life funds In 2012, the total amount invested in life and other funds remained unchanged, at 330bn over As Figure 5 shows, the insurer-administered other business 1 fell significantly in 2009, but recovered in 2010 and has shown stable growth over the last two years. Funds held in insurer-administered life business fell by 37% to 150bn, the lowest level since Figure 5 Funds held in life and other business in real terms, bn, ABI Calculations, ONS, Standard & Poor s Author: Farida Mumin, Statistical Analyst, ABI Any queries about this report should be directed to the author at telephone +44 (0) Alternatively, queries about this report or other information available from the ABI can be directed to the Research Helpdesk at telephone +44 (0) Insurance company-administered other business includes any insurer-administered funds that are not categorised as life and pension business. This includes life insurance companies reserves but excludes overseas business. 6

7 Appendix 1 Total funds held in life and pension schemes in real term, bn, Insurer-administered occupational pensions Insurer-administered individual pensions bn Insurer-administered life Insurer-administered other business Self-administered pensions not administered by insurers ,035 1, ,030 1,025 1,230 1,335 TOTAL ,030 1,275 1,185 1,345 1,415 1,655 1,810 2,085 2,060 1,895 1,650 1,800 1,935 2,260 2,360 2,370 1,955 2,220 2,235 2,560 2,735 Insurer-administered pensions as a percentage of all pensions 25% 27% 28% 29% 31% 32% 33% 33% 37% 38% 42% 44% 46% 47% 47% 47% 46% 45% 48% 47% 48% 45% 44% Notes ABI Calculations, ONS, Standard & Poor s All values have been deflated using a Gross Domestic Product deflator to convert them into real terms and are shown in 2012 prices. The total of all insurer-administered funds in the above table will not equal the total invested assets published separately by the ABI; because the above table includes funds held in all FCA authorised life and pension funds and excludes overseas business. 7

8 Appendix 2 Glossary of terms Insurer-administered individual pensions are contract-based pension schemes such as Personal Pensions, Group Personal Pensions, Stakeholder Pensions and Pension Annuities. These policies can be arranged by an individual or through an employer, but in all cases the insurer and policyholder have a direct contractual relationship. Insureradministered SIPPs will be included in this category. Insurer-administered life includes any life insurance policy which pays out a predetermined sum insured in the event of the policyholder s death. This includes general annuity contracts, term insurance, whole life and endowment policies which also pay out when the policy matures. Insurer-administered occupational pensions are trust-based pension schemes arranged with an insurance company by an employer. These will include insurer-administered Defined Benefit schemes, Executive Pension Plans and some Defined Contribution schemes. Insurance company-administered other business includes any insurer-administered funds that are not categorised as life or pension business. This includes life insurance companies reserves but excludes overseas business. Linked funds are investments where the value of the benefit is not fixed but ascertainable to a formula or by reference to the value of units in a fund. This includes money held in property and unit-linked funds. Non-profit funds include any policies where investment return is not linked to the performance of units or a company s investments. They are typically policies where investment return is paid in accordance with a guaranteed rate of interest. Self-administered pensions not administered by insurers include any fund invested in a pension not administered by the insurance industry. This includes Defined Benefit schemes and SIPPs not administered by insurers. With-profit funds are policies that receive their investment income as a bonus paid out of the total income earned by the insurance company on pooled funds. These funds are designed to provide savers with access to stock market investment at lower risk with returns smoothed to reduce the volatility of investments. This includes money held in conventional and unitised with-profit funds. 8

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