Global Bancassurance: Strategies of the World's Top 125 Retail Banking Groups

Transcription

1 Global Bancassurance: Strategies of the World's Top 125 Retail Banking Groups Report Prospectus July 2013 Finaccord Ltd., 2013 Web: 1

2 Prospectus contents Page What is the research? Which banking groups are covered? Which insurance products are covered? How do country-specific retail banking units covered break down by region and group? What is the report structure? Output example: banking group involvement in bancassurance Output example: unweighted and weighted provider share of partnerships What are the key features of the research? How can the research be used? How can the Partner BASE be used? Who can use the research? What are some of the key findings? What is the cost and format? Country-specific reports about bancassurance How can the research be purchased? Finaccord Ltd., 2013 Web: info@finaccord.com 2

3 What is the research? Global Bancassurance: Strategies of the World's Top 125 Retail Banking Groups is a report and PartnerBASE dataset that provides a detailed overview of the bancassurance strategies of the leading 125 consumer banking groups worldwide. In total, the research investigates 748 countryspecific retail banking units since most of these groups are active in retail banking in multiple territories; for example, the study analyses the bancassurance operations of Citigroup in a total of 31 countries. For each country-specific unit, it ascertains which of 18 different insurance types are offered, the operating model used where they are available (differentiating, for example, between external, joint venture and captive underwriting partners) and the identity of the insurance providers in each case. This dataset is then used to analyse the bancassurance strategies of each of the 125 retail banking groups. For example: it highlights which groups maintain alliances with insurance providers that can be considered strategic and which work more loosely with a range of providers; it shows whether internationally diversified groups utilise the same insurance partners across multiple countries or whether they formulate their approach at a country-specific level; and it demonstrates which groups are reliant wholly or mainly on captive or joint venture underwriters. Finaccord Ltd., 2013 Web: info@finaccord.com 3

4 Which banking groups are covered? ABN AMRO AEON Financial Services Agricultural Bank of China AIB Group American Express ANZ Banco do Brasil Banco Espírito Santo Banco Financiero y de Ahorros Banco Popolare Banco Popular Banco Sabadell Bank of America Bank of Beijing Bank of China Bank of Communications Bank of Ireland Bank of Shanghai Bank of Yokohama Barclays Bayerische Landesbank BB&T BBVA Belfius BMO Financial Group BNP Paribas Bradesco Caixa Econômica Federal Caixa Geral de Depósitos Capital One CatalunyaCaixa Chiba Bank China CITIC Bank China Construction Bank China Everbright Bank China Guangfa Bank China Merchants Bank China Minsheng Bank CIBC Citigroup Commerzbank Commonwealth Bank Group Crédit Agricole Crédit Mutuel Credit Suisse Group Danske Bank DBS Desjardins Group Deutsche Bank DNB Group Erste Group Fifth Third Bancorp Fukuoka Financial Group GE Capital Groupe BPCE Hana Financial Group Handelsbanken Hokuhoku Financial Group HSBC Hua Xia Bank ICBC Industrial Bank Industrial Bank of Korea ING Group Intesa Sanpaolo Itaú Unibanco Holding Joyo Bank KB Financial Group KBC Group La Caixa Landesbank Baden-Württemberg Landesbank Berlin Lloyds Banking Group Macquarie Group Maybank Millennium BCP Mitsubishi UFJ Financial Group Mizuho Financial Group Monte dei Paschi de Siena National Australia Bank Group National Bank of Canada National Bank of Greece Nationwide Building Society NongHyup Bank Nordea Group Nykredit OCBC OP-Pohjola Group PNC Financial Services Group Rabobank Raiffeisen Bankengruppe Raiffeisen Switzerland RBC RBS Group Regions Financial Corporation Resona Holdings Santander Sberbank Scotiabank SEB Group Shanghai Pudong Dev. Bank Shinhan Financial Group Shizuoka Bank Group Shoko Chukin Bank SNS REAAL Société Générale Standard Bank Group Standard Chartered State Bank of India Sumitomo Mitsui Financial Group SunTrust Banks Swedbank Taiwan Financial Holdings TD Bank Group Turkey İş Bankası U.S. Bancorp UBI Banca UBS UniCredit UOB Group VTB Group Wells Fargo Westpac Group Woori Financial Group Zürcher Kantonalbank Finaccord Ltd., 2013 Web: info@finaccord.com 4

5 Which insurance products are covered? For each of the 748 country-specific banking units across the 125 groups, the study provides information about provision rates, operating models and provider partnerships for the following 18 insurance types. Accident and health Investment / retirement Creditor Commercial non-life Accident Investment-related life Creditor - consumer finance Professional indemnity Health / hospital cash Retirement savings Creditor - credit cards Trade credit Medical expenses Creditor - mortgages Other commercial non-life Protection-related life Motor and household Other personal non-life Critical illness Household Income protection Card protection Personal motor Risk life Travel Finaccord Ltd., 2013 Web: info@finaccord.com 5

6 How do country-specific retail banking units covered break down by region and group? Latin America, 59 Asia - Pacific, 182 Australasia, North 20 America, 51 Africa and Middle East, 15 Europe, 421 Others, 487 Citigroup, 36 Santander, 32 HSBC, 31 BNP Paribas, 28 American Express, 27 Crédit Agricole, 23 Raiffeisen Bankengruppe, 23 Société Générale, 23 GE Capital, 19 UniCredit, 19 Source: Finaccord PartnerBASE for the World's Top 125 Retail Banking Groups Finaccord Ltd., 2013 Web: info@finaccord.com 6

7 What is the report structure? 0. Executive Summary: providing a concise evaluation of the principal findings of the report. 1. Introduction: offering rationale, description of methodology and some definitions. 2. Group Strategy Overview: this chapter uses data gathered across the 125 banking groups researched for this report in order to give a combined analysis of their bancassurance strategy in the following key areas: captive and joint venture underwriters; divestments (for regulatory or strategic motives); strategic partnerships with insurance groups; insurance products offered. 3. Group Strategy Analysis: for each of the 125 banking groups in turn, this chapter provides a written overview of their retail operations and a summary of their bancassurance strategy, followed by a table illustrating their involvement in bancassurance (see slide 9 for an example) and a pair of pie charts depicting unweighted and weighted provider share of partnerships for insurance products (see slide 10 for an example). Finaccord Ltd., 2013 Web: info@finaccord.com 7

8 Output example: banking group involvement in bancassurance Across 19 retail banking units in 16 countries serving around 40 million customers, UniCredit generated premiums of USD 4.79 billion from its captive and joint venture underwriters in 2012 Group overview Unweighted product provision rates Total assets (USD billion) 1,191.5 (December 2012) Accident and health Creditor Customers worldwide (million) 40.0 (December 2012) Tier 1 capital ratio 11.4% (December 2012) Accident 21.1% Creditor - consumer finance 82.4% Countries researched 16 Health / hospital cash 0.0% Creditor - credit cards 50.0% Banking operations researched 19 Medical expenses 10.5% Creditor - mortgages 100.0% Captive underwriter(s) Yes JV underwriter(s) Yes Motor and household Other personal non-life Premiums (captive / JV) (USD billion) 4.79 (2012) Household 57.9% Card protection 26.3% Personal motor 36.8% Travel 15.8% Investment / retirement Commercial non-life Source: Finaccord PartnerBASE for the World's Top 125 Retail Banking Groups Investment-related life 47.4% Professional indemnity 5.3% Retirement savings 36.8% Trade credit 5.3% Other commercial non-life 42.1% Protection-related life Critical illness 0.0% Income protection 5.3% Risk life 36.8% Finaccord Ltd., 2013 Web: info@finaccord.com 8

9 Output example: unweighted and weighted provider share of partnerships Across 13 countries in which it is active, Standard Chartered works with a large number of insurance providers of which MSIG and Prudential can be considered strategic partners Prudential, 21.8% Hyundai Group, 14.6% other, 30.6% other, 27.9% Prudential, 13.8% Bajaj, 3.4% MetLife, 4.1% Cigna, 4.1% Sundaram Finance, 4.1% RSA, 4.1% Allianz, 11.6% MSIG, 16.3% ACE, 6.2% Allianz, 6.7% Sundaram Finance, 6.9% RSA, 6.9% MSIG, 9.9% Shinhan Financial Group, 7.1% Unweighted provider share of partnerships, % Weighted provider share of partnerships, % Source: Finaccord PartnerBASE for the World's Top 125 Retail Banking Groups Finaccord Ltd., 2013 Web: info@finaccord.com 9

10 What are the key features of the research? Key features of this research include: a thorough overview of the bancassurance products and partnerships of a total of 748 consumer banking units owned by the world's top 125 retail banking groups; for each banking group, an analysis of its insurance providers presented in both unweighted and weighted terms, thereby illustrating not only which partners are engaged in the most product initiatives with that group but which are likely to hold the most valuable relationships given the number of retail customers of the local country unit in question; the first ever ranking by premiums due to captive and / or joint venture insurance entities of the world's leading bancassurers with data provided for over 70 groups with their own insurance underwriting subsidiaries; coverage of 18 distinct insurance types in the broad categories of accident and health, commercial, creditor, investment-related life, niche personal, personal non-life and protection-related life; availability of an accompanying PartnerBASE dataset that details over 4,900 distinct product initiatives and that is fully searchable and filterable, enabling provision and distribution patterns to be explored by banking brand, banking group, country and insurance type. Finaccord Ltd., 2013 Web: info@finaccord.com 10

11 How can the research be used? You may be able to use this report and the PartnerBASE dataset that accompanies it in one or more of the following ways: gain access to a unique information source that will allow you to arrive at a rapid understanding of the bancassurance strategies of the world's top 125 retail banking groups; appreciate which insurance providers have been successful in establishing partnerships with these groups and which of those partnerships can be considered genuinely strategic; comprehend the magnitude of the captive and / or joint venture underwriting businesses of over 70 banking groups that have their own insurance subsidiaries; evaluate opportunities to establish bancassurance partnerships across a wide range of insurance products (both life and non-life, personal and commercial) either in a single country or across multiple territories where banking groups are active; benefit from both the broad, global conclusions contained within the report and the productspecific detail in the PartnerBASE meaning that this is a study that can be used for both strategic and tactical planning. Finaccord Ltd., 2013 Web: info@finaccord.com 11

12 How can the PartnerBASE be used? Sort by region Select banking brand Filter by product Identify partners HOUSEHOLD INSURANCE Banking group Region Country Banking brand Product offered? Operating model Partner(s) HSBC Asia-Pacific China HSBC Yes External underwriter Ping An HSBC Asia-Pacific Hong Kong Hang Seng Bank Yes External underwriter QBE General Insurance HSBC Asia-Pacific Hong Kong HSBC Yes External underwriter AXA HSBC Asia-Pacific Hong Kong Prime Credit Yes External underwriter MSIG HSBC Asia-Pacific India HSBC Yes External underwriter Tata AIG HSBC Asia-Pacific Indonesia Bank Ekonomi Raharja Yes External underwriter Pan Pacific HSBC Asia-Pacific Indonesia HSBC Yes External underwriter Tokio Marine HSBC Asia-Pacific Malaysia HSBC Yes Captive underwriter HSBC Amanah Takaful HSBC Asia-Pacific Philippines HSBC Yes External underwriter AIG HSBC Asia-Pacific Singapore HSBC Yes External underwriter AXA HSBC Asia-Pacific South Korea HSBC No HSBC Asia-Pacific Taiwan HSBC Yes External underwriter Anda Insurance HSBC Asia-Pacific Vietnam HSBC Yes External underwriter Baoviet Filter by group Choose country See operating model Finaccord Ltd., 2013 Web:

13 Who can use the research? 1. Banking groups: approaches to bancassurance vary enormously across the 125 banking groups investigated if your organisation is reviewing its own strategy in this field then this study will help it to benchmark itself against its global peer group; 2. Insurance underwriters: this research provides a comprehensive guide to the bancassurance strategies, partnerships and individual product initiatives of the world's top 125 retail banking groups, allowing you to formulate strategy at both international and country-specific levels; 3. Insurance brokers: over 250 individual product initiatives more than 5% of the total observed - are organised through brokerage operations (including captive and joint venture brokers) as opposed to with underwriters, and 70 brokers hold at least one distribution relationship; 4. Management consultancies: if you are helping an insurance or banking group with its bancassurance strategy, then this research will summarise the global landscape, saving time and effort on researching the subject yourself; 5. Investment banks: depending upon the regulatory environment, their financial constraints and their strategic intent, banking groups regularly review whether they should develop, buy or divest insurance operations which, naturally, can generate work for the investment banking community. Finaccord Ltd., 2013 Web: info@finaccord.com 13

14 What are some of the key findings? 1) 82 out of the world's top 125 retail banking groups have at least one captive or joint venture insurance underwriter of which 17 own both types None, 43 Captive underwriter(s), 52 Captive and joint venture underwriter(s), 17 Joint venture underwriter(s), 13 Source: Finaccord PartnerBASE for the World's Top 125 Retail Banking Groups Finaccord Ltd., 2013 Web:

15 What are some of the key findings? (cont.) 2) Across the individual country operations of the 125 groups, mortgage-related creditor insurance is the policy type most commonly available and trade credit insurance the least widespread Accident and health Accident Health / hospital cash Medical expenses 20.9% 27.1% 40.6% Personal non-life Personal motor Household 45.5% 60.3% Protection-related life Critical illness Income protection Risk life 24.3% 21.1% 56.3% Investment-related life Investment-related life Retirement savings 49.7% 52.8% Creditor Creditor - consumer finance Creditor - credit cards Creditor - mortgages 39.2% 57.2% 64.4% Niche personal Card protection Travel 16.7% 29.0% Commercial Professional indemnity Trade credit Commercial (other) 13.2% 6.3% Source: Finaccord PartnerBASE for the World's Top 125 Retail Banking Groups 31.8% 0% 20% 40% 60% 80% 100% % provision across country operations researched Finaccord Ltd., 2013 Web: info@finaccord.com 15

16 What are some of the key findings? (cont.) 3) Key findings from the executive summary include: 52 of the world's top 125 retail banking groups are classifiable as having a strategic alliance with an external insurance group, 15 of which have more than one strategic partner; Aviva (with six) holds the most strategic relationships among the world's top 125 retail banking groups, followed by Allianz, Prudential and Zurich with four each; in total, 45 insurance groups have at least one such strategic alliance; by value of insurance underwritten via captive or joint venture entities, Crédit Agricole is the world's largest bancassurer although by number of countries in which captive or joint venture underwriters are present, BNP Paribas is the most internationally diversified; for either regulatory or strategic reasons, several banking groups are divesting their insurance interests naturally, this throws up opportunities for insurers seeking to increase their exposure to the bancassurance distribution channel. Finaccord Ltd., 2013 Web: info@finaccord.com 16

17 What is the cost and format? Global Bancasssurance: Strategies of the World's Top 125 Retail Banking Groups is available as a standard PDF document. The PartnerBASE dataset that accompanies it at no further charge is in Microsoft Excel format. Costs for this research set and other related titles available at the time of publication are as follows: REPORT Global Bancassurance: Strategies of The World's Top 125 Retail Banking Groups Creditor Insurance in Latin America Creditor Insurance in Northern, Central and Eastern Europe Creditor Insurance in Southern and Western Europe Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings 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 2,995 GBP 1,795 GBP 2,495 GBP 2,495 GBP 1,995 GBP 1,995 GBP 2,995 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 Ltd., 2013 Web: info@finaccord.com 17

18 Country-specific reports about bancassurance Separate reports about bancassurance in different countries are available as listed below. These cover investment-related life insurance and retirement savings, 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 Ltd., 2013 Web: info@finaccord.com 18

19 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 Ltd., 2013 Web: info@finaccord.com 19