Table C-6 Insurance company market share insurance reserves in the

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1 Life Insurance

2 The Capital Market, Insurance and Saving Division Contents Introduction Structure of the life insurance sector Operational characteristics... 8 Profit from life insurance transactions... 8 Life insurance premiums Life insurance reserves Management fees in life insurance policies Agent commissions and other life insurance expenses Life insurance programs Life insurance assets portfolio Insurance company returns Risk Management Reinsurance Policy redemption Canceling and clearing insurance policies List of Table Table Market share of insurance companies in Table C-2 Concentration indices for life insurance companies in the life insurance sector in Table C-3 Profits from life insurance transactions in , rate of change in profit and market share in Table C-4 Life insurance premiums by company, Table C-5 Insurance company market share insurance reserves in the participating portfolio in Table C-6 Insurance company market share insurance reserves in the guaranteed return portfolio, Table C-7 Management fee and life insurance income for participating portfolio by company and ratio of income from management fees to total life insurance profits in Table C-8 Share of life insurance profits of total life insurance reserves by insurance company in

3 Life Insurance Table C-9 Ratio of agent commissions to life insurance premiums, in Table C-10 Ratio of administrative and general expenses to total reserves and pending life insurance claims in , by company Table C-11 Gross premiums by insurance type in and rates of change Table C-12 Distribution of the life insurance assets portfolio in Table C-13 Participating portfolio gross weighted return, net weighted return and management fees in Table C-14 Net / gross returns, and the average return for by insurance company Table C 15 Highest and lowest gross returns in Table C-16 Residual premium out of total life insurance premiums in Table C-17 Life insurance redemptions and ratio of policies redeemed to average reserve in Table C-18 Rate of cancelled and surrendered policies out of total policies issued in List of Charts Chart C-1 Market share of premiums for policies issued in 2005 compared with previous years Chart C-2 Management fees for life insurance programs in the participating portfolio out of total profits from life insurance transactions in Chart C-3 General and administrative expenses vs. reserves and pending life insurance claims by company, in Chart C-4 Gross premiums by life insurance type in Chart C-5 Distribution of the assets portfolio in the life insurance sector between the participating portfolio and the guaranteed return portfolio in Chart C-6 Development of gross returns in the participating portfolio (Fund Yud) in

4 The Capital Market, Insurance and Saving Division Introduction The Life Insurance Department of the Capital Market, Insurance handles a range of issues involved in the regulation and supervision of life insurance companies and agents. Among other things, the Department is responsible for reviewing life insurance programs submitted to the Commissioner of Insurance for approval. The life insurance sector consists of 14 companies, 1 five of which hold about 95% market share, both in terms of assets and receipts from premiums. Compared with 2004, there was an increase of about 12% in life insurance sector profits, primarily due to higher returns posted on life insurance assets. This increase led to rise in management fees collected in 2005 compared with The ratio of management fees of total profit from life insurance transactions rose to 67.5% (compared with 51% in 2004). The average profit ratio out of total sector reserves remains as it was in previous years, standing at around 2%. The insurance companies life insurance assets portfolio consists of guaranteed return policies and participating life insurance policies. The guaranteed return portfolio is the assets portfolio for policies issued up until 1991 and these were guaranteed a fixed return on investment, which is insured by investing monies from savings in earmarked government bonds (LI bonds). The participating portfolio is the assets portfolio for participating life insurance policies that were marketed as of 1992 when the government stopped issuing earmarked bonds. Their return is derived from the returns the company achieves in the capital market for the assets in the participating portfolio, and most of the monies are invested in a fund called Fund Yud (an explanation of the funds can be found below, in Section 2). In 2005 the life insurance companies achieved an average gross yield of approximately 14.9% on the participating portfolio. Total life insurance assets grew, in real terms, to NIS 122 billion. The participating portfolio assets constitute 61% of the total assets. 1. Including Dikla a licensed company in the life insurance sector. This company operates only in the nursing insurance line. The data presented in this chapter do not include this company. Furthermore, during 2006 all life insurance transactions carried out by the Arieh Insurance Co. were transferred to Clal Insurance, while all of Clal s health insurance transactions were transferred to Arieh, and it was renamed Clal Health.

5 Life Insurance In the wake of reforms instituted in the life insurance products market and the structure of agents commissions (leveling commissions over the life of the policy), as of 2004 old products such as Adif and Me urav were no longer being marketed. In their place, companies began marketing new insurance programs with the premiums divided into three components savings, expenses and insurance coverage (hereinafter, new policies ). Savings monies from the new policies accrue in a new participating portfolio, which is called the New Fund Yud. The total life insurance premiums in 2005 was some NIS 15 billion. The total premiums for new products stood at NIS 1,923 million, and the majority of premiums are still due to old products that were still marketed until the end of 2003 ( Adif and Me urav about 72%). In addition, commissions paid to agents continued the downward trend begun in 2004, due to the move towards leveling of commissions, and declined to only 11% of the premiums, compared with 16% in 2003.

6 The Capital Market, Insurance and Saving Division 1. Structure of the life insurance sector The life insurance sector is characterized by a relatively high level of concentration: the five largest insurance groups hold about 95% of the total gross premiums and the total life insurance assets. Table Market share of insurance companies in 2005 (in percent) Name of group Distribution of assets in the life insurance sector Gross distribution of premiums in the life insurance sector Migdal Group Clal Group The Phoenix Group Harel Group Menorah Other Total Other: Includes Hachsharat Hayishuv ILD, Ayalon, Eliahu, IDI and AIG. Table C-1 indicates that the Migdal Group has maintained its status as the company with the largest market share; an examination of the data for 2005 compared with 2004 shows there hasn t been any dramatic change in the groups and companies market shares. Furthermore, it appears that the purchase of new pension funds by the insurance companies is expected to cause changes in the distribution along with an increase in the companies ability to market supplementary insurance products to holders of the pension funds they manage. In order to test the degree of market concentration we used three indices: 1. The Herfindahl-Hirschman Index (HHI) This index is calculated as the sum of squares of each insurance company s market share of all participating portfolio assets.

7 Life Insurance 2. The CR3 Index This index gives us a total for the market share of the three largest insurance groups of the total assets in the participating portfolio assets. 3. The CR5 Index This index gives us a total for the market share of the five largest insurance groups of the total assets in the participating portfolio assets. Table C-2 Concentration indices for life insurance companies in the life insurance sector in 2005 Index 2005 Herfindahl-Hirschman Index CR CR Compared with 2003 and 2004, there was no real change in the outcomes of the concentration indices for insurance companies in the life insurance sector.

8 The Capital Market, Insurance and Saving Division 2. Operational characteristics In this section we will analyze the life insurance sector from several aspects describing activity volumes: Profit from life insurance transactions, premiums, reserves, management fees and commissions. We will also look at the scope of marketing for life insurance programs. Beginning in 2004 life insurance policies underwent a structural change. This change influenced the life insurance companies volume of activity in most areas surveyed below. The new programs differ not only by their management fee levels, but also by the commissions paid to insurance agents and even by the profits they accrue. Profit from life insurance transactions Below are the sources of income in the life insurance sector: 1. Interest margin on guaranteed return life insurance portfolio Against insurance reserves pursuant to insurance programs issued from the early 1960s until 1991, insurance companies are eligible to purchase earmarked government bonds, known as LI (Lifeindexed) bonds. These bonds are CPI-indexed and guarantee a return ranging from 6.2% (in funds A-B, which were open for enrollment of new insureds from ), through 5.2% (in funds C-F, which were open for enrollment of new insureds from ), to 4% (in funds G-H, which were open for enrollment of new insureds from ). The return guaranteed to those insureds was about 1% lower than the yield on earmarked bonds. Therefore insurance companies had a permanent profit of around 1% from guaranteed yield insurance reserves. 2. Management fees on participating portfolio For participating life insurance programs issued from 1991 through 2003, life insurance companies are permitted to collect annual management fees from accrued assets at a rate of 0.6% of the total assets, plus 15% of investment profits. In new programs issued as of 2004, it was determined that management fees for savings management shall be fixed only, regardless of investment returns. Thus the permitted management fee may reach up to 1% per year, or a higher rate as approved by the Commissioner of Insurance, but not more than 2% per year, subject to deduction of management fees from the premium (see Section 3 below).

9 Life Insurance 3. Management fee on premium In participating life insurance programs issued through 2003, the life insurance premium usually consists of the savings premium, risk premium and expense component of the current premium. The current premium expense component is the management fee on the premium. In new programs issued since January 2004, the risk component and the expense component are separate, and the maximum rate for premium expenses (excluding the risk component) was reduced to either a fixed rate of 11%, or a progressive rate beginning at 13% and gradually declining over several years so that the average management fee does not exceed 11%. 4. Account management 2 and partial-year 3 fees In policies issued through 2003 a policy factor i.e., an account management and partial-year fee, was charged (about NIS 16 per policy as of 2003). But in policies issued since 2004 no policy factor was permitted in insurance programs approved as insurance funds, and was only permitted in individual programs (where the policy factor was reduced to NIS 12 per policy). 5. Insurance profits from policy coverage such as death or work disability If the aggregate premium from all the insureds under different policy coverages exceeds the cost of paying claims for the same coverage, then the companies realize an additional profit. 6. Surrender values profit Withdrawal of funds by the insured prior to the end of the insurance term is usually subject to a fine. The insured receives his money at surrender values that are lower than its actual value at the time of withdrawal. The size of this fine depends on the insurance program type (managers or personal insurance, Adif, Me urav or a new policy), on the insured s seniority in the program as well as on the reason for withdrawal (leaving a job, dismissal etc.). 2. Account management fees, also known as policy factor a fixed financial payment that is collected in addition to the premium and does not depend on the amount of the insurance or the duration of the policy. 3. Partial-year fee a price supplement that is reflects the cost of dividing the annual premium into monthly, quarterly or semi-annual payments.

10 The Capital Market, Insurance and Saving Division Following are the expense components in the life insurance sector: 1. Payment of claims to insureds Upon the occurrence of the insurance event, such as death or work disability, the insurance company must pay the insurance amounts to the insureds. 2. Agent commissions The bulk of the cost in operating a life insurance system is paying commissions to insurance agents for marketing the policies, maintaining the insureds files and collecting premiums. In policies issued prior to 2004, the lion s share of commissions was paid to agents in the year the policy was underwritten and in the following year. In policies issued since 2004 the agent s commission is evenly distributed along the life of the policy. 3. General and administrative expenses These expenses are mainly due to operation of the insurer s life insurance division, and they include salary and computerization expenses, as well as expenses related to management of the insurer s life insurance investment portfolio. These costs are less volatile than commissions, which are directly related to sales volume. 4. Reinsurance Israeli insurance companies tend to purchase reinsurance from foreign reinsurers, in order to reduce the insurance risk to which the insurance company may be exposed. When purchasing reinsurance, the insurance company transfers its share of the premium to the reinsurer, thereby reducing its income, and in exchange the reinsurer undertakes to participate in paying claims to insureds and commissions to agents in proportion to its share, thereby reducing the company s expenses. 10

11 Life Insurance Table C-3 Profits from life insurance transactions in , rate of change in profit and market share in 2005 (in NIS thousands and percent) Company Rate of change in profit from life insurance transactions Market share 2005 Migdal 666, , , % 38.9% 28.7% Hamagen 70,943 26,515 71, % 171.1% 3.5% Migdal Group 737, , , % 46.6% 32.2% Clal 298, , , % -5.8% 15.5% Arieh 34,101 38,614 62, % 61.7% 3.0% Clal Group 332, , , % 1.1% 18.5% The Phoenix 270, , , % 13.4% 13.3% Hadar 106, , , % 6.1% 6.4% The Phoenix Group 376, , , % 10.9% 19.7% Harel Group 349, , , % 5.7% 16.2% Menorah 254, , , % -19.2% 9.8% Eliahu 32,045 30,396 38, % 27.4% 1.9% Hachsharat Hayishuv ILD 15,028 8,494 3, % -64.4% 0.1% Ayalon 21,052 26,625 20, % -23.9% 1.0% IDI 5,981 8,642 9, % 12.5% 0.5% AIG -2, , % 285.1% 0.2% TOTAL 2,121,653 1,834,331 2,059, % 12.3% 100.0% Profits in the life insurance sector stood at approximately NIS 2 billion in 2005, a 12.3% increase compared with the profits seen in This increase may be explained by the approximately 5.9% increase in the total premium collected by the companies, and the 6.3% rise in returns on participating portfolio assets in 2005 compared with 2004 (in 2004 the gross return was 8.6% compared with 14.9% in 2005). As a result the management fees collected in 2005 rose by some NIS 547 million (an increase of 49%) compared to

12 The Capital Market, Insurance and Saving Division Life insurance premiums The premium paid by the insured has three major components: 1. Risk Insurance coverage against the risk of death or work disability; 2. Savings accrued by the insured for retirement; 3. Management fee on premiums a sum or percentage collected from the premium to cover for the insurance company s expenses and profit. The allocation of premiums to the various components varies between insurance companies and insurance programs. In the long term, the older the policy the lower the insurance company s expenses (primarily the agent commission component), and income from management fees on the savings component are higher as savings balances rise. Table C-4 Life insurance premiums by company, (in NIS thousands and percent) Rate of change in Premiums Company premium Market share Migdal 3,893,463 3,969,736 3,999, % 0.7% 27.8% 27.6% 26.2% Hamagen 652, , , % 2.1% 4.7% 4.5% 4.3% Migdal Group 4,545,843 4,613,600 4,656, % 0.9% 32.4% 32.1% 30.6% Clal 2,889,062 2,972,156 3,098, % 4.3% 20.6% 20.7% 20.3% Arieh 375, , , % 6.5% 2.7% 2.8% 2.8% Clal Group 3,264,788 3,378,567 3,531, % 4.5% 23.3% 23.5% 23.2% The Phoenix 1,305,270 1,326,141 1,363, % 2.8% 9.3% 9.2% 8.9% Hadar 970,855 1,027,674 1,081, % 5.2% 6.9% 7.1% 7.1% The Phoenix Group 2,276,125 2,353,815 2,444, % 3.9% 16.2% 16.4% 16.0% Harel Group 1,941,539 2,021,259 2,445, % 21.0% 13.8% 14.0% 16.0% Menorah 1,307,921 1,333,564 1,424, % 6.8% 9.3% 9.3% 9.3% Hachsharat Hayishuv ILD 277, , , % -1.8% 2.0% 1.7% 1.6% Ayalon 197, , , % 5.9% 1.4% 1.4% 1.4% Eliahu 147, , , % 11.3% 1.1% 1.1% 1.1% IDI 50,778 74,787 93, % 24.7% 0.4% 0.5% 0.6% A.I.G. 13,097 16,122 19, % 21.3% 0.1% 0.1% 0.1% TOTAL 14,022,360 14,390,605 15,238, % 5.9% 100.0% 100.0% 100.0% 12

13 Life Insurance As of 2003 there was a moderate increase in life insurance premiums. Table C-4 shows that premium revenues in 2005 were greater compared with premium revenues in 2004, with totals of some NIS 15.2 billion and NIS 14.3 billion, respectively. The rate of change in premium revenues for was 5.9%, which was higher than the rate of change of 2.6% for the period The rise in premium revenues seen during the last four years is a continuation of the reversal of the trend that began in 2002 (see the Commissioner s Report for 2004). This reversal can be explained by the economy in general recovering from a period of recession. The recession was characterized by massive redemptions and surrenders of policies, and we can see that in 2005 all of the companies, except for Hachsharat Hayishuv ILD posted an increase in their premiums compared with Hachsharat Hayishuv saw a 1.8% drop in premium revenues during the last year, and a drop of 14.5% in the last two years. IDI and AIG had the highest increases compared with other companies 24.7% and 21.3%, respectively. However we cannot ignore the fact that the absolute size of the insurance portfolios of these companies is quite small compared with the other companies. Harel Insurance posted the highest increase among companies with a more traditional marketing system, with a rate of change of 21%. Regarding market share of premiums for policies issued in 2005 (in contrast with the market share of premiums for all policies issued in previous years, as described in Table C-4 above), Chart C-1 indicates that Clal Insurance has the largest premium market share for policies issues in 2005, a share of 24.4% which is NIS million; while Migdal Insurance posted a drop in premiums for policies issued in 2005 compared with previous years, when it had the highest market share. Still, Migdal Group continues to hold about one-fourth of the Israeli insurance market. IDI and AIG have the smallest market share, even though they posted the highest rate of market share increase in the past three years. 13

14 The Capital Market, Insurance and Saving Division Chart C-1 Market share of premiums for policies issued in 2005 compared with previous years (in percent) 30% 25% 20% 15% 10% 5% 0% Clal Migdal Menorah Harel Phoenix Hadar Arieh Hamagen Ayalon IDI Eliahu ILD AIG Premium for 2005 Premium for years prior to 2005 Chart C-1 presents the changes in insurance companies market share of premiums received for policies issued in 2005 (for policies that have been approved for marketing since 2004), and the premiums received for policies issued in previous years (mainly Adif and Me urav policies). Total premiums in the life insurance sector reflects many years of historical data, while the data presented in Chart C-1 specifies the premium distribution based on new sales during 2005 and reflects the companies activity for the last year only. The figures show that the Clal Group, Menorah, Ayalon, IDI, Eliahu, Hachsharat Hayishuv and AIG increased their market share, while the Migdal Group, the Phoenix Group and Harel Group had a reduced market share. The chart further indicates that the Clal Group saw the highest premium share from policies issued in In comparison, AIG posted the lowest premium share of all policies issued in The marketing of new policies types of in 2004 and the discontinued sale of Me urav and 14

15 Life Insurance Adif policies required that companies reorganize, and this slowed the marketing of new policies in the first half of 2004, particularly among the larger companies. But in 2005, as opposed to 2004, there was an increase in the number of policies issues. If we compare the market share of policies issued in 2005 compared with policies issued prior to 2005 (mostly Adif and Me urav policies), we see that generally speaking, each company maintained its market share. This indicates that company size is an important factor in predicting future market share and that insurance companies enjoy an economy of scale. Life insurance reserves Life insurance reserves are held against an insurance company s insurance liabilities, and are reported on its balance sheets. According to the provisions of the law, insurance companies keep life insurance assets separate from other company assets. Tables C-5 and C-6 below show the insurance companies market share compared to their life insurance reserve, which reflects the company s obligation to its policyholders, in both the participating insurance portfolio and the guaranteed return portfolio. In 2005 the upward trend in the volume of the participating life insurance portfolio continued. At the end of 2004, life insurance reserves in the participating portfolio made up 59% of all life insurance reserves, and at the end of 2005 the rate had increased to 62% of all the reserves. This trend corresponds to the fact that guaranteed return insurance policies backed by earmarked bonds had already stopped in 1991, as described above. In 2005 insurance companies achieved a 14.9% return on the participating portfolio (compared with a return of 8.6% in 2004). In contrast, the guaranteed return portfolio has a fixed return, since it is invested mostly in earmarked bonds yielding between 4% and 6.2% interest. Thus the increase in share of participating reserves vs. guaranteed return reserves also stems from the different returns they posted in , not only as a result of new, higher deposits. Total life insurance reserves in the participating portfolio in the Migdal and Clal Groups for rose by 21.3% and 21.6%, respectively. 15

16 The Capital Market, Insurance and Saving Division Table C-5 Insurance company market share insurance reserves in the participating portfolio in (in NIS thousands and percent) Company Reserve amount 2003 Reserve amount 2004 Reserve amount 2005 Change in reserves (percent) Market share 2005 Change in market share Migdal 15,105,218 17,587,948 21,333, % 29.4% 0.1% Hamagen 3,115,005 3,647,210 4,419, % 6.1% 0.0% Migdal Group 18,220,223 21,235,158 25,753, % 35.55% 0.1% Clal 10,530,870 12,238,465 14,868, % 20.5% 0.2% Arieh 1,161,193 1,447,079 1,769, % 2.4% 0.9% Clal Group 11,692,063 13,685,544 16,637, % 23.0% 0.3% Phoenix 4,660,406 5,459,192 6,609, % 9.1% -0.1% Hadar 3,754,836 4,375,140 5,239, % 7.2% -1.2% The Phoenix Group 8,415,242 9,834,332 11,848, % 16.36% -0.6% The Harel Group 6,609,110 7,677,858 9,204, % 12.7% -1.1% Menorah 4,661,621 5,351,608 6,603, % 9.1% 1.8% Hachsharat Hayishuv 739, , , % 1.3% -5.9% ILD Eliahu 363, , , % 0.7% -0.1% Ayalon 570, , , % 1.2% 2.4% IDI 37,313 63, , % 0.1% 31.2% TOTAL 51,309,122 59,775,813 72,444, % 100.0% 0.0% The combination that makes up the life insurance reserves also has an impact on the companies profits. Management fees in the participating portfolio for policies issued up to December 31, 2003 add up to 0.6% of assets plus 15% of investment profits. Therefore, in years where much higher yields are achieved as was the case in 2005 management fees increase dramatically. Table C-6 below shows the insurance companies market share for reserves in the guaranteed return portfolio, whose investments yield an interest margin of about 1% (the difference between return the government gives to the insurance companies, and the return guaranteed to the individual policyholder). Compared with reserves for the guaranteed return portfolio, reserves for the guaranteed return portfolio remained at levels similar to previous years (the rate of change was 21.2% compared with 5%, respectively), leaving a gap of some NIS 30 16

17 Life Insurance billion between participating portfolio reserves and guaranteed return portfolio reserves, within a period of only three years due to the superior returns posted in the participating portfolio and due to the fact that guaranteed return policies backed by government bonds are no longer being marketed. Table C-6 Insurance company market share insurance reserves in the guaranteed return portfolio, (in NIS thousands and percent) Company Reserve amount 2003 Reserve amount 2004 Reserve amount 2005 Change in reserves (percent) Market share 2005 Migdal 13,432,554 13,856,070 14,597, % 34.1% Hamagen 1,255,391 1,289,879 1,348, % 3.2% Migdal Group 14,687,945 15,145,949 15,945, % 37.3% Clal 8,559,743 8,776,773 9,263, % 21.6% Arieh 872, , , % 1.9% Clal Group 9,432,329 9,605,354 10,092, % 23.6% Phoenix 5,055,296 5,139,470 5,366, % 12.5% Hadar 1,225,079 1,039,605 1,070, % 2.5% The Phoenix Group 6,280,375 6,179,075 6,436, % 15.0% The Harel Group 5,293,255 5,304,356 5,714, % 13.4% Menorah 3,439,512 3,415,188 3,449, % 8.1% Hachsharat Hayishuv ILD 482, , , % 1.3% Eliahu 447, , , % 1.0% Ayalon 186, , , % 0.4% IDI 5, % 0.0% TOTAL 40,256,391 40,770,998 42,802, % 100.0% Management fees in life insurance policies Management fees for participating life insurance policies issued up to 2004, could be collected in one of the following two ways: 1. Collecting 0.84% per year of the estimated value of the portfolio; 2. Collecting 0.6% per year of the estimated value of the portfolio plus 15% of the real portfolio yield after deducting fixed management fees. 17

18 The Capital Market, Insurance and Saving Division In reality, all insurance companies chose the second option. 4 As part of the reforms instituted in early 2004 in the life insurance sector (see the Division s Report for 2003), the Regulations for Supervision of Insurance Business (Insurance Contract Terms) were amended. According to this amendment an insurer is permitted to collect management fees of no more than 1% of the estimated value of the investment portfolio annually, unless the Commissioner of Insurance has otherwise allowed. Under no circumstances is the fee to exceed 2% of the estimated value of the investment portfolio. Chart C-2 Management fees for life insurance programs in the participating portfolio out of total profits from life insurance transactions in (in percent) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 51.1% 50.9% 67.5% As Chart C-2 shows, in 2005 management fees collected for participating insurance programs made up 67.5% of total life insurance profits. In profits for the participating portfolio were 51% of the total profit on life insurance transactions, but in the previous two years the share of participating portfolio management fees out of total profits was lower (about 28% and 20% alone in 2001 and 2000, respectively). This rise in the rate of management fees points to, among other things, an increase in the 4. In addition to management fees on accrued savings, insurance companies also charge management fees on the premium and additional expenses. 18

19 Life Insurance return posted by the participating portfolio and gives us an indication of the investment results. Table C-7 Management fee and life insurance income for participating portfolio by company and ratio of income from management fees to total life insurance profits in (in NIS thousands and percent) Company Management fees Profit Ratio Management fees Profit Ratio Management fees Profit Migdal 294, , % 270, , % 418, , % Hamagen 59,688 70, % 58,424 26, % 91,051 71, % Migdal Group 354, , % 328, , % 509, , % Clal 219, , % 182, , % 278, , % Arieh 24,413 34, % 19,757 38, % 30,151 62, % Clal Group 244, , % 202, , % 308, , % The Phoenix 103, , % 87, , % 126, , % Hadar 75, , % 67, , % 95, , % The Phoenix 178, , % 155, , % 221, , % Group Harel Group 143, , % 122, , % 171, , % Menorah 133, , % 98, , % 136, , % Hachsharat Hayishuv ILD 12,050 15, % 11,638 8, % 16,305 3, % Ayalon 12,050 21, % 11,638 26, % 15,607 20, % Eliahu 6,007 32, % 5,714 30, % 8,199 38, % IDI 429 5, % 748 8, % 1,232 9, % AIG 0-2, % % 0 3, % TOTAL 1,081,210 2,114, % 932,906 1,834, % 1,390,141 2,059, % Ratio The ratio of management fees for the participating insurance portfolio to total profits from life insurance transactions remained at its high since 2003 level. In 2005, management fees out of profits were even higher than in previous years, rising by about 17% compared with This increase derives from three main reasons: 1. The positive trend in the capital market continued and was also present in There was also a 17% increase in income from management fees in the participating portfolio 19

20 The Capital Market, Insurance and Saving Division compared with the previous year. Although the steep increases of 2003 were not repeated, (see last year s Report), 2005 was a positive year on the TASE the TA25 index rose 33.4% while the TA100 index rose 29.5%. 2. Offsetting management fees for participating policies signed before 2004 in such policies management fees are collected in the amount of 15% of the real return. In reality, by offsetting losses incurred in 2002 against management fees collected in 2003, total revenue in 2003 is lower 3. Total profits from life insurance transactions declined in 2004, therefore even a 14% decline in management fees left the share of participating portfolio management fees of total life insurance profits unchanged. Table C-8 Share of life insurance profits of total life insurance reserves by insurance company in (in percent) Company Migdal Hamagen Migdal Group Clal Arieh Clal Group The Phoenix Hadar Phoenix Group Harel Group Menorah Hachsharat Hayishuv ILD Eliahu Ayalon IDI AIG TOTAL It is evident that for the smaller life insurance companies, whose activity is not concentrated in life insurance programs with long-term savings components, the ratio of profits to reserves is relatively high. By comparison, large insurance companies that typically engage 20

21 Life Insurance in extensive marketing of life insurance programs with a long-term savings component, the ratio of profit to reserves is relatively low. This can be explained by the fact that for riskonly insurance programs, the premium includes only the cost of the risk plus the component of the company s expenses. Insurance reserves for risk-only are much lower than reserves for insurance programs with a savings component because in these programs the part of the premium directed towards savings is usually higher than the amount directed towards insurance coverage. Without any savings components, which constitute the lion s share of life insurance reserves in programs with a savings component, the companies reserves for activities in this sector are low. Agent commissions and other life insurance expenses By looking at Table C-9, one can see that the reform in life insurance programs introduced in early 2004 did, in fact, alter the commission structure. The change in Regulation 4 of the investment regulations required insurance companies to finance from their own equity the high sales commissions typically distributed at the beginning of the policy, rather than using funds taken the participating portfolio, as was the previously done, causing agent commissions to flatten. Thus, this change further intensified the trend. In total, the average commission charged to premiums in 2005 was similar to that of 2004, and stood at about 11%. 21

22 The Capital Market, Insurance and Saving Division Table C-9 Ratio of agent commissions to life insurance premiums, in (in percent) Commissions paid Ratio of commissions to premium Rate of change in commissions Migdal 507, , , % 11.1% 10.6% -13.5% -3.6% Hamagen 69,986 62,571 54, % 9.7% 8.2% -10.6% -13.4% Migdal Group 577, , , % 10.9% 10.3% -13.1% -4.8% Clal 438, , , % 11.7% 13.0% -20.5% 15.1% Arieh 71,310 55,209 66, % 13.6% 15.3% -22.6% 20.3% Clal Group 510, , , % 12.0% 13.3% -20.8% 15.8% The Phoenix 233, , , % 9.5% 8.1% -46.3% -11.6% Hadar 218, , , % 10.9% 9.7% -48.4% -6.6% Phoenix Group 451, , , % 10.1% 8.8% -47.3% -9.2% Harel Group 360, , , % 14.0% 11.0% -21.7% -4.3% Menorah 272, , , % 12.6% 11.6% -38.4% -1.8% Hachsharat Hayishuv ILD 43,993 40,405 40, % 16.7% 17.0% -8.2% 0.2% Ayalon 29,815 22,956 22, % 11.2% 10.1% -23.0% -4.2% Eliahu 14,740 15,259 18, % 10.0% 10.8% 3.5% 19.5% IDI AIG % 0.3% 0.3% -70.0% 25.9% TOTAL 2,261,0031,672,6171,676, % 11.6% 11.0% -26.0% 0.3% The change in the commission structure also had an impact on the ranking of companies paying the highest commissions. The company that paid the highest commissions from premiums in 200r was Hachsharat Hayishuv ILD (17%). This company is followed by Arieh (15.3%), Clal (13%) and Menorah (11.6%). The company that posted the lowest commission was AIG (0.3%). Compared with 2004, it is evident that AIG posted the highest change in commissions (25.9%). 22

23 Life Insurance In that year AIG posted the highest rate of decline (70%). This was followed by Arieh and Eliahu. The rate of change in these companies was 20.3% and 19.5%, respectively. The Hamagen company posted the highest rate of decline (-13.4%). Table C-10 Ratio of administrative and general expenses to total reserves and pending life insurance claims in , by company (in NIS thousands and percent) Company Administrative and general expenses Ratio of administrative and general expenses to reserves and pending life insurance claims % of change in administrative and general expenses Migdal 251, , , % 0.8% 0.8% 6.2% 10.5% Hamagen 40,164 55,129 45, % 1.1% 0.8% 37.3% -16.7% Migdal Group 291, , , % 0.9% 0.8% 10.4% 5.8% Clal 198, , , % 0.9% 0.8% -3.1% 6.8% Arieh 37,940 38,092 36, % 1.7% 1.4% 0.4% -5.1% Clal Group 236, , , % 1.0% 0.9% -2.6% 4.8% The Phoenix 120, , , % 0.9% 0.9% -15.1% 7.6% Hadar 85,565 76,307 84, % 1.3% 1.3% -10.8% 10.2% Phoenix Group 205, , , % 1.1% 1.0% -13.3% 8.7% Harel Group 214, , , % 1.7% 1.6% 7.8% 8.7% Menorah 123, , , % 1.4% 1.3% -1.9% 12.2% Hachsharat Hayishuv ILD 23,785 21,292 24, % 1.6% 1.6% -10.5% 15.5% Ayalon 14,257 11,979 21, % 1.4% 2.3% -16.0% 81.7% Eliahu 22,258 22,475 27, % 2.5% 2.6% 1.0% 21.4% IDI 20,408 29,030 32, % 37.4% 27.6% 42.2% 13.4% AIG 9,981 11,130 12, % 299.7% 282.4% 11.5% 10.4% TOTAL 1,162,146 1,178,745 1,281, % 1.1% 1.1% 1.4% 8.7% 23

24 The Capital Market, Insurance and Saving Division Chart C-3 General and administrative expenses vs. reserves and pending life insurance claims by company, in 2005 (in percent) 40% 35% 30% 25% 20% 15% 10% 5% 0% Migdal group Clal. group Phoenix group Harel Menorah ILD Eliahu Ayalon IDI AIG Market share - Reserves and pending claims Market share - Expenses and commissions Another way of measuring the economies of scale in the life insurance sector is shown in Chart C-3. This chart shows the companies market share in general and administrative expenses versus their share in reserves and pending claims. Judging by this ratio it would appear that the Migdal Group has the best ratio of all the insurance companies, with a 36% share of reserves and pending life insurance claims, vs. only 27% of total general and administration expenses. Life insurance programs A life insurance program may or may not include a risk component, may be sold as an insurance fund (managers insurance or insurance for the self-employed) that has certain tax benefits, or as an individual program that is not an insurance fund and therefore, has no tax benefits. The programs themselves differ with regard to management fees and other conditions. Below are the various types of insurance programs offered to insureds: 1. Individual programs (that are not approved as provident funds and therefore deposits do not enjoy tax benefits), and programs for the self-employed (which are approved 24

25 Life Insurance as provident funds and provide depositors with tax benefits, subject to the Income Tax Regulations); 2. Managers insurance programs through employers, for salaried workers (approved as provident funds); 3. Group life insurance programs through employers, corporations and service providers. Table C-11 Gross premiums by insurance type in and rates of change (in NIS thousands and percent) % of % of Type of insurance change in change in Individual- Me urav (legacy) 1,057, , , % -14.3% Individual - Adif (Yoter) 1,651,304 1,415,613 1,190, % -15.9% Individual - policies issued since Jan. 1, , , % Employee - Me urav (legacy) 536, , , % -7.1% Employee Adif (Yoter) 7,074,918 7,070,813 6,731, % -4.8% Employee - policies issued since Jan. 1, , ,449 1,364, % 196.4% Pure risk - individual insurance 642, , , % 11.3% Pure risk - group insurance 886, , , % -0.8% Subtotal 11,875,666 12,053,112 12,740, % 5.7% Work disability 1,178,310 1,220,892 1,227, % 0.6% Nursing care insurance 518, , , % 33.3% Severe illness insurance 267, , , % 9.3% Other (*) 265, , , % -9.3% TOTAL 14,105,414 14,499,218 15,411, % 6.3% (*) Other: Includes health insurance The total premiums for 2005 stood at approximately NIS 15.4 billion. Deducting disability insurance, health insurance and nursing insurance, the premium came to NIS 12.7 billion. The rate of change in the premiums between 2004 and 2005 was 5.7%. The data indicates a continuation of the trend towards recovery in premiums for life insurance that had already begun in 2004 (only 1.5%) following years of serious recession in 2002 (-6%) and 2003 (-3.2%). The rise in the volume of premiums collected in 2005 is explained, among other things, by Israel s emergence from economic recession. 25

26 The Capital Market, Insurance and Saving Division Work disability. 8% Chart C-4 Gross premiums by life insurance type in 2005 Nursing care. 6% Severe illness. 2% Other (*). 2% Individual - Me'urav (legacy). 8% Individual - Adif (Yoter) 8% Individual - policies issued since 14% 04/1/ Pure risk - group. 6% Employee - Me'urav (legacy) 3% Pure risk - individual 5% Employee - policies issued since 104/1/ 8% Employee - Adif (Yoter) 43% Chart C-4 indicates that the lion s share of the premiums in 2005 is still being paid for Adif (Yoter) manager s insurance, with 43%, although this is lower than 2004 and In those years the rate was 58% and 60.7%, respectively. We can see a downward trend, and this is expected to accelerate in the future due to redemption or surrender of these policies on the one hand, and the fact that they will no longer be marketed, on the other hand. Life insurance assets portfolio Insurance companies invest the premiums they receive for life insurance programs in various assets, as do pension funds and provident funds. The insurance companies have investment funds that are characterized by the extent of the guaranteed return on the monies invested. For example, monies in Fund Aleph (Fund Aleph was open to new insureds from ), are guaranteed a return of 4%-5% to the insureds, while in Fund Yud (Fund Yud is a participating fund introduced in 1992 and does not invest in LI bonds), has no guaranteed return and the monies are invested in the capital market and subject to investment regulations. 26

27 Life Insurance Chart C-5 Distribution of the assets portfolio in the life insurance sector between the participating portfolio and the guaranteed return portfolio in (in percent) 100% 80% 60% 40% 20% 0% Participating portfolio Guaranteed return portfolio Between the participating portfolio and the guaranteed return portfolio (hereinafter, the assets portfolio ) both grew from a level of NIS 70 billion at the end of 2001 to NIS 118 billion at the end of This represents a real increase of 68.2%. Between the real assets portfolio grew by NIS 14.8 billion (an increase of 14.3%). In contrast with this, from the real assets portfolio grew by NIS 8.3 billion (8.8% increase). The growth in the value of the assets portfolio seen in 2005 derives mainly from the increase in returns posted in 2005 compared with the returns achieved in Chart C-5 indicates that the share of the participating portfolio out of the total assets in life insurance continues to grow with time at the expense of the share of the guaranteed return portfolio. This can be explained by the fact that guaranteed return policies investing in LI bonds haven t been marketed since 1992, and their replacement with participating life insurance policies. 27

28 The Capital Market, Insurance and Saving Division Table C-12 Distribution of the life insurance assets portfolio in (in percent) Type of asset Distribution of total life insurance assets portfolio % change Distribution of assets in participating portfolio only % change Cash and cash equivalent Other government bonds Life indexed (LI) bonds Corporate bonds Stocks Loans Deposits in banks and financial institutions Investments in subsidiary companies Rental property rights Fixed assets Receivables from reinsurers Premiums due and agent balances Receivables and debit balances Deferred acquisition costs and other assets Total income and debit balances Since guaranteed return programs are no longer being sold, the downward trend continues in the share of the LI bond component out of the total life insurance assets portfolio, and between there was a drop of 3% in the share of LI bonds from the total assets portfolio. Guaranteed return LI bonds have been replaced in the assets portfolio primarily with corporate bonds and stock investments. In contrast with this, the share of the participating programs portfolio assets through solid government bonds has decreased. 28

29 Life Insurance Insurance company returns Since 1992 life insurance policy monies allocated for the savings component are invested in the capital market and are affected by the asset portfolio composition and their returns (Fund Yud and other investment channels). It is important to distinguish between gross returns, which are influenced among other things by the investment policy and its performance during the relevant time period; and net returns, which are credited to the policyholder according to his policy terms after deducting management fees. The returns depicted in this part of the report are based on reported returns, and not necessarily on actual returns credited to each policyholder. These actual policyholder returns are affected by other indices, such as timing and size of the deposits. Table C-13 Participating portfolio gross weighted return, net weighted return and management fees in (in percent) Year Gross weighted return Net weighted return Management fees (fixed + variable) Note: The weighted return is calculated by multiplying the returns of all companies by the relative weight of the assets of all companies. Returns for the participating portfolio in 2005 were relatively higher than they were over the past five years (except for 2003), and despite the decline seen in 2004 compared with 2003 the data reflect the continued the positive trend begun in The increased returns in the participating portfolio may be linked to rises in the stock market and the shekel bonds indices. In 2005 the TA25 index rose by 33.4% and the TA100 index rose by 29.5%. This year stocks constituted 17.6% of the participating portfolio and among other things, this contributed to the gross return (14.92%) seen for the participating portfolio. This is reflected 29

30 The Capital Market, Insurance and Saving Division in Table C-13. The positive trend that had begun last year continued on the bond market as well, although the price increases were more moderate compared with 2003 and Table C-14 Net / gross returns, and the average return for by insurance company (in percent) Group name Migdal Clal Phoenix Harel Other Company name Gross return Net return Ave rage gross return in the past five years Average net return in the past five years Migdal Hamagen Clal Arieh Phoenix Hadar Shiloah Sahar-Zion Menorah Ayalon Eliahu ILD Table C 15 Highest and lowest gross returns in (in percent) Year Lowest gross return Highest gross return Adjusted standard deviation

31 Life Insurance The adjusted standard deviation is an index that measures the gaps in returns posted by the insurance companies. The higher the standard deviation, the more significant the difference between the returns the insurance companies achieve. Table C-15 shows there is no real difference in the adjusted standard deviation in 2005 compared with the previous two years. The reason for the relatively low standard deviation is apparently related to rate increases in the stock market seen in recent years. Participating insurance programs are credit or debit policyholders for investment profits or losses, after deducting management fees. Investment in assets is subject to the provisions of the Supervision of Insurance Transactions Law (Investing the Insurer s Capital and Funds and Managing its Liabilities) , and the regulations the Commissioner of Insurance issues from time to time. Chart C-6 Development of gross returns in the participating portfolio (Fund Yud) in 2005 (in percent) 6% 4% 2% Percent 0% -2% -4% -6% -8% Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. Weighted gross return Negotiable government bonds TA 100 index 31

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