2 Contents 1. Introduction Industry Analysis... 5 A. Premiums and Distribution of Insurance Types... 5 B. Life Insurance Assets Portfolio... 7 (1) General... 7 (2) Participating Life Insurance Programs Portfolio... 9 C. Yields of the Insurance Companies (3) Insurance Policies with Several Investment Tracks General Review of the Life Insurance Line in Israel in A. New Life Insurance Programs Marketed to the Insured as of January 1, B. Circular 2003/14 regarding the Replacement of Life and Health Insurance Policies General Issues A. Comparison of Life Insurance Programs List of Tables Table C-1 Gross Premiums by Insurance Types, Table C-2 Distribution of Gross Premiums by Insurance Groups, Table C-3 Distribution of Total Assets Portfolio in Life Insurance, Table C-4 Distribution of Assets in Participating Portfolio, Table C-5 Results of Centralization Indices for Insurance Companies in Life Insurance Industry Table C-6 Fund "Yud" Participating Portfolio Gross-Net Weighted Yield and Management Fees, Table C-7 Gross and Net Yields Between the Years , by Insurance Groups...16 Table C-8 Clal Insurance Company Gross and Net Yields Between the Years , by Investment Tracks Table C-9 Direct Insurance Company Gross and Net Yields Between the Years , by Investment Tracks Table C-10 High and Low Gross Yields, Table C-11 Comparison Between Yields Achieved in Insurance Companies Fund "Yud", and Yields Achieved in Various Provident Funds, ±
3 List of Charts Chart C-1 Gross Premiums by Main Life Insurance Types, Chart C-2 Distribution of Assets Portfolio in Life Insurance Field, Chart C-3 Ratio of Stocks and Bonds to Total Participating Portfolio in 2003 as of the End of Each Quarter Chart C-4 Distribution of Share of Assets in Participating Portfolio, Chart C-5 Distribution of Assets in Participating Portfolio by Groups, Chart C-6 Development of Gross Yields in Participating Portfolio (Fund "Yud") by Months, Chart C-7 Net Yield and Management Fees in Insurance Companies, Chart C-8 Average Net Yield and Average Management Fees, Chart C-9 Gross Yield by Quarters in the Insurance Companies,
4 1. Introduction The Life Insurance Department in the Capital Market, Insurance and Savings Division regulates and applies enforcement vis-à-vis insurance companies with respect to life insurance. The department is responsible, among other things, for reviewing life insurance plans submitted to the Commissioner of Insurance for approval. On January 1, 2003, the Income Tax Reform took effect, establishing provisions regarding the imposition of tax on profits earned in savings plans, including the establishment of rules regarding the withdrawal of moneys from provident funds and life insurance policies. Legislative amendments following the Reform necessitated amendments to the Income Tax Regulations (Rules for the Authorization and Management of a Provident Fund), (see the Division's booklet for 2002). In light of the Reform's provisions, the amendments to the Regulations and the policy of the Office of the Commissioner of Insurance, a new structure was defined for life insurance products sold to the insured as of January 1, The new programs include a structural distinction between three components: savings, insurance and expenses. The programs are transparent and clear and, for the first time, the insured enjoys the possibility of knowing exactly the level of expenses that will be collected from him. In addition, the programs will enable the insured to compare different insurance companies in terms of expenses and insurance coverage he intends to acquire, and to select the program that is most suited to his needs. As part of the regulatory activities, and in response to public appeals received by the Office of the Commissioner of Insurance relating to the replacement of valid life insurance policies with new life insurance policies ("twisting"), a circular was published detailing the rules applying to the insurer and the insurance agent in the sale of a new policy and in canceling a valid policy. The circular aimed to clarify to the insured how canceling an existing policy in order to acquire a new policy would affect their rights. In this case, the agent is obliged to advise the insured regarding the changes, advantages and disadvantages of such a change, in order to enable the insured to reach an informed decision as to the viability of twisting. In addition, a due disclosure circular was issued with a view towards increasing the information available to insured who plan on obtaining insurance programs intended for a long period of savings, and enabling them to identify in advance the product in which they are interested.
5 The Capital Market, Insurance and Saving Division According to the circular, as part of the sales process of life insurance programs that include a savings component, insurance agents and companies are obliged to provide the insured with a certificate clarifying the principal features of the insurance transaction, and enabling him to select a suitable policy in accordance with his insurance needs. The circular will take effect as of January 1, In 2003, the insurance companies achieved an average gross yield of 21.03%, in real terms, on investment of assets in the participating life insurance portfolio. Total premiums in 2003 were NIS 13.8 billion, a drop of 2% over Compared to the previous year, the assets portfolio in the life insurance line grew by NIS 12.3 billion in real terms, to a total of NIS 97 billion.
6 2. Industry Analysis This section analyzes the following aspects of the life insurance industry: premium distribution, types of insurance marketed, the assets portfolio in general and the participating portfolio in particular, and the yields achieved by the insurance companies for policyholders in A. Premiums and Distribution of Insurance Types Life insurance programs are offered to the insured in the following marketing frameworks: 1. Individual programs (not approved as a provident fund) and independent programs (approved as a provident fund). 2. Employee insurance programs (through the employer) for salaried employees (approved as a provident fund). 3. Collective insurance programs (through employers, corporations and service providers). Table C-1 Gross Premiums by Insurance Types, (NIS millions, December 2003 prices) Insurance type Rate of change between (percent) Rate of change between (percent) Increase in premiums between Personal "Me'urav"-type 2,039 1,919 1, % -4.1% -199 Personal "Adif"-type 1,316 1,467 1, % -2.4% 116 Employee "Me'urav"-type % -12.8% -273 Employee "Adif"-type 8,194 7,604 7, % -2.1% -750 Collective insurance % 1.1% 11 Subtotal 13,353 12,611 12, % -2.8% -1,095 Work disability 1,202 1,171 1, % 2.1% -6 Other* % 7.8% 86 Total 14,843 14,129 13,828-5% -2% -1,015.0 Source: Annual reports of the insurance companies processed by Capital Market, Insurance and Savings Division * Note: "Other" includes health insurance and nursing care insurance µ
7 The Capital Market, Insurance and Saving Division Premium revenues in 2003 totaled NIS 13.8 billion. After deducting disability insurance, health insurance and nursing care insurance (which in some companies are classified differently), premium revenues totaled NIS 12.3 billion. Between 2001 and 2002, negative growth (at -6%) in the scope of life insurance premiums was recorded for the first time since marketing of participating insurance programs was introduced. This can be explained primarily by the economic recession and rising unemployment during these years. While a decline was recorded between 2002 and 2003, for the second consecutive year, in the level of premiums for all types of life insurance (with the exception of collective insurance), this was more moderate (-3%) compared to the drop between 2001 and The deceleration in the pace of decline of premiums is consistent with the economic data published toward the end of 2003, reflecting a turnaround and recovery in the Israeli economy. As Table C-1 shows, the majority of premiums in 2003 were allocated for "Adif" type employee insurance. Chart C-1 Gross Premiums by Main Life Insurance Types, 2003 Collective insurance Æ Personal "Me'urav"-type ±µæ Personal "Adif"-type ±±Æ Employee Me'urav"-type" Æπ Employee "Adif"-type Æ Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division
8 Table C-2 Distribution of Gross Premiums by Insurance Groups, (percent) Group name Migdal Clal Phoenix Harel Menorah Other* Total Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division * Note: "Other" includes the following insurance companies: Ayalon, Eliahu, ILDC, AIG, IDI Bituach Yashir It is evident from Table C-2 that the share of the Migdal group out of total premiums fell in 2003, while the shares of the Clal, Phoenix, Harel and Menorah groups rose. B. Life Insurance Assets Portfolio (1) General The total nominal value of public assets rose by 12.4% in 2003 as compared to 2002, totaling NIS 1,387 billion. No change was recorded in 2003 in the proportion of assets in life insurance programs out of the total public assets portfolio, which was similar to the proportion at the end of %. By way of comparison, the proportion of the balance of assets of the pension funds fell from 11% at the end of 2002 to 10% at the end of 2003, while the proportion of the balance of assets of the provident funds out of the total public assets portfolio remained at a similar level to that at the end of %.
9 The Capital Market, Insurance and Saving Division Chart C-2 Distribution of Assets Portfolio in Life Insurance Field, ± ± Othe assets Participating Percentage ±πππ ± Years Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division During the period , the life insurance assets portfolio increased in real terms from NIS 70 billion at the end of 1999 to NIS 97 billion at the end of 2003, a growth rate of 38.6% in real terms. In , the assets portfolio grew by NIS 12.3 billion (14.5%) in real terms, as compared to growth of the assets portfolio in real terms of NIS 2.4 billion (2.9%) in The sharp increase in the value of the assets portfolio is due to the high yields recorded by insurance companies in In 2003, the upward trend continued in the rate of the participating portfolio out of the total assets portfolio, reflecting the fact that since 1991 the programs marketed to the public have been exclusively participating programs. During the period of , the proportion of the participating portfolio (out of the total life insurance assets portfolio) rose from 36.7% to 54.7%.
10 Table C-3 Distribution of Total Assets Portfolio in Life Insurance, (percent) Type of asset Life-indexed (LI) bonds Other government bonds Other bonds and others Stocks Loans and bank deposits Cash and cash value Rights to rental properties Investment in subsidiaries Amounts receivable from reinsurers Premium due and agent balances Receivables and debit balances Deferred acquisition costs Fixed assets Total assets and debit balances (NIS billions) 82,392 84,775 97,080 Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division The downward trend in the share of Life Indexed (LI) bonds out of the total life insurance assets portfolio continued in 2003, from 35.3% at the end of 2002 to 30.8% at the end of It is evident that the positive trends in the capital market in 2003 led to increases in the proportion of stocks and bonds out of the total assets portfolio of 45% and 11%, respectively. (2) Participating Life Insurance Programs Portfolio Participating insurance programs are characterized by the fact that investment profits or losses, after deduction of management fees, are credited or debited to the policyholders. The investment in assets is carried out subject to the Inspection of Insurance Business π
11 The Capital Market, Insurance and Saving Division Regulations (Forms of Investment for Capital and Interest of the Insurer and Management of His Liabilities), , hereinafter "the Forms of Investment Regulations"), and to the rules established from time to time by the Commissioner of Insurance. Table C-4 Distribution of Assets in Participating Portfolio, NIS millions Type of asset 2001 Share of total assets for 2001 (percent) 2002 Share of total assets for 2002 (percent) 2003 Share of total assets for 2003 (percent) Life-indexed (LI) bonds Other government bonds 13, , , Other bonds and others 3, , , Stocks 6, , , Loans and bank deposits 7, , , Cash and cash value 2, , , Rights to rental properties Amounts receivable from reinsurers Premium due and agent balances Receivables and debit balances Deferred acquisition costs Total assets and debit balances , , , , , , , Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division In 2003, growth of 28% was recorded in the participating portfolio, compared to growth of 6% in 2002, due to the high yields achieved by the insurance companies. ±
12 As Table C-4 shows, a sharp increase was recorded in 2003 in the "Stocks" and "Other bonds" items as a proportion of the total participating portfolio. An increase of 66% was recorded in the "Stocks" item, to NIS 10.7 billion or 20.2% of the total participating portfolio. The sharp increase in this item is due mainly to the sharp stock rises recorded on TASE in In the "Other bonds and others" item, an increase of over 50% was recorded for the third successive year in investment as a proportion of the total participating portfolio. This upward trend is due mainly to the increased scope of investment in non-governmental bonds, a trend that has continued since the introduction of the new Forms of Investment Regulations in April Chart C-3 Ratio of Stocks and Bonds to Total Participating Portfolio in 2003 as of the End of Each Quarter (percent) Stocks Gov't bonds Other bonds Percent ±Æ± Æ ±Æ Æ Æ Æ ÆπÆ ±Æ± Æ Period Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division As Chart C-3 indicates, an increase was recorded in the second and fourth quarters in the scope of investment in stocks out of the total participating portfolio, due to the sharp price rises recorded on TASE during the second and fourth quarters of ±±
13 The Capital Market, Insurance and Saving Division Percent Chart C-4 Distribution of Share of Assets in Participating Portfolio, (percent) µ µ ±µ ± µ Lifeindexed bonds Other government bonds Other bonds and others Stocks Loans and bank deposits Cash and cash equivalent Rights to rental properties Amounts receivable from reinsurers Premium due and agent balances ± Receivables and debit balances Deferred acquisition coasts Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division As may be seen in Chart C-4, during the period there was a steady increase in the proportion of the "Other bonds and others" item out of the total participating portfolio, in contrast to the steady drop in the "Deferred acquisition costs" item. Chart C-5 Distribution of Assets in Participating Portfolio by Groups, 2003 (percent) Menorah πæ Other Æ Migdal µæπ Phoenix ± Æ± Harel ± Æ Clal Æ Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division ±
14 An examination of the distribution of assets between the various insurers in the participating portfolio shows an increase in 2003 in the relative portion of the two main groups Migdal (from 35.4% to 35.9%) and Clal (from 22.2% to 22.6%), at the expense of a reduction in the relative portion of the remaining groups. The two major groups enjoy a share of 58.5% of the participating portfolio, compared to 57.6% in In order to examine the centralization index for the insurance market, two indices were employed: 1. The Herfindahl-Hirschman Index (HHI), which is calculated by totaling the squares of the insurance companies' market shares in total assets out of the total participating portfolio. 2. The CR3 index, which combines the market shares of the three largest insurance groups out of total assets in the participating portfolio. Table C-5 Results of Centralization Indices for Insurance Companies in Life Insurance Industry Index Herfindahl-Hirschman CR From Table C-5 it is evident that the two indices point to the fact that between there was a slight rise in centralization within the industry, in light of the increase in the relative share of the two major groups in the participating portfolio. C. Yields of the Insurance Companies Life insurance premiums generally consist of the risk premium, the savings premium and the component of expenses out of the current premium. In most cases, the component of expenses out of the current premium is attributed to the risk premium. In some new life insurance plans, the component of expenses is also attributed to the savings premium or presented separately. Moreover, it is important to bear in mind that additional components of expenses are charged from the savings accumulation. The management fees that are included in the component of expenses divide into fixed management fees, which account ±
15 The Capital Market, Insurance and Saving Division for 0.6% of the accumulated balance of the allocated money, and variable management fees which are 15% of the real profit on the annual yield (according to the Management Fees Regulations). Since 1992, the savings premium has been invested in the capital market and was influenced by the composition of the assets portfolio and their yields (Fund "Yud"). A distinction must be made between the gross yield that is influenced, among other things, by the investment policy and how it is implemented during in the relevant period, and the net yield credited to the insured according to the terms of their insurance policy after deducting the said management fees. The yields analyzed in this part of the report are based on the reported yield rather than on the actual yields credited to each insured, which are influenced by additional indices (for example: the timing of the deposit, their size etc.). Table C-6 Fund "Yud" Participating Portfolio Gross-Net Weighted Yield and Management Fees, (percent) Year Gross weighted yield Net weighted yield Management fees (fixed + variable) Source: The Capital Market, Insurance and Savings Division Note: The weighted yield is calculated by multiplying each company's yield values by the relative weight of its assets from the total for all companies. The yields achieved in 2003 were the highest of the past five years. The positive yields may be attributed to several factors, principally the sharp rise in share prices on the TASE, both in the stock and in the shekel bonds indices. Accordingly, the variable management fees collected by the insurance companies in addition to the fixed management fees were also the highest of the past five years, totaling NIS 814 million, or 2.2% of total accumulated assets. ±
16 Chart C-6 Development of Gross Yields in Participating Portfolio (Fund "Yud") by Months, 2003 Æµ Æµ Percent ±Æµ ± Æµ Æµ Jan. Feb. Mar. Apr. May. June. July. Aug. Sep. Oct. Nov. Dec. Source: Data of the insurance companies processed by the Capital Market, Insurance and Savings Division The monthly yields reported were positive throughout the year, with the exception of July, when a gross negative monthly yield of 0.3% was recorded, mainly due to the negative indices on TASE and the general share index. In April, May and October, gross monthly yields in excess of 2.5% were recorded due to sharp rises in the financial markets (in April, for example, the general share index rose by 13%). Toward the end of the year, yield rates moderated, reaching a gross level of 1.5 2%. ±µ
17 The Capital Market, Insurance and Saving Division Group name Migdal Clal Phoenix Harel Other Company name Table C-7 Gross and Net Yields Between the Years , by Insurance Groups (percent) 2001 Gross yield Net yield Average gross yield in past 5 years Average net yield in past 5 years Migdal Hamagen Clal Aryeh Phoenix Hadar Shiloah Sahar- Zion Menorah Ayalon Eliahu ILDC Source: Capital Market, Insurance and Savings Division * Note: The data for the years 2001 and 2002 refer to Shiloah only. Starting from January 1, 2003, Shiloah and Sahar-Zion merged. ±
18 Chart C-7 Net Yield and Management Fees in Insurance Companies, 2003 (Percent) Percent µæ Æ ±µæ ± Æ µæ Æ µæ Eliahu 2003 Management fees 2003 Gross ILDC Ayalon Hamagen Hadar Phoenix Migdal Insurance Companies Clal Aryeh Menorah Harel Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division Chart C-8 Average Net Yield and Average Management Fees, (Percent) Average management fees, last 5 years Percent Æ Æ Æ µæ Æ Æ Æ ±Æ Æ ±Æ Æ Æ Average net yield, last 5 years Eliahu Ayalon ILDC Hadar Phoenix Harel Hamagen Migdal Insurance companies Clal Aryeh Menorah Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division ±
19 The Capital Market, Insurance and Saving Division (3) Insurance Policies with Several Investment Tracks Several insurance companies (the Clal group, Bituach Yashir and the Migdal group) enable policyholders in the participating portfolio to invest the premium in additional investment tracks other than the general investment fund (hereinafter "Fund Yud "). In recent years, the field of investment management has become increasingly important in the insurance companies, and the above-mentioned companies now offer investment tracks characterized by varying levels of risk and by the possibility of combining the different tracks. However, the major portion of funds are managed in Fund "Yud," and the investment rules for this fund are the same for all investors. The trend toward specialization in the various investment tracks is expected to accelerate in the coming year and to be adopted by additional insurance companies. Table C-8 Clal Insurance Company Gross and Net Yields Between the Years , by Investment Tracks (percent) Track Gross Management Management Management Net Gross Net Gross fees fees fees Net Bonds (bonds and deposits) Foreign currency (at least 75% foreign currency-indexed) Mixed solid (up to 15% stocks) Mixed flexible (15%-50% stocks) Mixed speculative (50%-75% stocks) Stocks (at least 85% stocks) Shekel* Average weighted yield Source: Annual statements of the insurance companies processed by Capital Market, Insurance and Savings Division * Note: Clal began to market this track starting from November 2002 ±
20 Table C-9 Direct Insurance Company Gross and Net Yields Between the Years , by Investment Tracks (percent) Track Solid (bonds and deposits) Medium (up to 15% stocks) Stock-oriented (up to 50% stocks) Average weighted yield Gross Management Management Management Net Gross Net Gross fees fees fees* Net Source: Annual statements of the insurance companies processed by Capital Market, Insurance and Savings Division * Note: In the first and second quarters of 2001, the company did not charge management fees. Year Table C-10 High and Low Gross Yields, (percent) Highest gross yield (max) Lowest gross yield (min) Standardized standard deviation Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division The standardized standard deviation of yields is an index enabling us to examine the scatter of yields achieved by the companies. A high standard deviation (as in 1998, for example) reflects a relatively high degree of scatter between the companies in terms of the management ±π
21 The Capital Market, Insurance and Saving Division of investments. Over the past four years, the degree of scatter has not been relatively high. In 2002, the standard deviation (in absolute terms) was relatively low (0.21), since most of the companies had achieved a gross annual yield in excess of 20%. Chart C-9 Gross Yield by Quarters in the Insurance Companies, 2003 (percent) µæ Æ µæ Æ ±µæ ± Æ µæ Æ µæ ± Æ Insurance companies' gross yield General bond index General stock index Consumer price index Q1 Q2 Q3 Q4 Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division 2003 was characterized by relatively positive indices in the capital market. In most months, the Consumer Price Index followed a moderate negative trend, while the general share index recorded steep rises in the second and fourth quarters, contributing as noted to the positive yields of the insurance companies.
22 Table C-11 Comparison Between Yields Achieved in Insurance Companies Fund "Yud", and Yields Achieved in Various Provident Funds, 2003 (percent) Insurance companies participating portfolio (Fund "Yud") Provident funds under control of banking corporation Provident funds managed by insurance companies Provident funds managed by private bodies Gross yield Management fees Net yield Source: Annual reports of the insurance companies and provident funds processed by the Capital Market, Insurance and Savings Division As the figures show, the highest yield (both gross and net) was achieved by the provident funds managed by private bodies. The gross yield for the insurance companies in the participating portfolio (Fund "Yud") is slightly higher than the gross yield they achieved in the provident funds under their management (21.03% and 20.57%, respectively). However, since the level of management fees collected in the participating portfolio is higher (as it is based on the company's yields in the portfolio), the net yield for the participating portfolio is lower than the yield achieved in the provident funds managed by the insurance companies (18.21% and 19.51%, respectively). ±
23 The Capital Market, Insurance and Saving Division 3. General Review of the Life Insurance Line in Israel in 2003 A. New Life Insurance Programs Marketed to the Insured as of January 1, 2004 Background The life insurance line has undergone substantial changes in terms of the structure and conditions of insurance policies, including a savings component marketed to the public since January 1, "Me'urav" and "Adif" type programs are no longer being marketed, and since the same date, new programs have been marketed to the public. The following is a description of the structure of the new programs, with an emphasis on the principal differences between these programs and those marketed through December 31, Structure of Programs The premium paid to the program comprises three components: savings, insurance coverage and expenses. Three forms of structure may be noted: Closed package like the "Me'urav" program. This program does not permit separate identification of each of the components of the premium. Semi-open package like the "Adif" program. This program permits identification of the components of the premium allocated for savings, but does not permit a distinction between the insurance coverage component and the expenses component. Open package like the new programs, this permits the separate identification of each component savings, insurance coverage and expenses. The open package is important for the following reasons: 1. The insured knows the level of expenses being collected from him through the insurance policy. 2. The insured can compare different insurance programs. 3. The programs compete in each of the components: Savings for the quality of the investment management; Expenses for the level of expenses in the program. Insurance coverage for the price and scope of the coverage.
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