Term Life Assurance in the UK, Key Trends and Opportunities to 2017
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1 Term Life Assurance in the UK, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: FS0110MR Published: January Timetric John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0) Fax: +44 (0)
2 TABLE OF CONTENTS 1 Executive Summary Term life assurance category shows resilience amid challenging economic conditions New business premiums in the term life assurance category grew by7.7% in 2012, accompanied by an increase in mortgage-related protection sales. Term life assurance (excluding accelerated critical illness benefit) dominated the UK long-term protection market, accounting for 26.8% of the total new business regular premium in 2012.Household finances continued to be squeezed, which reduced the demand for discretionary term life and other protection products. The fall in mortgage lending led to a decline in sales of term life policies taken out with interest-only or repayment mortgages. The term life assurance category remained resilient, however, recording a compound annual growth rate (CAGR) of -2.53% during the review period ( ). Level-term assurance products, offering the same level of cover throughout the period of the policy, accounted for 72.2% of the total term life new business premiums. Decreasing-term assurance policies, usually purchased by individuals who may only wish to protect their mortgage, represented 27.8% of the total new business premiums. Despite the difficult economic background and mortgage market instability, life insurers delivered a steady volume of new business in both the level and decreasing-term assurance sub-categories during the review period. The category will record modest growth over the next five years Improved consumer confidence, increased life expectancy and a gradual recovery of the mortgage market are expected to encourage growth in the term life category over the forecast period. Companies and advisers will, however, face a challenge in raising awareness of the role of life insurance and protection play in creating a financial safety net for families. The term life assurance category is therefore forecast to expand at a modest CAGR of 2.6% over the forecast period ( ). Life insurers are expected to move away from complexity, which is likely to sustain new business sales growth in the term life category. Companies will therefore focus on developing simple and affordable propositions, while creating incentives for taking out basic life cover other than house purchases. Family income benefit policies are also likely to become a more attractive option for young couples with children. Embracing product simplicity is expected to remain a priority for the protection industry. However, protection providers are also expected to address the lack of flexibility in their products by offering menubased solutions. Protection menu plans are expected to appeal to clients who may need to change the level of their benefits as their life circumstance change. The ongoing critical illness conditions race among life insurers is also likely to lead to a growing popularity of term life assurance cover with an accelerated critical illness benefit. Both advised and non-advised channels expected to drive term assurance sales Independent financial advisers (IFAs) and other advisers are likely to shift their attention towards term life and other protection business, since a commission ban for the sale of investment-related products was introduced as a result of the Retail Distribution Review (RDR). Non-advised channels are expected, however, to increase their presence in the post-rdr world. A number of life insurers and high street banks have already stopped offering mass-market investment and protection advice through their branches. The simplicity of term life assurance makes it an easy product to purchase and understand which is expected to increase the role of aggregators, retailers, online and telephone-based sales channels in the distribution of term life policies. The role of advisers, however, is likely to remain prominent in giving advice on more complex protection menu alternatives. Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 2
3 TABLE OF CONTENTS Regulatory changes will bring further uncertainty Term life assurance recorded significant growth in terms of new business premiums in the build up to the EU Gender Directive. Female premium rates for life and critical illness cover are expected to rise as a result of the directive. The changing tax regime for life insurers will also mean that the price of protection products will continue to rise, limiting any gains for men on purchases of life and critical illness cover. Life insurers will therefore increasingly differentiate their products based on quality of cover, rather than price alone. With exemption from the RDR, term life and other protection categories are well positioned for growth. This will, however, depend on the ability of insurers and advisers to engage with clients on protection. More people are expected to be driven away from advice, which is likely to lead to a growing number of advisers looking to embrace non-advised sales opportunities. Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 3
4 TABLE OF CONTENTS Table of Contents 1 Executive Summary... 2 Table of Contents... 4 List of Figures... 7 List of Tables Introduction What is this Report About? Definitions Methodology Market Size Level-term and decreasing-term assurance new business premiums UK long-term protection market, new business regular premiums by category Number of new term life assurance policies sold Market Drivers Market Outlook Distribution Channels Competitive Landscape Best Performers of Term Life Assurance SWOT Analysis Porter s Five Forces Analysis Bargaining Power of Suppliers: Low to Medium Bargaining Power of Buyers: Medium to High Barriers to Entry: Medium Intensity of Rivalry: High Threat of Substitutes: Medium Deals and News Aviva Launches Life Insurance Radio Advertising Campaign Royal London Completes Co-Op Acquisitions Aegon Improves Financial and Non-Medical Underwriting Limits for Protection LV= Develops Corporate Life Product Aviva Predicts Rise in Non-Advised Protection Sales As It Closes Direct Advice Arm Ageas Launches Business Protection Product Suite Ageas Adds Life of Another Option to Product Range Zurich and Guardian Launch Life Navigator Campaign Regulation and Compliance Regulatory Changes Risk selection by gender has been outlawed Retail Distribution Review I minus E taxation change Consumer Insurance Act Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 4
5 TABLE OF CONTENTS Mortgage Market Review Solvency II Economic Backdrop Real GDP Growth Housing and Mortgage Market Demographics Company Profiles Aegon UK Plc Aegon UK Plc key facts Aegon UK Plc main products Aegon UK Plc main competitors Aegon UK Plc key employees Aviva Plc Company Overview Aviva Plc key facts Aviva Plc main products Aviva Plc main competitors Aviva Plc key employees Ageas UK Ltd Company Overview Ageas UK Ltd key facts Ageas UK Ltd main products Ageas UK Ltd main competitors Ageas UK Ltd key employees Friends Life Group Plc Company Overview Friends Life Group Plc key facts Friends Life Group Plc main products Friends Life Group Plc main competitors Friends Life Group Plc key employees Legal and General Group Company Overview Legal and General Group key facts Legal and General Group main products Legal and General Group main competitors Legal and General Group key employees Liverpool Victoria Group Company Overview Liverpool Victoria Group key facts Liverpool Victoria Group main products Liverpool Victoria Group main competitors Liverpool Victoria Group key employees Lloyds Banking Group Company Overview Lloyds Banking Group key facts Lloyds Banking Group main products Lloyds Banking Group main competitors Lloyds Banking Group key employees Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 5
6 TABLE OF CONTENTS 8.8 Prudential Plc Company Overview Prudential Plc key facts Prudential Plc main products Prudential Plc main competitors Prudential Plc key employees Royal London Group Company Overview Royal London Group key facts Royal London Group main products Royal London Group main competitors Royal London Group key employees Zurich Financial Services Ltd Company Overview Zurich Financial Services Ltd key facts Zurich Financial Services Ltd main products Zurich Financial Services Ltd main competitors Zurich Financial Services Ltd key employees Statistics Review Period Forecast Period Appendix Methodology Contact Timetric About Timetric Timetric s Services Disclaimer Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 6
7 TABLE OF CONTENTS List of Figures Figure 1: UK Term Life Assurance (Excluding Accelerated CI) Total New Business Premiums (GBP Million), Figure 3: UK Long-Term Protection Market New Business Regular Premiums by Category (GBP Million), Figure 4: Number of New Term Life Policies Sold by FSA-Regulated Life Insurers, Excluding Accelerated CI (Thousands), Figure 5: New Business Premiums for UK Term Life Assurance, Excluding Accelerated CI (GBP Million), Figure 6: Top 10 Term Life Assurance Providers Based on Total New Business Premium (Excluding Accelerated CI), 2012 (%) Figure 7: UK Term Life Assurance Five Forces Analysis Figure 8: The UK s Insurance Regulatory Framework Figure 9: Real GDP Growth (%), Figure 10: Simple Average House Prices in the UK (GBP), Figure 11: Number of First-Time Homebuyers (Thousands), Figure 12: Total Gross Mortgage Lending (GBP Million), Figure 13: Growing and Aging Population, Figure 14: UK Population Aged Over 65 (%), Figure 15: UK Overall Life Expectancy (Years), Figure 16: Improving Living Standards in the UK (GBP Thousand), Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 7
8 TABLE OF CONTENTS List of Tables Table 1: Insurance Industry Definitions Table 2: Term Life Assurance SWOT Analysis Table 3: Recent and Upcoming Regulatory Changes Table 4: Aegon UK Plc, Key Facts Table 5: Aegon UK Plc, Main Products Table 6: Aegon UK Plc, Key Employees Table 7: Aviva Plc, Key Facts Table 8: Aviva Plc, Main Products Table 9: Aviva Plc, Key Employees Table 10: Ageas UK Ltd, Key Facts Table 11: Ageas UK Ltd, Main Products Table 12:Ageas UK Ltd, Key Employees Table 13: Friends Life Group Plc, Key Facts Table 14: Friends Life Group Plc, Main Products Table 15: Friends Life Group Plc, Key Employees Table 16: Legal and General Group, Key Facts Table 17: Legal and General Group, Main Products Table 18: Legal and General Group, Key Employees Table 19: Liverpool Victoria Group, Key Facts Table 20: Liverpool Victoria Group, Main Products Table 21: Liverpool Victoria Group, Key Employees Table 22: Lloyds Banking Group, Key Facts Table 23: Lloyds Banking Group, Main Products Table 24: Lloyds Banking Group, Key Employees Table 25: Prudential Plc, Key Facts Table 26: Prudential Plc, Main Products Table 27: Prudential Plc, Key Employees Table 28: Royal London Group, Key Facts Table 29: Royal London Group, Main Products Table 30: Royal London Group, Key Employees Table 31: Zurich Financial Services Ltd, Key Facts Table 32: Zurich Financial Services Ltd, Main Products Table 33: Zurich Financial Services Ltd, Key Employees Table 34: UK Term Life Assurance New Business Premiums (GBP Thousand), Table 35: UK Term Life Assurance New Business Premiums (GBP Thousand), Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 8
9 INTRODUCTION 2 Introduction 2.1 What is this Report About? This report is the result of extensive research intothe term life assurance category in the UK, covering the market dynamics and competitive landscape. It provides insights on the size of and forecast for the term life assurance category, as well as details on products and policies. This report also provides an overview of the leading life insurers in the category, along with details of strategic initiatives undertaken. 2.2 Definitions All data is collected in local currency. Most values are displayed to one decimal place, and growth rates may therefore appear inconsistent with absolute values due to rounding. For the purposes of this report, the review period is and the forecast period is Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 9
10 INTRODUCTION The key insurance industry terms covered in the report are defined below: Table 1: Insurance Industry Definitions Term Accelerated critical illness policy Bancassurance Business protection term assurance Convertibleoption Decreasing-term life assurance Family income benefit policy Gift inter vivos (GIV) Income protection policy Independent financial advisers (IFAs) Level-term life assurance Mortgage-related term assurance New business premium Protection menu policy Protection term assurance Stand-alone critical illness policy Term life assurance Renewable option Waiver of premium Definition A combined life insurance and critical illness policy which pays out if the policyholder is diagnosed with one of the policy s listed serious illnesses, or dies within the term of the policy. Apartnership between a bank and an insurance company in which the insurance company uses the bank s sales channel to sell insurance products. A policy designed to pay out a cash lump sum if a business is unable to trade in the event of a director, partner or key person falling terminally ill, or dying. Allows the life assured to convert a term life assurance policy into an endowment or whole-of-life policy at a future unspecified date. A type of term life assurance policy where the premiums remain the same for the duration of the policy, however the cash lump sum payable decreases over the policy termat a fixed rate.the policy is designed specifically to protect a repayment mortgage. A type of term life assurance policy which pays out a regular income (rather than a lump sum) to the beneficiaries from the time of the claim to the end of the policy term. A type of term life assurance policy designed to cover potential inheritance tax liability that can arise in the seven years following the date gifts are made. A policy which pays out should the policyholder be unable to work through accident or sickness. Professionals who offer independent advice on financial matters to clients, and recommend suitable financial products from the whole of the market. A type of term life assurance policy where both the premiums and the level of cover are guaranteed to remain the same throughout the period of the policy. A type of term life assurance policy designed to protect a repayment or an interest-only mortgage in the event of the policyholder s death within the policy term. The premium acquired from new policies for a particular year. Covers the policyholder and their family against the financial impact of death, critical illness or loss of income through sickness, all in one plan. A type of term life assurance policy taken out for reasons other than protecting a mortgage and designed to protect family s lifestyle in the event of death of the life assured. A critical illness policy which only pays out the benefit amount should the policyholder suffer a critical illness or become permanently and totally disabled. A life insurance policy designed to pay out a guaranteed lump sum in the event of the policyholder s death within the term of the policy. Allows the life assured to renew the term life policy (typically at a higher premium rate) after the policy has matured. A provision in life insurance policies which allows policyholder not to pay the premium in the event of incapacity due to illness or accident, and being unable to work for longer than (usually) six months. Source: Timetric analysis Timetric Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 10
11 INTRODUCTION 2.3 Methodology All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A. Standardization Definitions are specified using recognized industry classifications. The same definition is used for every country. Annual average currency exchange rates are used for the latest completed year. These are then applied across both the historical and forecast data to remove exchange rate fluctuations. B. Internal audit Review of in-house databases to gather existing data: Historic market databases and reports Company database C. Trend monitoring Review of the latest insurance companies and industry trends 2) Research A. Sources Collection of the latest market-specific data from a wide variety of industry sources: FSA insurance returns Industry associations Government statistics International organizations Insurance regulatory agencies B. Expert opinion Collation of opinion taken from leading insurance industry experts Analysis of third-party opinion and forecasts: Broker reports Media Official government sources C. Data consolidation and verification Consolidation of data and opinion to create historical datasets Creation of models to benchmark data across sectors and regions 3) Analysis A. Market forecasts Feeding forecast data into market models: Macroeconomic indicators Industry-specific drivers Analysis of insurance industry database to identify trends: Latest insurance trends Key drivers of the insurance industry Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 11
12 INTRODUCTION B. Report writing Analysis of market data Discussion of company and industry trends and issues Review of financial deals and insurance trends 4) Quality Control A. Templates Detailed process manuals Standardized report templates and accompanying style guides Complex forecasting tool used to ensure forecast methodologies are consistently applied Quality-control checklists B. Quality control process Peer review Senior-level QC Random spot checks on data integrity Benchmark checks across databases Market data cross-checked for consistency with accumulated data from: Company filings Government sources Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 12
13 APPENDIX 3 Appendix 3.1 Methodology Timetric s dedicated research and analysis teams consist of experienced professionals with an industry background in marketing, market research, consulting and advanced statistical expertise. Timetric adheres to the Codes of Practice of the Market Research Society ( and the Society of Competitive Intelligence Professionals ( All Timetric databases are continuously updated and revised. 3.2 Contact Timetric If you have any queries about this report, or would like any further information, please contact info@timetric.com. 3.3 About Timetric Timetric is a leading provider of online data, analysis and advisory services on key financial and industry sectors. It provides integrated information services covering risk assessments, forecasts, industry analysis, market intelligence, news and comment. Timetric helps over 1,500 financial services institutions and their partner companies around the world benefit from better, timelier decisions. Timetric provides: High-quality data including proprietary, specialized industry data, survey-based research, social media monitoring, macroeconomic data and forecasts Expert analysis from experienced economists and analysts, who use robust proprietary models, indices and forecasts Powerful proprietary visualization and workflow technologies developed over years of extensive investment Timetric has office locations in London, New York, San Francisco, Hyderabad, Seoul, Singapore and Sydney. It employs 500 people, including 150 analysts and economists, and 200 professional researchers. Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 13
14 APPENDIX 3.4 Timetric s Services Intelligence Centers Timetric s industry intelligence centers are premium web-based services that provide access to interactive tools, comprehensive research and expert analysis in key sectors. They provide invaluable decision support presented in an easily digestible format and grounded in deep research. Timetric offers Intelligence Centers covering the following industries: Banking Insurance Wealth Construction Travel and Tourism Briefing Services Timetric offers a range of briefing services, which offer cutting-edge thought leadership and expert commentary on and for the financial services industries. Driven by influential and respected editorial teams with years of experience in their respective fields, these services deliver need-to-know insight and analysis to decision makers across the financial services value chain. Timetric offers briefing services covering the following financial sectors: Consultancy Accountancy Asset Finance Banking Cards and Payments Insurance Timetric specializes in the development and delivery of innovative research solutions that are designed to provide competitive advantage and profitability to clients. Dedicated industry analysts and economists provide expert advice and actionable recommendations underpinned by Timetric s market and country knowledge, experience and proprietary databases, panels and research infrastructure. For projects requiring quantitative data, Timetric undertakes special research projects using its in-house panels and survey technology. These provide ready access to an extensive source of specialist business executives and consumers. Core capabilities include: Economic Research and Consulting Highly experienced economists provide a number of bespoke research services covering subjects ranging from macroeconomic forecasting to sector outlooks, business presentations and workshops. Industry Analysis and Consulting Information analysis, independent expert opinion and advice, facilitated decision or strategic support, are provided by Timetric s extensive body of proprietary data and analysis models. It provides expertise-based consulting to deliver solutions that best suit its clients requirements. Quantitative Research Timetric connects with thousands of potential customers for various markets every day. Using sophisticated, interactive and highly engaging graphical surveys, research speed is increased and costs reduced, while ensuring that respondents deliver the insight needed. Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 14
15 APPENDIX Qualitative Research Timetric s Qualitative Research service helps customers understand the emotional and cultural behaviors of a target audience. Timetric provides unique access through market-leading publications and information services to decision makers specifically brought together to discuss topics that are important to the client. Technology Solutions Timetric has built a unique technological platform to collect and visualize data, and employs some of the world s leading experts on data collection and visualization. Through technology and software consulting services, Timetric can provide clients with the means to gather and visualize the data the client has, or wants to collect. 3.5 Disclaimer All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Timetric. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Timetric delivers will be based on information gathered in good faith from both primary and secondary sources, the accuracy of which Timetric is not always in a position to guarantee. Timetric will accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect. Term Life Assurance in the UK Key Trends and Opportunities to 2017 Page 15
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