Whole Life Insurance in the UK, Key Trends and Opportunities to 2017

Transcription

1 Brochure More information from Whole Life Insurance in the UK, Key Trends and Opportunities to 2017 Description: Synopsis - The report provides market analysis, information and insights into the UK whole life insurance business - The report provides a snapshot of market size and market segmentation - Comprehensive analysis of claims, market drivers and market outlook - Analysis of distribution channels for life insurance products in the UK - Deals, news and regulatory developments - Detailed analysis of competitive landscape and profitability for UK life insurers Summary Gross written premiums in the UK's whole life insurance category fell by 57% between 2007 and 2012, although gained momentum in 2010, and resumed growth at 8% in The market is dominated by unitlinked products, while the popularity of unitized-with-profits and guaranteed acceptance plans for the over 50s also improved between 2010 and Whole life insurance penetration represents 1.6% of the country's GDP and has remained significantly below its pre-crisis levels. Whole life insurance density also fell sharply. Gradual economic recovery, increasing life expectancy and rising disposable income are expected to promote demand for whole life insurance products over the forecast period. Scope - This report provides a comprehensive analysis of the whole life insurance market in the UK - It provides historical values for the UK's whole life insurance market for the report's review period and forecast figures for the forecast period - It offers estimates of new business premiums collected in the UK whole life insurance category - It analyses the key features of non-profit, unitized-with-profits and unit-linked whole life insurance products - It provides an overview of claims, market dynamics and market drivers - It discusses various distribution channels for life insurance products in the UK - It profiles top life insurance companies in the UK and outlines the key regulatory changes affecting them Reasons To Buy - Gain an understanding of UK whole life insurance market size - Explore the market dynamics across non-profit, unitized-with-profits and unit-linked whole life insurance segments - Learn about the performance of claims, market drivers and distribution channels - Understand the competitive landscape in terms of performance, profitability and product offerings - Find out more about key deals and recent developments in the market Key Highlights - The whole life insurance category declined dramatically but proved to be resilient. Meanwhile, growth in claims has been restricted. - Distribution channels are evolving in the post-rdr world. - Regulatory changes will bring further uncertainty. - Low interest rates continue to threaten investment returns and profitability. - Premium growth is expected to settle at 3.5% by Contents: 1 Executive Summary 2 Introduction 2.1 What is this Report About? 2.2 Definitions 2.3 Methodology 3 Market Analysis 3.1 Market Size Penetration and density

2 3.1.2 Non-profit whole life insurance UWP whole life insurance Unit-linked whole life insurance 3.2 Whole Life New Business Premiums UK whole life new regular and single premiums UK whole life new business, annual premium equivalent UK life and pensions new business premium by category Number of new whole life policies sold 3.3 Claims 3.4 Market Drivers 3.5 Market Outlook 3.6 Distribution Channels Distribution outlook 4 Competitive Landscape 4.1 Best Performers of Profitability Investment returns Profitability outlook 4.3 Whole Life Insurance SWOT Analysis 5 Porter's Five Forces Analysis 5.1 Bargaining Power of Suppliers: Low to Medium 5.2 Bargaining Power of Buyers: Medium to High 5.3 Barriers to Entry: Medium 5.4 Intensity of Rivalry: High 5.5 Threat of Substitutes: Medium 6 Deals 6.1 Royal London Acquires Co-op Life Insurance and Asset Management Arms 6.2 Lloyds Banking Group to Sell GBP450 Million Stake in St James's Place 7 News 7.1 Aviva Introduces Ongoing Adviser Charging on Investment Bonds 7.2 Standard Life Cuts With-Profits Bonus Rates 7.3 Scottish Life Enhances Investment Fund Range 7.4 Government's Simple Product Suite to Include Whole-of-Life Cover 7.5 Axa UK Closes UK Bancassurance Arm 8 Regulation and Compliance 8.1 Recent Changes Risk selection by gender has been outlawed Policy statement 12/4: protecting with-profits policyholders 8.2 New Regulations for Retail Distribution Review Solvency II 9 Macroeconomic Backdrop 9.1 Real GDP Growth 9.2 Interest Rates 9.3 Demographics 10 Company Profiles 10.1 Aviva Plc Company Overview Aviva Plc key facts Aviva Plc main products Aviva Plc main competitors Aviva Plc key employees 10.2 Canada Life Company Overview Canada Life key facts Canada Life main products Canada Life Plc main competitors Canada Life Plc key employees

3 10.3 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 10.4 Legal & General Group - Company Overview Legal & General Group key facts Legal & General Group main products Legal & General Group main competitors Legal & General Group key employees 10.5 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 10.6 Old Mutual Plc Company Overview Old Mutual Plc key facts Old Mutual Plc main products Old Mutual Plc main competitors Old Mutual Plc key employees 10.7 Prudential Plc Company Overview Prudential Plc key facts Prudential Plc main products Prudential Plc main competitors Prudential Plc key employees 10.8 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 10.9 St. James's Place UK Plc Company Overview St James's Place UK Plc key facts St James's Place UK Plc main products St. James's Place UK Plc main competitors St. James's Place UK Plc 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 11 Statistics 11.1 Review Period 11.2 Forecast Period 12 Appendix 12.1 Methodology 12.2 Contact Us 12.3 About Timetric 12.4 Disclaimer List of Tables Table 1: Insurance Industry Definitions Table 2: UK Whole Life Insurance SWOT Analysis Table 4: Aviva Plc, Key Facts Table 5: Aviva Plc, Main Products Table 6: Aviva Plc, Key Employees Table 7: Canada Life Plc, Key Facts Table 8: Canada Life Plc, Main Products Table 9: Canada Life Plc, Key Employees Table 10: Friends Life Group Plc, Key Facts Table 11: Friends Life Group Plc, Main Products

4 Table 12: Friends Life Group Plc, Key Employees Table 13: Legal & General Group, Key Facts Table 14: Legal & General Group, Main Products Table 15: Legal & General Group, Key Employees Table 16: Lloyds Banking Group, Key Facts Table 17: Lloyds Banking Group, Main Products Table 18: Lloyds Banking Group, Key Employees Table 19: Old Mutual Plc, Key Facts Table 20: Old Mutual Plc, Main Products Table 21: Old Mutual Plc, Key Employees Table 22: Prudential Plc, Key Facts Table 23: Prudential Plc, Main Products Table 24: Prudential Plc, Key Employees Table 25: Royal London Group, Key Facts Table 26: Royal London Group, Main Products Table 27: Royal London Group, Key Employees Table 28: St James's Place UK Plc, Key Facts Table 29: St. James's Place UK Plc, Main Products Table 30: St. James's Place UK Plc, 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: Whole Life Insurance (GBP Thousand), Table 35: Whole Life Insurance (GBP Thousand), List of Figures Figure 1: Gross Written Premiums for UK Whole Life Insurance (GBP Million), Figure 2: UK Whole Life Insurance Penetration Rate and Density, Figure 3: Non-Profit Whole Life Gross Written Premiums (GBP Million), Figure 4: UWP Whole Life Gross Written Premiums (GBP Million), Figure 5: Unit-Linked Whole Life Gross Written Premiums (GBP Million), Figure 6: New Business Premiums for UK Whole Life Insurance (GBP Million), Figure 7: UK Whole Life New Regular and Single Premiums (GBP Million), Figure 8: UK Whole Life New Business, Annual Premium Equivalent (GBP Million), Figure 9: UK Life and Pensions New Business Premium by Category (GBP Million), Figure 10: UK Whole Life Insurance Number of New Policies Sold (Thousands), Figure 11: UK Life Insurance Claims Incurred (Annual Change), Figure 12: Gross Written Premiums for UK Whole Life Insurance (GBP Million), Figure 13: Whole Life Insurance Growth Dynamics by Product (%), Figure 14: Commissions Paid by Life Insurers in the UK (GBP Million), Figure 15: Market Shares of the 10 Leading UK Life Insurers (%), 2012 Figure 16: Combined Operating Ratio for Total UK Life Insurance Business (%), Figure 17: Loss and Expenses Ratio for Total UK Life Insurance Business (%), Figure 18: UK Life Insurance Five Forces Analysis Figure 19: The UK's Insurance Regulatory Framework Figure 20: Real GDP Growth (%), Figure 21: Growing and Aging Population, Figure 22: UK Population Aged Over 65 (%), Figure 23: UK Overall Life Expectancy (Years), Figure 24: Improving Living Standards in the UK (GBP Thousand), Ordering: Order Online - Order by Fax - using the form below Order by Post - print the order form below and send to Research and Markets, Guinness Centre, Taylors Lane,

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