Enhanced Annuities in Asia
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1 Enhanced Annuities in Asia A Case Study Cord-Roland Rinke, Life & Health Longevity Beijing, 6th - 7th September 2013
2 Disclaimer The information provided in this presentation does in no way whatsoever constitute legal, accounting, tax or other professional advice. While Hannover Rück SE has endeavoured to include in this presentation information it believes to be reliable, complete and up-to-date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such information. Therefore, in no case whatsoever will Hannover Rück SE and its affiliated companies or directors, officers or employees be liable to anyone for any decision made or action taken in conjunction with the information in this presentation or for any related damages. Hannover Rück SE. All rights reserved. Hannover Re is the registered service mark of Hannover Rück SE. 30 Enhanced Annuities in Asia
3 Agenda Concept of Enhanced Annuities Enhanced Annuity Product in UK Market today Success factors Asian Market: Singapore Overview Demographic structure Pension System and Market Outlook 2 Enhanced Annuities in Asia
4 Agenda Concept of Enhanced Annuities Enhanced Annuity Product in UK Market today Success factors Asian Market: Singapore Overview Demographic structure Pension System and Market Outlook 3 Enhanced Annuities in Asia
5 Private Pension Market in the UK Enhanced Annuities play a major role Private Annuity sales are in excess of GBP 20 billion % share of all external annuities - sales in bn. GBP annuity sales in bn GBP 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 40.6% 38.0% 33.0% 26.9% 23.9% 20.8% Calendar Year Total UK annuity market can be split into internal (vesting) business and external business (open market option) Enhanced Annuities mainly offered for external business so far 2011: Enhanced Annuity share of advised market 40,6% Source: Towers Watson Rapid growth over the past 6 years 4 Enhanced Annuities in Asia
6 Pension System...built on three pillars State Occupational Private Second State Pension Basic State Pension (flat) Defined Benefit (Final Salary) Defined Contribution Private Private Pensions Pensions In UK: Occupational and private pensions are supported by tax advantages At retirement age purchase of an annuity of 75% of the fund was compulsory until April 2011 still restricted drawdown 5 Enhanced Annuities in Asia
7 Enhanced Annuities History of product development Before 1995: Compulsory Purchased Annuities/Lifetime Annuities Standard annuity rates for everyone People with severe diseases were disadvantaged Complains to compulsory requirement in the early nineties A new product line was needed: Enhanced Annuities Higher annuity payments for applicants with reduced Life Expectancy due to life style or diseases Several providers partnered with Hannover Re for product development 6 Enhanced Annuities in Asia
8 Product concept today Combine medical and actuarial expertise Doctors experience and medical statistics Estimated Life Expectancy (ELE) Maximum Probable Life Expectancy (MPLE) Reduction in Life Expectancy Actuarial Provide reference ELE/MPLE (population, healthy, ) Transfer ELE/MPLE to different age group Compare with statistical data Automated Underwriting System to provide individual Survival Curve 7 Enhanced Annuities in Asia
9 Survival Curves Three examples Disease depending Survival Curves Healthy Non-Smoker Diabetes Cancer 8 Enhanced Annuities in Asia
10 The crystal ball Mortality improvement assumptions Period Life Expectancy: Male Age RF80 RF92 Historic data sc mc lc 9 Enhanced Annuities in Asia
11 Enhanced Annuities UK Impressive growth of a niche market Development UK Enhanced Annuity Market in bn. GBP First Automated UW System Standard annuity providers entered Enhanced Segment using HR UW Systems : EA volume 4.48bn GBP representing 20% of total annuity market 10 Enhanced Annuities in Asia
12 Required market environment Regulatory environment Perception of longevity risk Tax rules lead to annuitization Substantial retirement savings Availability of mortality experience and other relevant data for annuitants Market education and government support needed 11 Enhanced Annuities in Asia
13 Agenda Concept of Enhanced Annuities Enhanced Annuity Product in UK Market today Success factors Asian Market: Singapore Overview Demographic structure Pension System and Market Outlook 12 Enhanced Annuities in Asia
14 Republic of Singapore Facts and figures and some economic data (2012 est.): GDP: $331.9 billion Public debt 111.4% of GDP Premiums per capita (life business): $2471 Unemployment rate 1.9% Pension fund assets to GDP in 2012 were 59.96% (average in the rest of OECD: 60%) note: data in US dollars Area: 697 km 2 Slightly more than 3.5 times the size of Washington, DC Population (2012 est.): 5.3 million Source : The World Factbook; sigma No 3/2013: World Insurance in Enhanced Annuities in Asia
15 Demographic challenge Singapore is set to become one of the oldest countries in the world Past and future - from 1950 to Life Expectancy (years) Women Men 58.8 T Life Expectancy at birth and total Fertility Rate per country (est. 2013) Singapore Malaysia China Indonesia Japan UK Germany US Fertility Rate (children born/woman) Life Expectancy (years) Source: US Census, The lowest Fertility Rate and one of the highest Life Expectancies One of Asia's countries being hit the hardest by demographic challenge 14 Enhanced Annuities in Asia
16 Population pyramids Results of a declining birth rate and low mortality rate Prognosis for 2050: Expected increase in total population is 64% generation 65+ is 423% generation 85+ is 761% Source: US Census Bureau 15 Enhanced Annuities in Asia
17 Pension System in Singapore Institutional Framework One pillar pension system: mandatory defined contribution scheme run by a Central Provident Fund (CPF) provides most social security functions Funded by employers and employees contributions employee employer age dependant subject to a cap of SGD 4,500 (per month) average of 34.5% of wage CPF CPF savings earn a minimum risk-free interest rate of 2.5% guaranteed by the government Source: Pension Funds Online 16 Enhanced Annuities in Asia
18 Pension System in Singapore Institutional Framework One pillar pension system: mandatory defined contribution scheme run by a Central Provident Fund (CPF) provides most social security functions Funded by employers and employees contributions employee employer Medisave Account (MA) CPF Ordinary Account (OA) Special Account (SA) Contributions are credited to three accounts; split depends on the employee s age, majority goes to the Ordinary Account Source: Pension Funds Online 17 Enhanced Annuities in Asia
19 Minimum Sum...supports a basic standard of living during retirement Since 1987: Minimum Sum is the minimum amount that CPF members must set aside upon reaching 55 in 1987 MS was $30,000 in 2013 MS is $148,000 Introduced to help CPF members to provide a modest standard of living, by fixed monthly pay-outs from Drawdown Age (DDA) for about 20 years Medisave Minimum Sum Medisave Account (MA) Ordinary Account (OA) Special Account (SA) age 55 Minimum Sum (MS) Retirement Account (RA) Source: CPF LIFE Retire with Peace of Mind 21 Enhanced Annuities in Asia
20 Minimum Sum...supports a basic standard of living during retirement Options for using the Minimum Sum: CPF Drawdown product Minimum Sum (MS) Retirement Account (RA) CPF LIFE annuity Members born before 1958 can choose between drawdown and annuity Members born in 1958 and later have to take lifelong CPF LIFE annuity Opt out only possible in very specific circumstances Source: CPF LIFE Retire with Peace of Mind 22 Enhanced Annuities in Asia
21 Leaving CPF LIFE Withdrawal limitations and opting-out At age 55 members can withdraw CPF savings in excess CPF Minimum Sum (MS) requirements and Medisave Minimum Sum (MMS) MS in 2013 is $148,000 MMS in 2013 is $40,500 Opt Out only possible if Permanently leaving Singapore/West Malaysia Already receiving a pension or annuity of at least the same size Medical conditions which are likely to reduce life expectancy 23 Enhanced Annuities in Asia
22 CPF LIFE Plan...responds to the rapid aging of the CPF membership base CPF LIFE is the Lifelong Income Scheme For the Elderly, which provides lifelong monthly payments Retirement Account converted into a lifelong annuity payments start at Draw Down Age pay-out depends on life plan chosen, age, sex and Retirement Account balance two plans under CPF LIFE: Basic Plan and Standard Plan, both provide lifelong annuity and bequest (higher bequest on Basic Plan) Source: Understanding your CPF Life Plan, CPF Life Information Booklet 24 Enhanced Annuities in Asia
23 The little difference... in case of a Male (born 1947) with $50,000 Condition Healthy Several times in hospital due to heart attack, ECG, breathlessness climbing stairs Lung Cancer, lymph node metastases, currently treated with chemotherapy CPF LIFE Standard CPF LIFE Basic Monthly annuity plus bequest plus bequest Bequest under CPF LIFE plans under specific age: Age CPF LIFE Standard CPF LIFE Basic 75 $19,154 - $20,774 $36,553 - $36, $0 $17,765 - $17, $0 $0 Source:CPF LIFE Payout Estimator, computed as at 21 Aug 2013 note: interest rate for HLR calculations is 3,5% 25 Enhanced Annuities in Asia
24 Central Provident Fund...one of the world s largest defined contribution schemes CPF volumes in 2012 (in Singapore Dollar) overall Period CPF Life Gross Contribution Received (SGD) Q Q Q Q Total billion billion billion billion billion for Ordinary, Special, Medisave and Retirement Account Total Member s Balance Ordinary Account Special Account Medisave Account Retirement Account and others 214,127.9 million 87,520.4 million 49,100.8 million 55,901.6 million 21,605.0 million Source: note: 1SGD equals 0.59 EUR 26 Enhanced Annuities in Asia
25 Central Provident Fund...one of the world s largest defined contribution schemes More and more CPF members Year Number of Members million million million Not only number of members but also average age is increasing Age Proportion % 0-24 years 25% years 69% 55+ years Age Proportion % 23% 68% Source: Central Provident Fund Board (CPF), CPF Trends: Changing Age Structure of CPF members: Membership in Brief. 27 Enhanced Annuities in Asia
26 Agenda Concept of Enhanced Annuities Enhanced Annuity Product in UK Market today Success factors Asian Market: Singapore Overview Demographic structure Pension System and Market Outlook 28 Enhanced Annuities in Asia
27 Outlook Concept of Enhanced Annuities transferable to Singapore? Summary: + Substantial savings at retirement + Mandatory annuitization for minimum fund Exception rule for members with health issues? Attractiveness of Enhanced Annuitiy quote Worthwhile exploring the opportunity 29 Enhanced Annuities in Asia
Disclaimer. constitute legal, accounting, tax or other professional advice.
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