Contents:

INTRODUCTION Databook structure EUROPEAN OVERVIEW Overview European regulation - European Financial Services Action Plan - European Pensions Directive - Other European-wide pension reforms - European solvency rules for Life Insurers - Gender Directive BELGIUM Overview Market segmentation Investment assets Competititors Forecasts Belgian regulation - Belgian pension provision - Life Insurance Reform DENMARK Overview Market segmentation Investment assets Competitors Forecasts Danish regulation - Pension Provision FINLAND Overview Market segmentation Investment assets Competitors Forecasts Finnish regulation - Pension provision - Life Insurance reforms FRANCE Overview Market segmentation Investment assets Competitors French company profiles - Predica - CNP Assurance - AXA life & savings Forecas French regulation - Pension provision - Life Insurance reform GERMANY Overview Market segmentation Investment assets Competitors German company profiles - Allianz Leben - AMB Generali - Ergo Forecasts German regulation - Pension Provision - Life Insurance reform IRELAND Overview Market segmentation Investment assets Competitors Forecasts Irish regulation - Pension provision ITALY Overview Market segmentation Investment assets Competititors Italian company profiles - RAS - Generali - San Paolo Vita Forecasts Italian regulation - Pension System - Pension reform NETHERLANDS Overview Market segmentation Investment assets Competitors Forecasts Dutch regulation - Pension provision NORWAY Overview Market segmentation Investment assets Competitors Forecasts Norwegian regulation - Pension provision - Pensions reform SPAIN Overview Market Segmentation Investment assets Competitors Spanish company profiles - Mapfre Vida - Vidacaixa - BBVA Seguros Forecasts Spanish regulation - Pension provision SWEDEN Overview Market segmentation Investment assets Competitors Forecasts Swedish regulation - Pension Provision - Pensions reform SWITZERLAND Overview Market segmentation Investment assets Competititors Forecasts Swiss regulation - Pension provision - The Swiss Life Insurance Market UNITED KINGDOM Overview Investment assets Competitors UK company profiles - Standard Life - UK activities - Aviva - Prudential Forecasts United Kingdom regulation - Pension Provision - Pension reform APPENDIX LIST OF TABLES Table1: European life and pensions market 1998-2003e Table 2: European life insurance and pensions market segmented by country Table3: European life insurance and pensions premiums, segmented by buyer, 1998-2003e Table 4: European life insurance and pensions premiums, segmented by investment risk, 1998-2003e Table 5: Distribution of European investment assets 1998-2002 Table 6: The top five competitors in each European country, ranked by 2002 market share Table 7: Belgian life and pension premium income segmented by product 1998-2003e Table 8: Belgian Life and pensions insurance premium income segmented by buyer 1998-2003e Table 9: Belgian life and pensions insurance premium income by method of payment of premium 1998-2003e Table 10: Belgian life and pensions insurance premium income by investment risk 1998-2003e Table 11: Belgian life insurance and pensions, benefits paid, 1998-2003e Table 12: Belgian life insurance and pensions, expenses, 1998-2002 Table 13: Investment assets of Belgian life insurance and pensions companies, 1998-2002 Table 14: Life insurance and pensions premiums of top competitors in Belgium, 1998-2002 Table 15: Life insurance and pensions market share of top competitors in Belgium, 1998-2002 Table16: Forecasts for the Belgian life and pensions market, 2003e-2008f Table 17: Danish life insurance and pensions premium income market, 1998-2003e Table 18: Danish life insurance and pensions premiums, segmented by buyer, 1998-2003e Table 19: Danish life insurance and pensions premiums, segmented by method of payment, 1998-2003e Table 20: Danish retail life and pensions premiums, segmented by investment risk, 1998-2003e Table 21: Danish life insurance and pensions, benefits paid, 1998-2003e Table 22: Danish life insurance and pensions, expenses, 1998-2003e Table 23: Danish life and pensions, number of policies, 1998-2003e Table 24: Investment assets of Danish life insurance and pensions companies, 1998-2003e Table 25: Life insurance and pensions premiums of top competitors in Denmark, 1998-2003e Table 26: Life and pensions market share of the top competitors in Denmark, 1997-2001 Table27: Forecast for the Danish life and pensions market, 2003e-2008f Table 28: Finnish life insurance and pensions premium income market, 1998-2003e Table 29: Finnish life insurance and pensions premiums,segmented by buyer, 1998-2003e Table 30: Finnish life insurance and pensions premiums, segmented by method of payment, 1998-2003e Table 31: Finnish life insurance and pensions premiums, segmented by type of contract, 1998-2003e Table 32: Finnish life insurance and pensions premiums, segmented by investment risk, 1998-2003e Table 33: Finnish life insurance and pensions, benefits paid, 1998-2003e Table 34: Finnish life and pensions, number of policies, 1998-2003e Table 35: Investment assets of Finnish life insurance and pensions companies, 1998-2003e Table 36: Life insurance and pensions premiums of top competitors in Finland, 1998-2002 Table 37: Life insurance and pensions market share of top competitors in Finland, 1998-2002 Table 38: Forecast for the Finish life and pensions market, 2003e-2008f Table 39: French life insurance and pensions premium income market, 1998-2003e Table 40: French life insurance and pensions premiums, segmented by buyer, 1998-2003e Table 41: French life insurance and pensions premiums, segmented by method of payment, 1998-2003e Table 42: French life insurance and pensions premiums, segmented by type of contract, 1998-2003e Table 43: French life insurance and pensions premiums,segmented by investment risk, 1998-2003e Table 44: French life insurance and pensions, benefits paid,1998-2003e Table 45: French life insurance and pensions, expenses, 1998-2002 Table 46: French life and pensions, number of policies, 1998-2003e Table 47: Investment assets of French life insurance and pensions companies, 1998-2002 Table 48: Life insurance and pensions premiums of top competitors in France, 1998-2002 Table 49: Life insurance and pensions market share of top competitors in France, 1998-2002 Table 50: Predica results 2001-2002 Table 51: CNP Assurance premiums by category and savings products, 2000-2003 Table 52: CNP Assurance, key figures, 2003-2000 Table 53: AXA underlying savings life and pensions, 2002-2003 Table 55: Forecast for the French life and pensions market, 2003e-2008f Table 56: German life insurance and pensions premium income market, 1998-2003e Table 57: German life insurance and pensions premiums, segmented by buyer, 1998-2003e Table 58: German life insurance and pensions premiums, segmented by method of payment, 1998-2003e Table 59: German life insurance and pensions premiums, segmented by investment risk, 1998-2003e Table 60: German life insurance and pensions, benefits paid, 1998-2003e LIST OF FIGURES Figure 1: The European life and pensions markets have both grown between 1998 and 2003e Figure 2: The changes in value of the FTSE 100 demonstrate the connection between performance of global equity markets and life insurance investments Figure 3: The UK has the largest life and pensions market in Europe Figure 4: The majority of European business is comprised of individual contracts Figure 5: The majority of European contracts are non unit-linked Figure 6: The greatest proportion of European life and pension assets was held in bonds and cash in 2003e Figure 7: The concentration of the life and pensions market varies greatly between European countries Figure 8: Pensions represent a small proportion of the total Belgian market Figure 9: Premium income in Belgian group schemes has remained constant while individual schemes have grown Figure 10: Sales of unit-linked products have declined, after an initial spurt Figure 11: Investment assets of Belgian life insurance and pensions companies, 1998-2002 Figure 12: Market share of the top competitors in the Belgian life insurance and pensions market share, 2002 Figure 13: The total Belgian life and pensions market is forecast to grow by a compound annual rate of 17.5% between 2003e and 2008f Figure 14: Pension products make up the majority of the Danish market Figure 15: The value of group new premium income remains a small proportion of the total market Figure 16: Non unit-linked products dominate the Danish life and pensions market Figure 17: The equity share of Danish investment assets has fallen while bonds have increased Figure 18: The top five Danish life and pension companies held 66.9% of the market in 2002 Figure 19: The total Danish market is forecast to grow by 12.7% between 2003e and 2008f Figure 20: Pensions make up the largest proportion of the life and pensions market in Finland Figure 21: The majority of Finnish pension premiums are generated through group policies Figure 22: Premiums on new contracts have declined between 1998 and 2003e Figure 23: Non unit-linked products dominate the Finnish market Figure 24: The equity share of investment assets in Finland has fallen Figure 25: The Finnish life and pensions market is highly concentrated Figure 26: The total Finnish life and pensions markets is forecast to grow by a compound annual rate of 14.4% between 2003e and 2008f Figure 27: The French market is mainly comprised of life products Figure 28: The majority of the French market is comprised of individual premiums Figure 29: Premiums on existing contracts have grown by more than on new contracts between 1998 and 2003e Figure 30: Non unit-linked products dominate the French market Figure 31: The majority of French investment assets are held in bonds Figure 32: The five largest competitors in France held a 42.8% share of the market in 2002 Figure 33: The total French market is forecast to grow by a compound annual rate of 10.3% between 2003e and 2008f Figure 34: The German life and pension market is dominated by life products Figure 35: The German market is dominated by individual premium products Figure 36: The majority of German investment assets were held in bonds in 2002 Figure 37: The German market is relatively fragmented Figure 38: The German life and pensions markets are forecast to continue growing at the 2003e rate Figure 39: Pensions have increased their significance in the Irish market between 1998 and 2003e Figure 40: Individual and group contracts grew by the same amount between 1998 and 2003e Figure 41: Non unit-linked products play a minor role in the Irish life and pensions market Figure 42: Premiums on existing contracts grew faster than on new contract between 1998 and 2003e Figure 43: The majority of Irish assets are held in unsegmented unit-linked investments Figure 44: The top five competitors in Ireland hold a market share of 69.0% Figure 45: The total Irish life and pensions market is forecast to grow by a compound annual growth rate of 9.3% between 2003e and 2008f Figure 46: Almost the entire Italian market consists of life products Figure 47: The Italian market is dominated by individual contracts Figure 48: Premiums on new contracts have grown faster than those paid on existing contracts Figure 49: The non unit-linked market has overtaken the unit-linked market Figure 50: In 2002, bonds made up 70.5% of the investment assets of Italian life and pensions companies Figure 51: The Italian market is highly fragmented Figure 52: Between 2003e and 2008f, the total Italian market will be comprised almost entirely of life products Figure 53: The Dutch life and pensions market is dominated by life business Figure 54: Individual premiums dominate the Dutch life and pensions market Figure 55: The unit-linked and non unit-linked markets are of a similar size in the Netherlands Figure 56: Equities make up the largest proportion of investment assets for Dutch life and pensions companies Figure 57: The Dutch market is relatively concentrated Figure 58: The total Dutch life and pensions market is forecast to grow by a compound annual rate of 6.2% between 2003e and 2008f Figure 59: Pensions dominate the Norwegian life and pensions market Figure 60: There has been a substantial growth in group policies between 1998 and 2003e