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Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings
Finaccord, Nov 2011
Finaccord's report titled Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings offers fresh and valuable insights into the distribution by banks and other lending institutions of these types of product across 20 European countries.
Drawing on a survey of nearly 1,200 banking entities, the study finds that 48.6% offer at least one form of investment-related life insurance or retirement savings product, giving a total of over 1,000 initiatives. Hence, given that the aggregate market for investment-related life insurance and retirement savings across the 20 countries was worth around EUR 635.9 billion in premiums in 2010, it is clear that banking institutions can intermediate a significant volume of business in these sectors, especially as they are the dominant distribution channel in many countries.
In addition to identifying schemes for the distribution of investment-related life insurance and retirement savings through the bancassurance channel, the research also classifies and analyses these according to the operating model used, distinguishing, for example, between captive, joint venture and external product providers. It also calculates the weighted share of partnerships of the providers involved, thereby specifying not only which competitors hold which partnerships but also illustrating which competitors hold the most significant distribution deals.
KEY FINDINGS
Key findings from the executive summary include:
- an analysis of the share of ultimate holding companies of bancassurance partnerships for investment-related life insurance and retirement savings, weighted by customer numbers and by the approximate value of premiums distributed through the bank channel in each country, reveals that CNP Assurances, Crédit Agricole, Crédit Mutuel, BNP Paribas and Intesa Sanpaolo are the leading European groups by this measure;
- given that AXA and Société Générale also rank among the top eight groups, the success of French bancassurers both in their domestic market and elsewhere in Europe is apparent;
- the fastest growth in the underlying markets for investment-related life insurance and retirement savings between 2006 and 2010 came in Turkey, where premiums rose by 37.1% a year on average, followed by Romania and Russia, with compound annual increases of 18.5% and 15.6%, respectively;
- more than 75% of the banking institutions researched in Spain were distributing investment-related life insurance at the time of the research, but this figure fell to below 5% in Russia..
WHO SHOULD BUY THIS REPORT
The research can be used by:
1. Insurance providers and investment managers:
this study is a uniquely comprehensive guide to a major segment within Europe's bancassurance market that can be used to identity partnership opportunities and to monitor competitor activity;
2. Banks and other lending institutions:
the research will help banking entities to understand how their bancassurance strategy compares to that of other comparable institutions both in their domestic market and across Europe as a whole;
3. Management consultancies:
are you helping an insurance company, investment manager or bank with its bancassurance strategy in the specific field of investment-related life insurance or retirement savings? Understand the current status of bank distribution of these two product categories in Europe, saving time and effort on researching the subject yourself;
4. Investment banks and private equity companies:
with banking institutions under financial pressure in many European countries, this research may be useful to understanding where there is scope for them to divest captive or joint venture providers in order to raise capital.
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