The variable life insurance market size has grown strongly in recent years. It will grow from $123.41 billion in 2023 to $130.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%.The growth observed in the historic period can be attributed to several factors, including the attraction of investment components, estate planning and wealth transfer considerations, market participation leading to investment growth, flexibility in premium payments, and the tax advantages associated with such investment vehicles.
The variable life insurance market size is expected to see strong growth in the next few years. It will grow to $170.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period is expected to result from heightened awareness regarding financial planning, demographic changes influencing inheritance planning, emphasis on risk management and diversified investments, demand for customized and tailored insurance policies, and the need for retirement planning solutions. Major trends expected during this period include the adoption of predictive analytics for better risk assessment, expansion of online sales and distribution channels, collaborations with insurtech startups, the introduction of wellness and health incentives within insurance policies, and efforts to enhance customer education and financial literacy.
The rapid expansion of the insurance industry is poised to propel the variable life insurance market. Factors such as heightened awareness, a burgeoning middle class, and economic development contribute to the insurance industry's growth. OECD reported a rise in total gross premiums in 2020 to $5225 billion from $5031 billion in 2019 across member countries. Major players such as the US and the UK contributed significantly, reporting premiums of $2934 billion and $380.90 billion, respectively. This rapid industry growth significantly impacts the variable life insurance sector.
Favorable government regulations and policies are anticipated to drive the variable life insurance market's growth. These supportive frameworks, ensuring consumer protection, fee transparency, and product suitability, foster trust and compliance within the variable life insurance sector. The US Department of Treasury reported a historic $819 billion in direct premiums written for the life and health sector in 2021, marking nearly 7% growth from 2020. The resurgence of interest in life insurance due to pandemic-related mortality and morbidity increases contributed to this substantial growth. Favorable government regulations play a pivotal role in bolstering the variable life insurance market.
Companies are actively introducing innovative life insurance products to fortify their market positions. Prudential Financial, Inc., a leading US-based insurance company, unveiled Prudential FlexGuard Life in November 2022. This innovative index-variable universal life insurance policy is tailored to meet evolving customer life insurance needs. Offering death benefit protection with flexible duration options and multiple avenues to enhance cash values, the policy includes the flexibility to access death benefits in case of chronic or terminal illness with the addition of a necessary rider. The adaptable nature of Prudential FlexGuard Life empowers customers to tailor their coverage according to their evolving needs and provides access to cash values when required, offering a unique opportunity to secure a legacy and avail living benefits.
Innovative developments in the variable life insurance market revolve around leveraging advanced technologies, notably digital platforms, to enhance customer accessibility and policy management. OneAmerica, a reputable US-based financial services mutual holding organization, launched a Variable Universal Life (VUL) insurance product in September 2022. This product amalgamates protective strategies with investment opportunities, empowering individuals to secure protection while accruing cash value through investments. The incorporation of digital platforms enables policyholders to seamlessly track investments, manage premiums, and make policy adjustments, reflecting OneAmerica's commitment to offering diverse options and a customer-centric approach.
In February 2021, KKR & Co. Inc., a prominent US-based investment management company, completed the acquisition of Global Atlantic Financial Group Limited for $90 billion. This substantial acquisition positions KKR & Co. Inc. as a leading provider of annuity and life insurance services in the United States. The strategic move aims to broaden the company's offerings, enabling the provision of appealing options for clients and securing increased long-term funding. Global Atlantic Financial Group Limited, a US-based insurance company, boasts a diverse range of life insurance products.
Major companies operating in the variable life insurance market report are Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China Ltd., Allianz SE, AXA SA, Japan Post Holdings Co. Ltd., MetLife Inc., Munich Reinsurance Group, Prudential PLC, New York Life Insurance Company, American International Group Inc., Allstate Corporation, Nationwide Mutual Insurance Company, Swiss Reinsurance Company Ltd., Chubb Limited, Nippon Life Insurance Company, Zurich Insurance Group AG, Massachusetts Mutual Life Insurance Company, Northwestern Mutual Life Insurance Company, Aflac Incorporated, Lincoln National Corporation, Principal Financial Group Inc., Aviva PLC, Manulife Financial Corporation, Protective Life Corporation, The Penn Mutual Life Insurance Company, AIA Group Limited, Ohio National Financial Services Inc., John Hancock Life Insurance Company (USA), Generali Assicurazioni SPA, Metropolitan Life Insurance Company.
North America was the largest region in the variable life insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global variable life insurance market report during the forecast period. The regions covered in the variable life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the variable life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Variable life insurance primarily consists of fixed premium and variable universal life insurance. Fixed premiums entail regular payments to an insurance company for coverage within a specific policy. Key components include death benefits and additional add-on benefits. These insurance products serve various end-users, including agencies, brokers, bancassurance, and digital and direct channels.
The variable life insurance market research report is one of a series of new reports that provides variable life insurance market statistics, including variable life insurance industry global market size, regional shares, competitors with a variable life insurance market share, detailed variable life insurance market segments, market trends and opportunities, and any further data you may need to thrive in the variable life insurance industry. This variable life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The variable life insurance market includes revenues earned by entities by providing cash value, investment variety, and flexible premiums. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The variable life insurance market size is expected to see strong growth in the next few years. It will grow to $170.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period is expected to result from heightened awareness regarding financial planning, demographic changes influencing inheritance planning, emphasis on risk management and diversified investments, demand for customized and tailored insurance policies, and the need for retirement planning solutions. Major trends expected during this period include the adoption of predictive analytics for better risk assessment, expansion of online sales and distribution channels, collaborations with insurtech startups, the introduction of wellness and health incentives within insurance policies, and efforts to enhance customer education and financial literacy.
The rapid expansion of the insurance industry is poised to propel the variable life insurance market. Factors such as heightened awareness, a burgeoning middle class, and economic development contribute to the insurance industry's growth. OECD reported a rise in total gross premiums in 2020 to $5225 billion from $5031 billion in 2019 across member countries. Major players such as the US and the UK contributed significantly, reporting premiums of $2934 billion and $380.90 billion, respectively. This rapid industry growth significantly impacts the variable life insurance sector.
Favorable government regulations and policies are anticipated to drive the variable life insurance market's growth. These supportive frameworks, ensuring consumer protection, fee transparency, and product suitability, foster trust and compliance within the variable life insurance sector. The US Department of Treasury reported a historic $819 billion in direct premiums written for the life and health sector in 2021, marking nearly 7% growth from 2020. The resurgence of interest in life insurance due to pandemic-related mortality and morbidity increases contributed to this substantial growth. Favorable government regulations play a pivotal role in bolstering the variable life insurance market.
Companies are actively introducing innovative life insurance products to fortify their market positions. Prudential Financial, Inc., a leading US-based insurance company, unveiled Prudential FlexGuard Life in November 2022. This innovative index-variable universal life insurance policy is tailored to meet evolving customer life insurance needs. Offering death benefit protection with flexible duration options and multiple avenues to enhance cash values, the policy includes the flexibility to access death benefits in case of chronic or terminal illness with the addition of a necessary rider. The adaptable nature of Prudential FlexGuard Life empowers customers to tailor their coverage according to their evolving needs and provides access to cash values when required, offering a unique opportunity to secure a legacy and avail living benefits.
Innovative developments in the variable life insurance market revolve around leveraging advanced technologies, notably digital platforms, to enhance customer accessibility and policy management. OneAmerica, a reputable US-based financial services mutual holding organization, launched a Variable Universal Life (VUL) insurance product in September 2022. This product amalgamates protective strategies with investment opportunities, empowering individuals to secure protection while accruing cash value through investments. The incorporation of digital platforms enables policyholders to seamlessly track investments, manage premiums, and make policy adjustments, reflecting OneAmerica's commitment to offering diverse options and a customer-centric approach.
In February 2021, KKR & Co. Inc., a prominent US-based investment management company, completed the acquisition of Global Atlantic Financial Group Limited for $90 billion. This substantial acquisition positions KKR & Co. Inc. as a leading provider of annuity and life insurance services in the United States. The strategic move aims to broaden the company's offerings, enabling the provision of appealing options for clients and securing increased long-term funding. Global Atlantic Financial Group Limited, a US-based insurance company, boasts a diverse range of life insurance products.
Major companies operating in the variable life insurance market report are Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China Ltd., Allianz SE, AXA SA, Japan Post Holdings Co. Ltd., MetLife Inc., Munich Reinsurance Group, Prudential PLC, New York Life Insurance Company, American International Group Inc., Allstate Corporation, Nationwide Mutual Insurance Company, Swiss Reinsurance Company Ltd., Chubb Limited, Nippon Life Insurance Company, Zurich Insurance Group AG, Massachusetts Mutual Life Insurance Company, Northwestern Mutual Life Insurance Company, Aflac Incorporated, Lincoln National Corporation, Principal Financial Group Inc., Aviva PLC, Manulife Financial Corporation, Protective Life Corporation, The Penn Mutual Life Insurance Company, AIA Group Limited, Ohio National Financial Services Inc., John Hancock Life Insurance Company (USA), Generali Assicurazioni SPA, Metropolitan Life Insurance Company.
North America was the largest region in the variable life insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global variable life insurance market report during the forecast period. The regions covered in the variable life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the variable life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Variable life insurance primarily consists of fixed premium and variable universal life insurance. Fixed premiums entail regular payments to an insurance company for coverage within a specific policy. Key components include death benefits and additional add-on benefits. These insurance products serve various end-users, including agencies, brokers, bancassurance, and digital and direct channels.
The variable life insurance market research report is one of a series of new reports that provides variable life insurance market statistics, including variable life insurance industry global market size, regional shares, competitors with a variable life insurance market share, detailed variable life insurance market segments, market trends and opportunities, and any further data you may need to thrive in the variable life insurance industry. This variable life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The variable life insurance market includes revenues earned by entities by providing cash value, investment variety, and flexible premiums. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Variable Life Insurance Market Characteristics3. Variable Life Insurance Market Trends and Strategies32. Global Variable Life Insurance Market Competitive Benchmarking33. Global Variable Life Insurance Market Competitive Dashboard34. Key Mergers and Acquisitions in the Variable Life Insurance Market
4. Variable Life Insurance Market - Macro Economic Scenario
5. Global Variable Life Insurance Market Size and Growth
6. Variable Life Insurance Market Segmentation
7. Variable Life Insurance Market Regional and Country Analysis
8. Asia-Pacific Variable Life Insurance Market
9. China Variable Life Insurance Market
10. India Variable Life Insurance Market
11. Japan Variable Life Insurance Market
12. Australia Variable Life Insurance Market
13. Indonesia Variable Life Insurance Market
14. South Korea Variable Life Insurance Market
15. Western Europe Variable Life Insurance Market
16. UK Variable Life Insurance Market
17. Germany Variable Life Insurance Market
18. France Variable Life Insurance Market
19. Italy Variable Life Insurance Market
20. Spain Variable Life Insurance Market
21. Eastern Europe Variable Life Insurance Market
22. Russia Variable Life Insurance Market
23. North America Variable Life Insurance Market
24. USA Variable Life Insurance Market
25. Canada Variable Life Insurance Market
26. South America Variable Life Insurance Market
27. Brazil Variable Life Insurance Market
28. Middle East Variable Life Insurance Market
29. Africa Variable Life Insurance Market
30. Variable Life Insurance Market Competitive Landscape and Company Profiles
31. Variable Life Insurance Market Other Major and Innovative Companies
35. Variable Life Insurance Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Variable Life Insurance Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on variable life insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for variable life insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Fixed Premium; Variable Universal Life Insurance
2) By Components: Death benefits; Add-on benefits
3) By End-user: Agency; Brokers; Bancassurance; Digital and Direct Channel
Key Companies Mentioned: Berkshire Hathaway Inc.; Ping An Insurance (Group) Company of China Ltd.; Allianz SE; AXA SA; Japan Post Holdings Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Berkshire Hathaway Inc.
- Ping An Insurance (Group) Company of China Ltd.
- Allianz SE
- AXA SA
- Japan Post Holdings Co. Ltd.
- MetLife Inc.
- Munich Reinsurance Group
- Prudential plc
- New York Life Insurance Company
- American International Group Inc.
- Allstate Corporation
- Nationwide Mutual Insurance Company
- Swiss Reinsurance Company Ltd
- Chubb Limited
- Nippon Life Insurance Company
- Zurich Insurance Group AG
- Massachusetts Mutual Life Insurance Company
- Northwestern Mutual Life Insurance Company
- Aflac Incorporated
- Lincoln National Corporation
- Principal Financial Group Inc.
- Aviva plc
- Manulife Financial Corporation
- Protective Life Corporation
- The Penn Mutual Life Insurance Company
- AIA Group Limited
- Ohio National Financial Services Inc.
- John Hancock Life Insurance Company (USA)
- Generali Assicurazioni SPA
- Metropolitan Life Insurance Company
Methodology
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