Whole Life Insurance in the UK, Key Trends and Opportunities to 2018

Published: Nov, 2014 | Pages: 58 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

The report provides market analysis and insights into the UK whole life insurance business.

It also provides a snapshot of market size and dynamics.

Furthermore, the report discusses key drivers, distribution channels and the outlook for the market.

It also summarises deals, news and regulatory developments in the category.

Executive summary

This report is the result of extensive research into the whole life insurance market in the UK, covering the market dynamics, outlook and competitive landscape. It provides estimates of the market size and forecasts for the whole life insurance market, and discusses key products and distribution channels. The report also provides an overview of leading companies in the category, along with details of strategic initiatives undertaken.

Scope

This report provides a comprehensive analysis of the whole life insurance market in the UK.

It provides historical values for the UK whole life insurance market for the report’s 2009–2013 review period and forecast figures for the 2014–2018 forecast period.

It offers estimates of new business premiums collected in the market.

It provides an overview of market dynamics and drivers.

It profiles top whole life insurers in the UK and outlines key challenges facing them.

Reasons to buy

Gain an understanding of the UK whole life insurance market.

Learn about the performance of market drivers, distribution channels and market dynamics.

Explore types of products and key competitors in the category.

Find out more on key deals and recent developments in the market.

Key highlights

Whole life insurance remains a hard product to sell.

Providers expected to promote versatility of the whole life cover.

Advisers are finding it difficult to engage clients on protection.

Individually underwritten plans are expected to increase in popularity.

Premium growth is expected to settle at 1.6% by 2018.

 Table of 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 
3.1.1 UK long-term protection market, new regular business premiums by category 
3.1.2 Whole life insurance new regular business premiums by product 
3.1.3 Non-profit whole life insurance 
3.1.4 With-profits whole life insurance 
3.1.5 Linked whole life insurance 
3.1.6 UK life single-premium new business 
3.2 Market Drivers 
3.3 Market Outlook
3.4 Distribution Channels 

4 Competitive Landscape
4.1 Review – The Best Performers of 2013 
4.2 Whole Life Insurance – SWOT Analysis 

5 Deals and News 
5.1 Aegon UK Launches IHT-Focused Whole of Life Policy 
5.2 Family Investments and Engage Mutual to Merge 
5.3 Zurich Launches Whole of Life Cover Online 
5.4 Engage Mutual Over-50s Customers to Claim for Terminal Illnesses 
5.5 Skandia Enhances Life Cover for IHT Planning 
5.6 Legal & General Overhauls Underwriting Processes 
5.7 LV= Enhances Whole of Life Cover 

6 Regulation and Compliance 
6.1 Regulatory Changes 
6.1.1 Risk selection by gender has been outlawed 
6.1.2 Retail Distribution Review (RDR) 
6.1.3 Inheritance tax 
6.1.4 Solvency II 

7 Economic Backdrop 
7.1 Real GDP Growth 
7.2 Demographics 
7.3 Labor Market 
7.4 Inheritance Tax 
7.5 GDP per Capita and Household Disposable Income 

8 Company Profiles 
8.1 Axa UK Plc – Company Overview 
8.1.1 Axa UK Plc – key facts 
8.1.2 Axa UK Plc – main products 
8.1.3 Axa UK Plc – main competitors 
8.1.4 Axa UK Plc – key employees 
8.2 Aviva Plc – Company Overview 
8.2.1 Aviva Plc – key facts 
8.2.2 Aviva Plc – main products 
8.2.3 Aviva Plc – main competitors 
8.2.4 Aviva Plc – key employees 
8.3 Engage Mutual Assurance – Company Overview 
8.3.1 Engage Mutual Assurance – key facts 
8.3.2 Engage Mutual Assurance – main products 
8.3.3 Engage Mutual Assurance – main competitors 
8.3.4 Engage Mutual Assurance – key employees 
8.4 Legal & General Group Plc – Company Overview 
8.4.1 Legal & General Group Plc – key facts 
8.4.2 Legal & General Group Plc – main products 
8.4.3 Legal & General Group Plc – main competitors 
8.4.4 Legal & General Group Plc – key employees 
8.5 Liverpool Victoria Group – Company Overview 
8.5.1 Liverpool Victoria Group – key facts 
8.5.2 Liverpool Victoria Group – main products 
8.5.3 Liverpool Victoria Group – main competitors 
8.5.4 Liverpool Victoria Group – key employees 
8.6 Lloyds Banking Group Plc – Company Overview 
8.6.1 Lloyds Banking Group Plc – key facts 
8.6.1 Lloyds Banking Group Plc – main products 
8.6.2 Lloyds Banking Group Plc – main competitors 
8.6.3 Lloyds Banking Group PLC – key employees 
8.7 Old Mutual Plc – Company Overview 
8.7.1 Old Mutual Plc – key facts 
8.7.2 Old Mutual Plc – main products 
8.7.3 Old Mutual Plc – main competitors 
8.7.4 Old Mutual Plc – key employees
8.8 Prudential Plc – Company Overview 
8.8.1 Prudential Plc – key facts 
8.8.2 Prudential Plc – main products 
8.8.3 Prudential Plc – main competitors 
8.8.4 Prudential Plc – key employees 
8.9 The Royal London Group – Company Overview 
8.9.1 The Royal London Group – key facts 
8.9.2 The Royal London Group – main products 
8.9.3 The Royal London Group – main competitors 
8.9.4 The Royal London Group – key employees 
8.10 Wesleyan Assurance Society – Company Overview 
8.10.1 Wesleyan Assurance Society – key facts 
8.10.2 Wesleyan Assurance Society – main products 
8.10.3 Wesleyan Assurance Society – main competitors 
8.10.4 Wesleyan Assurance Society – key employees 

9 Statistics 
9.1 Review Period: 2009–2013 
9.2 Forecast Period: 2014–2018 

10 Appendix 
10.1 Methodology 
10.2 Contact Timetric 
10.3 About Timetric 
10.4 Timetric’s Services 
10.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions 
Table 2: UK Whole Life Insurance – SWOT Analysis 
Table 3: Axa UK Plc – Key Facts 
Table 4: Axa UK Plc – Main Products 
Table 5: Axa UK Plc – Key Employees 
Table 6: Aviva Plc – Key Facts 
Table 7: Aviva Plc – Main Products 
Table 8: Aviva Plc – Key Employees 
Table 9: Engage Mutual Assurance – Key Facts 
Table 10: Engage Mutual Assurance – Main Products 
Table 11: Engage Mutual Assurance – Key Employees 
Table 12: Legal & General Group Plc – Key Facts 
Table 13: Legal & General Group Plc – Main Products 
Table 14: Legal & General Group Plc – Key Employees 
Table 15: Liverpool Victoria Group – Key Facts 
Table 16: Liverpool Victoria Group – Main Products 
Table 17: Liverpool Victoria Group – Key Employees 
Table 18: Lloyds Banking Group Plc – Key Facts 
Table 19: Lloyds Banking Group Plc – Main Products 
Table 20: Lloyds Banking Group Plc – Key Employees 
Table 21: Old Mutual Plc – Key Facts 
Table 22: Old Mutual Plc – Main Products 
Table 23: Old Mutual Plc – Key Employees 
Table 24: Prudential Plc – Key Facts 
Table 25: Prudential Plc – Main Products 
Table 26: Prudential Plc – Key Employees 
Table 27: The Royal London Group – Key Facts 
Table 28: The Royal London Group – Main Products 
Table 29: The Royal London Group – Key Employees 
Table 30: Wesleyan Assurance Society – Key Facts 
Table 31: Wesleyan Assurance Society – Main Products 
Table 32: Wesleyan Assurance Society – Key Employees 
Table 33: UK Whole Life Insurance – Historical Statistics (GBP Thousand), 2009–2013 
Table 34: UK Whole Life Insurance – Forecast Statistics (GBP Thousand), 2014–2018

List of Figures
Figure 1: UK Whole Life Insurance – Total New Regular Business Premiums (GBP Million), 2009–2013
Figure 2: UK Long-Term Protection Market – Total New Regular Business Premiums by Category (GBP Million), 2009–2013 
Figure 3: UK Whole Life Insurance – New Regular Business Premiums by Product (GBP Million), 2009−2013 
Figure 4: UK Non-Profit Whole Life Insurance – New Regular Business Premiums (GBP Million), 2009−2013 
Figure 5: UK With-Profits Whole Life Insurance – New Regular Business Premiums (GBP Million), 2009−2013 
Figure 6: UK Linked Whole Life Insurance – New Regular Business Premiums (GBP Million), 2009−2013 
Figure 7: UK Life Single-Premium New Business (GBP Million), 2009−2013 
Figure 8: UK Average Cost of Dying (GBP), 2007−2014 
Figure 9: UK Whole Life Insurance – Total New Regular Business Premiums (GBP Million), 2014–2018
Figure 10: UK Commissions Paid by Life Insurers (GBP Million), 2009−2013 
Figure 11: UK Market Shares of the Top 10 Whole Life Insurance Providers (%), 2013 
Figure 12: The UK’s Insurance Regulatory Framework 
Figure 13: UK Real GDP (Billion) and Quarter-on-Quarter Growth (%), 2007–2014 
Figure 14: UK Growing and Aging Population (Years), 1995–2013
Figure 15: UK Population Aged Over 65 Years (%), 2007–2018 
Figure 16: UK Overall Life Expectancy (Years), 1995–2018 
Figure 17: UK Employment and Unemployment Rates (%), 2006–2014 
Figure 18: UK Average Earnings and CPI Annual Growth Rates (%), 2007–2014 
Figure 19: UK Annual House Prices – Rates of Change, All Dwellings (%), January 2004–July 2014 
Figure 20: UK Share of Deaths Subject to IHT (%), 2013/2014–2018/2019
Figure 21: UK Improving Living Standards (GBP), 1997–2013