Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings
NEW YORK, June 17, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
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Finaccord's report titled Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings offers uniquely-detailed insights into the distribution by banks and other lending institutions of these types of product across eight countries: China, Hong Kong, India, Indonesia, Japan, South Korea, Thailand and Vietnam.
Drawing on a survey of over 470 banking entities, the study finds that 45.8% offer at least one form of investment-related life insurance or retirement savings product, giving a total of over 420 initiatives. Hence, given that the aggregate market for investment-related life insurance and retirement savings across the eight countries was worth around USD 710.6 billion in premiums in 2012, it is clear that banking institutions can intermediate a significant volume of business in these sectors, especially as they are an important 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.
International insurance groups with involvement in at least one of the eight bancassurance markets researched include AEGON, Ageas, AIA, Allianz, Aviva, AXA, BNP Paribas, Cigna, Crédit Agricole, Dai-ichi Life, HSBC, ING, Manulife, MassMutual, MetLife, MS&AD, Prudential, Standard Life, Sun Life Financial and Zurich. This study will tell you where they are present and with exactly which banking institutions they work for one or both of investment-related life insurance and retirement savings.
Key findings from the executive summary include:
- the approximate value of the market for investment-related life insurance and retirement savings across the eight countries investigated was USD 710.6 billion in terms of gross written premiums and equivalent revenues in 2012, within which Japan alone accounted for 53.4% of the total;
- Indonesia and Thailand were the fastest-growing markets between 2008 and 2012, with real inflation-adjusted compound annual growth rates of 11.5% and 11.4%, respectively;
- an analysis of the weighted share of ultimate holding companies (i.e. groups) with bancassurance partnerships for investment-related life insurance and retirement savings indicates that MetLife is the leading group by this measure across the eight Asia-Pacific countries under consideration, well ahead of other multi-national competitors;
- however, the international insurance group with bancassurance relationships for these products across the largest number of countries among those researched is Prudential (of the UK), which was found to have established deals with banks in all eight countries.
Table of Contents
0.0 EXECUTIVE SUMMARY
The combined market value across the eight countries amounted to over USD 700 billion in 2012...... albeit growth rates and premiums per capita vary enormously by countryBancassurance is most dominant as a channel for these products in South KoreaNearly a half of entities surveyed have a partnership for investment-related life insurance... rising to almost 60% if specialised lenders are excluded from the analysisThe largest banking institutions in both China and Japan typically collaborate with multiple partnersPrudential of the UK is active in all eight of the Asia-Pacific bancassurance markets researched
1.0 INTRODUCTION
What is this report about?Distribution partnerships with banks and other lending institutions constitute the focus of this reportRationaleNearly half of banking organisations surveyed sell at least one type of the products covered by this reportMethodologySurvey of banks and other lending institutionsMarket dataDefinitionsInvestment-related life insuranceRetirement savingsWeighted provider share of partnershipsOperating modelsAbbreviations and exchange ratesPartnerBASE™ and market data annexeFinaccord
2.0 ASIA-PACIFIC OVERVIEW
IntroductionMarket analysis – investment-related life insurance and retirement savingsJapan accounts for over a half of combined premiums across the eight countries investigatedIn real terms, the markets of Indonesia and Thailand have been growing at an annual rate of over 10%Premiums per capita are highest in Hong Kong, Japan and South KoreaMarket analysis – investment-related life insuranceThe regional market for investment-related life insurance is worth USD 576.9 billionAdjusting for inflation (or deflation) shows Japan's market to be growing most quicklyMarket analysis – retirement savingsRetirement savings policies attracted USD 134 billion in premiums and equivalent revenue in 2012...... although this market is worth less than USD 10 billion in five of the eight countries coveredBancassurance analysisProvision rates and operating models for investment-related life insuranceAcross all eight countries, close to a half of banking entities surveyed offer investment-related policiesUse of multiple product partners is common in China, Japan and South Korea...... while the establishment of joint ventures has occurred most frequently in IndiaOn a weighted basis, the regional split of bancassurance operating models is slightly differentProvision rates and operating models for retirement savingsThe provision rate for retirement savings products is highest among banking entities in IndiaA majority of initiatives are organised in conjunction with a single, external product providerOn a weighted basis, use of multiple external providers becomes more prominent within the totalDistribution share of bancassurance for investment-related life insurance and retirement savingsFinaccord's analysis illustrates the influence of bancassurance on a standardised basisBank sales of investment-related life insurance and retirement savings are most advanced in South Korea......but have made the least progress in India, Japan and VietnamPresence of international groups in the Asia-Pacific bancassurance marketOn a weighted basis, MetLife emerges as the provider with the most valuable partnerships in the region...… with international groups otherwise tending to be crowded out by indigenous competitorsPrudential has established bancassurance partnerships for these products in all eight countries
3.0 CHINA
Banks and other lending institutions coveredIntroduction to the banking sectorAgricultural Bank of China lays claim to the highest number of retail customers in China……while ICBC is the largest bank by assetsThe joint-stock commercial banks provide a full range of banking services……while many city commercial banks have expanded into other regionsThe rural commercial banks were created to improve access to credit for China's village-dwellersForeign banks in China suffer from a lack of funding from retail depositsDoubts about the level of bad loans that may be lurking in the economy hang over the banking sectorIntroduction to bancassuranceBancassurance in China has grown extremely rapidly in recent years...…but new regulations introduced in 2010 seem to have disrupted the expansion……while further regulatory notices issued in 2011 are meant to cut down on bribery and mis-sellingRelationships between banks and insurers have often been weak and sometimes short-lived……as joint ventures between banks and insurers appeared late and remain relatively rare……although there are signs that large financial conglomerates may develop in the foreseeable futureMarket for investment-related life insurance and retirement savingsThe market for investment-related life insurance experienced rapid growth between 2008 and 2012The popularity of unit-linked insurance products has fluctuated greatly in recent yearsThere is a market gap for the provision of pension products for Chinese citizens with higher incomesVariable annuities have been launched in China but are currently not sold through banksDistribution share of banksBancassurance sales for life insurance have soared but new rules have restrained further growthBancassurance provision rates, operating models and partnershipsInvestment-related life insuranceA high proportion of Chinese banks still work with multiple insurance partnersChina Life is the leading provider by weighted share of partnerships……while Taikang can also count on a large number of national agreementsPing An works with both Agricultural Bank of China and China Construction Bank……while Allianz China Life and Sino-US United MetLife also have important deals with large banksNew China Life's reliance on its bancassurance business has made it vulnerable to regulatory changesAIA' s geographical expansion has been relatively slow due to regulatory hurdlesCPIC has a large number of partnerships with smaller banks in China……while Sun Life Everbright has struck agreements with four medium-sized lendersWhile agents provide the main channel for CITIC Prudential, its sales through banks have also grownChina Post Life can sell its policies through the Postal Savings Bank of China and the postal networkHeng An Standard Life was slated for sale to Bank of China in 2010 but the deal broke downChina Construction Bank's partnerships tend to be mostly determined at the local or provincial levelSome recent bancassurance ties seem not to have taken off or are not well marketed by the branchesRetirement savingsMore than a quarter of the Chinese banks surveyed offer retirement productsPerformance of key bancassurance underwritersHSBC Life's income from bancassurance sales accounts for 85% of its entire business……while ING-BoB Life signed its first agreement with Bank of Beijing in Tianjin in June 2011
4.0 HONG KONG
Banks and other lending institutions coveredEconomic backgroundThe service industry dominates Hong Kong's economy……and in terms of ease of doing business the SAR ranks second in the world by one measureIntroduction to the banking sectorHong Kong's banking sector was liberalised in the early years of the 21st centuryWhile the Bank of China is the largest bank in terms of its number of retail customers...…HSBC is the largest group in the SAR by the same measureThe banking sector is highly consolidatedIntroduction to bancassuranceBancassurance in Hong Kong is well-developed, in particular for life and health insurance productsA large number of banks have set up captive insurance subsidiariesThe Hong Kong Monetary Authority might tighten bancassurance regulationsMarket for investment-related life insurance and retirement savingsThe market for investment-related life insurance experienced rapid growth between 2008 and 2012Cover for critical illness and accidental death are often additional features of investment-related policiesHong Kong has established a three-pillar retirement systemDistribution share of banksMore than 50% of new life insurance premiums are expected to be distributed by banks in 2012Bancassurance provision rates, operating models and partnershipsInvestment-related life insuranceA wide range of investment-related life insurance products is sold through banksBOCG Life is the leading provider by weighted share of partnershipsHong Kong Life was set up as a joint venture between four banks and one insurance provider...… while ING Life and Public Bank entered into a strategic partnership in 2007Retirement savingsNearly half of the banks surveyed in Hong Kong offer retirement products…...and the partnerships in place are very similar to those for investment-related life insurancePerformance of key bancassurance underwritersThe two largest life insurance providers in Hong Kong are owned by banks
5.0 INDIA
Banks and other lending institutions coveredEconomic backgroundIndia's economy has performed very strongly in recent years...... and was relatively unaffected by the global financial crisis...... although it still faces many significant problemsIn the World Bank's Ease of Doing Business Index, India is ranked only 132nd in the worldIntroduction to the banking sectorIn terms of its total number of retail customers State Bank of India leads the market...... in a sector in which government-owned banks account for a majority of branchesSubstantial swathes of the Indian population remain unbankedThe RBI follows a policy that generally encourages banking sector consolidation...... with a number of mergers and acquisitions in evidence in recent yearsIntroduction to bancassuranceIndia's insurance market has been subject to deregulation since 2000Unusually, the distribution share of banks is higher in non-life insurance than in life insurance...... although is growing in both fields as the traditional agency model comes under pressureMost insurance companies use bank distribution as a part of a multi-channel strategyState Bank of India has maintained a joint venture with BNP Paribas Cardif since 2000...…with over 20 other joint ventures having been established since thenThe bancassurance channel is characterised by relatively strict regulation in India……with banks not being permitted to tie up with any more than one life and one non-life insurerRegulations governing bancassurance partnerships are likely to change in the near futureMarket for investment-related life insurance and retirement savingsThe total market grew by 8.0% in nominal terms between 2008 and 2012Banks commonly offer a wide range of investment-related life insurance productsDistribution share of banksBancassurers accounted for around 12% of the total life insurance market in 2012Bancassurance provision rates, operating models and partnershipsInvestment-related life insuranceInvestment-related life insurance is promoted by three quarters of banking organisations researchedSBI Life is the leading provider by weighted share of partnerships...... followed by the government-owned LIC through relationships with ten different banksStar Union Dai-ichi Life benefits from its joint venture partnerships with two banks...... albeit many other joint ventures are also active in this field17 of the banking organisations investigated do not distribute investment-related life insuranceRetirement savingsThe provision rate for retirement savings products is similar to that for investment-related life insurance…...and the partnerships in place are also very comparablePerformance of key bancassurance underwritersAround one quarter of the Indian life insurance market is controlled by joint ventures
6.0 INDONESIA
Banks and other lending institutions coveredEconomic backgroundIndonesia's economy benefits from a young population and rapid urbanisation...... and has tended to recover swiftly from economic crises...…meaning that it is now well-positioned for further growthIndonesia occupies a lowly position in the World Bank's Ease of Doing Business IndexIntroduction to the banking sectorIn terms of its total number of retail customers, Bank Rakyat Indonesia is the country's largest bank...…although Bank Tabungan Negara is the largest competitor in the mortgage lending sectorFour of the top 15 banking institutions are state-ownedA number of banking entities with foreign parents are active in the market...... and there have been several important bank mergers in recent yearsIntroduction to bancassuranceOver 40% of life insurance premiums were distributed by banking institutions in 2012...… with many banks having modified their bancassurance strategies in recent years…… through the establishment of captive insurance underwriters, mainly in the life insurance arenaA number of banks have set up joint venture underwriters with foreign insurance companies…...and competition among insurers for bancassurance partnerships is fierceMany insurance products sold via banks are Sharia-compliantRegulations stipulate that bancassurance activities can be carried out according to three models...… which naturally has a significant impact on the structure of the marketMarket for investment-related life insurance and retirement savingsThe market for investment-related life insurance has grown rapidly in recent years...... although that for retirement savings products remains extremely smallDistribution share of banksFor investment-related life insurance, the distribution share of bancassurers is likely to exceed 50%Bancassurance provision rates, operating models and partnershipsInvestment-related life insurance 25 banks distribute investment-related life policies in one form or another...... with Manulife claiming the highest weighted share of partnerships...… and with joint venture providerAXA Mandiri ranked secondAIA Financial is ranked third by weighted share as a result of three bancassurance partnershipsA significant number of banks do not yet sell any kind of investment-related life insuranceRetirement savingsProvision of retirement savings products is mostly limited to the larger banking networks...... with eight product providers having established bank distribution ties in this fieldPerformance of key bancassurance underwritersPerformance of key bancassurance underwritersThe combined market share of key bancassurers peaked in 2009
7.0 JAPAN
Banks and other lending institutions coveredEconomic backgroundJapan has the third-largest economy in the world in terms of national economic outputThe country's economy was hit by the global financial crisis in 2008 and by the earthquake in 2011The service sector accounts for around 75% of the total economyGovernment debt and negative population growth are the main challenges for the futureIn the World Bank's Ease of Doing Business Index Japan is ranked 20th in the worldIntroduction to the banking sectorThe banking sector is dominated by three major groups……albeit regional banks and Shinkin banks also play an important role in the marketThe penetration of foreign-owned banking institutions is very limitedThe banking sector has seen major structural changes since the early years of the 21st centuryIntroduction to bancassuranceThe sale of insurance products by banking institutions was fully deregulated only in 2007……with only a few restrictions now remainingBanks usually act as insurance agencies that collaborate with a large number of underwriters……some of which are investing strongly to increase their sales via the bancassurance channelThe importance of the bancassurance channel is increasing most in the life segment……and bancassurance is generally less important in the non-life insurance sectorOnline sales of insurance remain comparatively low in JapanMarket for investment-related life insurance and retirement savingsThe market for investment-related life insurance experienced rapid growth between 2008 and 2012...... and encompasses a wide range of productsLife insurance policies regularly combine protection, health and savings elementsChild education and tuition fee insurance policies are popular products in JapanDistribution share of banksThe bancassurance distribution channel is likely to have advanced in recent yearsBancassurance provision rates, operating models and partnershipsInvestment-related life insuranceA wide range of investment-related life insurance products is sold through banksNippon Life is the leading provider for investment-related life policies by weighted share of partnershipsJapan Post Insurance and Orix Life are the only captive underwriters active in the marketTwo brokers are active in the market for investment-related life insurance24 of the banking organisations researched do not sell investment-related life insuranceRetirement savingsOver 60% of banks surveyed in Japan offer retirement savings products…… with Mitsui Sumitomo Primary Life ranked first by weighted partnership shareMetLife Alico and AXA are the two largest foreign-owned providers in this marketThough not in the top five, Dai-ichi Frontier Life is an important provider in the marketPerformance of key bancassurance underwritersCaptive underwriters are not a common feature of the market
8.0 SOUTH KOREA
Banks and other lending institutions coveredEconomic backgroundSouth Korea benefits from an export-driven economic strategy……and has demonstrated a high level of financial resilience in recent yearsIn the World Bank's Ease of Doing Business Index, South Korea is ranked eighth in the worldIntroduction to the banking sectorIn terms of number of retail customers Kookmin Bank leads the market……which is highly concentrated with four predominant financial groupsThe penetration of foreign banks is relatively lowCo-operative banks in South Korea have a fairly large customer base……and insurance companies are also engaged in consumer lendingMany of South Korea's savings banks have been wound up or taken overIntroduction to bancassuranceBancassurance in South Korea is well-developed, in particular for life insurance products……and the market features a number of providers that specialise in bancassuranceThe distribution of insurance products by banks is heavily regulated…...aiming to prevent excessively strong ties between banks and insurance providers…… meaning that captive and joint venture underwriters are therefore less prominent in the marketMarket for investment-related life insurance and retirement savingsThe market for retirement savings experienced rapid growth between 2008 and 2012Investment-related life insurance encompasses a wide range of productsNon-life insurers also offer a range of long-term insurance policiesThe introduction of policies combining both protection and savings elements has been a successDistribution share of banksBanks and other lenders are by far the most important distribution channel for these types of policyBancassurance provision rates, operating models and partnershipsInvestment-related life insuranceA wide range of investment-related life insurance products is sold through banksHeungkuk Life is the leading provider by weighted share of partnershipsMetLife has partnerships in place with six banking organisationsA number of captive underwriters are active in this market25 banking organisations do not distribute investment-related life insuranceRetirement savings50% of the banks surveyed in South Korea offer retirement products…...and the leading two providers are identical to those for investment-related life insurancePerformance of key bancassurance underwritersThe importance of the bancassurance channel has grown significantly for major insurance companies…… and dedicated bancassurance underwriters have expanded their market share since 2007
9.0 THAILAND
Banks and other lending institutions coveredEconomic backgroundThailand benefits from an open and export-driven economy...... although economic success is not shared equally across the countryIn the Ease of Doing Business ranking, Thailand's economy is ranked 17th in the worldIntroduction to the banking sectorIn terms of its number of retail customers, Bangkok Bank leads the marketGovernment-owned institutions play an important role in the mortgage lending sectorThe presence of foreign-owned banks in the market is comparatively limited,,,... with several overseas entities having exited the market in recent yearsIntroduction to bancassuranceBancassurance in Thailand is well-developed especially for life insurance productsA number of banks have divested stakes in insurance companies in recent years...…although Siam Commercial Bank has taken full control of its joint venture...... leaving only two bona fide joint venture insurers in the bancassurance sectorMany insurance companies sell through banks as a part of a multi-channel strategy...... although those with the most exposure to bancassurance have tended to grow most rapidlyThe Thai bancassurance market is subject to relatively 'light touch' regulationMarket for investment-related life insurance and retirement savingsThe market for investment-related life insurance experienced rapid growth between 2008 and 2012...... with a wide range of policy types in evidenceDistribution share of banksBancassurance accounts for over 35% of total life insurance premiumsBancassurance provision rates, operating models and partnershipsInvestment-related life insuranceOne third of organisations surveyed in Thailand offer forms of investment-related life insurance……with Krungthai-AXA Life leading the market in terms of its weighted share of partnerships... followed by SCB Life, which obtains over 80% of its business from bancassuranceThe majority of banking organisations collaborate with a single external insurance providerRetirement savingsProvision of retirement savings products is mostly limited to the larger banking networksBangkok Life secures over 60% of its business from the bancassurance channelPerformance of key bancassurance underwritersThe combined market share of key bancassurers increased consistently between 2007 and 2011
10.0 VIETNAM
Banks and other lending institutions coveredEconomic backgroundPolitical and economic reforms have transformed Vietnam in recent years...… although state-owned enterprises still produce about 40% of national GDPHigh inflation is one the country's main economic concerns...…although it also faces other structural problemsIn the Index of Economic Freedom, Vietnam's is ranked only 136th in the worldIntroduction to the banking sectorFour of Vietnam's five largest banks by number of customers are state-owned...... with Agribank leading the market by this measureIndigenous banks control around 90% of the retail lending sector...... although this market remains very small by international standardsSeveral Japanese banks have displayed an interest in Vietnam's banking sectorIntroduction to bancassuranceBancassurance in Vietnam is developing at a slower pace than in other Asian countries...... given a channel share of between only 3% and 5% of total life insurance premiums...... although the available evidence points to a rapid growth rate from this low baseOnly a limited number of banks have set up captive or joint venture underwriters...... with Aviva and BNP Paribas Cardif apparent as joint venture partnersTypically, captive and joint venture insurers use bank distribution as part of a multi-channel strategyBaoviet is known to be focusing increasingly on bancassurance as a strategic distribution channelSeveral key factors have delayed the development of bancassurance in Vietnam...... although the experience of neighbouring countries points to strong future growth potential Market for investment-related life insurance and retirement savingsThe market for investment-related life insurance has been growing rapidly in nominal terms...... with foreign-owned banks the most likely to market a wide range of policiesDistribution share of banksBancassurance accounts for only a small proportion of total life insurance premiumsBancassurance provision rates, operating models and partnershipsInvestment-related life insurance15 Vietnamese banks offer investment-related life insurance products in one form or another……with two joint venture underwriters leading the market by weighted share of partnershipsPrudential is the most visible external underwriter in this segmentOver 30 banking institutions have no apparent arrangement for selling investment-related life insuranceRetirement savingsOnly four insurance providers are active as partners of banks in this fieldPerformance of key bancassurance underwritersAlthough they have huge potential to grow, the market share of VCLI and VietinAviva remains low
LIST OF GRAPHICS / TABLES0.0 EXECUTIVE SUMMARY
In real terms, the combined market across all eight countries grew at an annual rate of 7.5% between 2008 and 2012In three countries, banks hold a distribution share of more than 40% for these two product categories combinedThe operating models used by banks to sell investment-related life insurance and retirement savings vary greatly by countryFour international groups hold bancassurance partnerships for investment-related life insurance or retirement savings in five or more of the countries researched
1.0 INTRODUCTION
Banks and other lending institutions contacted by Finaccord, segmented by country and type
2.0 ASIA-PACIFIC OVERVIEW
Gross written premiums for investment-related life insurance and retirement savings in eight Asia-Pacific countries, 2008 to 2012Provision rates for investment-related life insurance through bancassurance in eight Asia-Pacific countries, 2012Operating models (unweighted) used for investment-related life insurance in eight Asia-Pacific countries, 2012Operating models (unweighted) used for investment-related life insurance in eight Asia-Pacific countries (data), 2012Operating models (weighted) used for investment-related life insurance in eight Asia-Pacific countries, 2012Operating models (weighted) used for investment-related life insurance in eight Asia-Pacific countries (data), 2012Provision rates for retirement savings through bancassurance in eight Asia-Pacific countries, 2012Operating models (unweighted) used for retirement savings in eight Asia-Pacific countries, 2012Operating models (unweighted) used for retirement savings in eight Asia-Pacific countries, 2012 (data)Operating models (weighted) used for retirement savings in eight Asia-Pacific countries, 2012Operating models (weighted) used for retirement savings in eight Asia-Pacific countries, 2012 (data)Distribution share of bancassurance for investment-related life insurance and retirement savings in eight Asia-Pacific countries, 2012Weighted group share of bancassurance partnerships for investment-related life insurance and retirement savings, re-weighted by country bancassurance market size, eight Asia-Pacific countriesPresence of international groups in bancassurance markets for investment-related life insurance and retirement savings, eight Asia-Pacific countries
3.0 CHINA
Gross written premiums for investment-related life insurance and retirement savings in China, 2008 to 2012Gross written premiums for investment-related life insurance and retirement savings in China, 2008 to 2012 (data)Bancassurance provision of investment-related life insurance in China, 2011: provision rate, operating models and weighted provider share of partnershipsBancassurance provision of retirement savings in China, 2011: provision rate, operating models and weighted provider share of partnerships
4.0 HONG KONG
Key economic indicators for Hong Kong, 2012Gross written premiums for investment-related life insurance and retirement savings in Hong Kong, 2008 to 2012Gross written premiums for investment-related life insurance and retirement savings in Hong Kong, 2008 to 2012 (data)Bancassurance provision of investment-related life insurance in Hong Kong, 2012: provision rate, operating models and weighted provider share of partnershipsBancassurance provision of retirement savings in Hong Kong, 2012: provision rate, operating models and weighted provider share of partnershipsMarket share in total life insurance of key bancassurance underwriters in Hong Kong, 2007 to 2011
5.0 INDIA
Key economic indicators for India, 2012Gross written premiums for investment-related life insurance and retirement savings in India, 2008 to 2012Gross written premiums for investment-related life insurance and retirement savings in India, 2008 to 2012 (data)Bancassurance provision of investment-related life insurance in India, 2012: provision rate, operating models and weighted provider share of partnershipsBancassurance provision of retirement savings in India, 2012: provision rate, operating models and weighted provider share of partnershipsMarket share in life insurance of key bancassurance underwriters in India, 2007 to 2011
6.0 INDONESIA
Key economic indicators for Indonesia, 2012Gross written premiums for investment-related life insurance and retirement savings in Indonesia, 2008 to 2012Gross written premiums for investment-related life insurance and retirement savings in Indonesia, 2008 to 2012 (data)Bancassurance provision of investment-related life insurance in Indonesia, 2012: provision rate, operating models and weighted provider share of partnershipsBancassurance provision of retirement savings in Indonesia, 2012: provision rate, operating models and weighted provider share of partnershipsMarket share in total life insurance of key bancassurance underwriters in Indonesia, 2007 to 2011
7.0 JAPAN
Key economic indicators for Japan, 2012Gross written premiums for investment-related life insurance and retirement savings in Japan, 2008 to 2012Gross written premiums for investment-related life insurance and retirement savings in Japan, 2008 to 2012 (data)Bancassurance provision of investment-related life insurance in Japan, 2012: provision rate, operating models and weighted provider share of partnershipsBancassurance provision of retirement savings in Japan, 2012: provision rate, operating models and weighted provider share of partnershipsMarket share in total life insurance of key bancassurance underwriters in Japan, 2007 to 2011
8.0 SOUTH KOREA
Key economic indicators for South Korea, 2012Gross written premiums for investment-related life insurance and retirement savings in South Korea, 2008 to 2012Gross written premiums for investment-related life insurance and retirement savings in South Korea, 2008 to 2012 (data)Bancassurance provision of investment-related life insurance in South Korea, 2012: provision rate, operating models and weighted provider share of partnershipsBancassurance provision of retirement savings in South Korea, 2012: provision rate, operating models and weighted provider share of partnershipsShare of new life insurance premiums attributable to the bancassurance channel of key underwriters in South Korea, 2007 to 2011Market share in total
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