フィンランドにおける生命保険・年金市場

Abstract

Overview

Introduction

This report is most appropriate for companies looking for an overview of the life insurance and pensions markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor' s European Life and Pensions Interactive Database 2006.

Scope

• Presents competitor market data for life insurance and pensions companies.
• Assesses regulatory barriers and opportunities.
• 5 years historic data from 2001-5 and 5 year forecast to 2010.

Highlights

Bonds have historically accounted for the single highest proportion of the investment assets of life and pensions insurance companies.

January 2007 saw the advent of four major reforms to the Finnish pensions industry, which is currently valued at approximately EUR108.6bn.

The Employees Pension Act (TyEL) has simplified the pension process for employees in Finland.

Reasons to Purchase

• Get an overview of the life and pensions market, including past growth and forecast growth.
• Assess regulatory barriers and opportunities affecting life insurance and pensions in this country.
• Analyze competition from life insurance companies.

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • Following compound annual growth of 4.3% in the last five years, between 2006 and 2010, growth in the Finnish life and pensions market is set to slow to 3%
    • The Finnish life and pensions market expanded by a compound annual rate of 4.3% between 2001 and 2005
    • Slower growth in pensions will produce lower compound annual growth in the total market between 2006 and 2010
    • The market will continue to be shaped by EU legislation
    • The market is led by Finnish firms
    • Among the market leaders, banking groups usually establish their own life and pensions arm
• Table of Contents
• Table of figures
• Table of tables
• MARKET OVERVIEW
  • The Finnish life and pensions market expanded by a compound annual rate of 4% between 2001 and 2005
    • Premium income increased at a compound annual rate of 4% between 2001 and 2005, primarily driven by growth in pensions
    • The proportional distribution of premium income between group and individual policies has remained relatively unchanged between 2001 and 2005
    • Premium income from unit-linked insurance has remained negligible throughout the 2001-2005 period
    • Bonds account for the single highest proportion of the investment assets of life and pensions insurance companies
• MARKET FORECASTS
  • Slower growth in pensions will produce lower compound annual growth in the total market between 2006 and 2010
    • Over the next 5 years, growth in premium income is set to dip slightly to a compound annual rate of 3%, compared to 4% between 2001 and 2005
• MARKET REGULATION
  • The market will continue to be shaped by EU legislation
    • The Vakuutusvalvonta supervises the life & pensions industry in Finland
    • Recent legislation has centered on liberalization of investment regulations
    • The Employees Pension Act (TyEL) has simplified the pension process for employees
    • The Insurance Mediation Directive creates a single passport for insurance intermediaries and enhances consumer choice
    • Insurance companies which belong to financial conglomerates face additional supervisory requirements
    • Distance marketing rules define sales practices
    • Proposed anti-money laundering legislation implies an additional administrative burden for insurers
    • Upcoming laws will enhance consumer protection
    • Providers may be required to fund a new insurance guarantee scheme
• COMPETITIVE MARKET STRUCTURE
  • The market is led by Finnish firms
    • The top 5 life and pensions insurers control 74% of the market, by premium income
• MARKET LEADERS
  • Among the market leaders, banking groups usually establish their own life and pensions arm
  • The top pensions companies in Finland are led by Varma
    • Varma is the pensions insurance market leader, based on premium income in 2005
    • Ilmarinen trails the market leader in the pensions insurance sector
    • Tapiola Pension ranks third among pensions insurance companies
    • Fennia Pension ranks fourth out of the top 5 life insurers
    • Etera rounds out the top 5 pensions insurers
  • The top life companies in Finland are led by Nordea
    • Nordea is the highest ranked life insurer by premium income
    • OP Life trails the market leader in the life insurance sector
    • Sampo Life ranks third among life insurance companies
    • Pohjola Life is the fourth highest ranked life insurer by premium income
    • Tapiola Life rounds out the top 5 life insurers
• APPENDIX
  • Definitions
    • Prudent Person Principle
    • Capital redemption policy / bond
    • Composite insurer
    • Defined contribution pension scheme
    • Defined benefits pension scheme
    • Group policy
    • Individual pension scheme
    • Individual policy
    • Life assurance
    • Occupational pension scheme
    • Pension insurance policy
    • Premium income
    • Regular premium
    • Single premium
    • Technical provisions
    • Traditional insurance
    • Unit-linked insurance
  • Further reading
    • Interactive Databases
    • Reports and Briefs
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005
    • Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005
    • Table 3: Life and pensions insurance premium income, segmented by buyer, EURm, 2001-2005
    • Table 4: Life and pensions insurance premium income, segmented by buyer, in percentages, 2001-2005
    • Table 5: Life and pensions insurance premium income, segmented by investment risk, EURm, 2001-2005
    • Table 6: Life and pensions insurance premium income, segmented by investment risk, in percentages
    • Table 7: Investment assets of life and pensions insurance companies, EURm, 2001-2005
    • Table 8: Investment assets of life and pensions insurance companies, in percentages, 2001-2005
    • Table 9: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010
    • Table 10: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010
    • Table 11: Top 5 life and pensions insurers by gross premium income, as at Dec 2005
    • Table 12: Top pensions insurers by gross premium income, as at Dec 2005
    • Table 13: Top life insurers by gross premium income, as at Dec 2005
  • List of Figures
    • Figure 1: Pension premiums accounted for over 80% of total premium income in 2005
    • Figure 2: Group policies account for the majority of life and pensions premium income
    • Figure 3: Despite the inferior levels of unit-linked premium income, their compound annual growth rate exceeded 20% during 2001-2005
    • Figure 4: The proportion of investment assets held in cash make up the majority of asset balances in 2005
    • Figure 5: Pensions will continue to account for the majority of premium income between 2006 and 2010
    • Figure 6: Varma leads the life and pensions sector in Finland, by premium income as at December 2005