Market Guide: Life Insurance and Pensions in Germany 2006

Published by: Datamonitor

Published: Apr. 2, 2007 - 38 Pages

Table of Contents

EXECUTIVE SUMMARY - MARKET HIGHLIGHTS

Market overview Market forecasts Market regulation Competitive market structure Market leaders

INTRODUCTION

What is this report about? Who is the target reader? How to use this report

CHAPTER 1 MARKET OVERVIEW

Introduction Over the last 5 years, pensions have accounted for a growing proportion of life and pensions premium income The proportion of premium income attributed to individual policies declined slightly in 2003 and 2005 The proportion of premium income from unit-linked insurance has grown steadily in the last five years Bonds consistently account for at least 50% of the investment assets of life and pensions insurance companies

CHAPTER 2 MARKET FORECASTS

Introduction Key findings Over the next 5 years, premium income is set to grow at a compound annual rate of 5.7%

CHAPTER 3 MARKET REGULATION

Introduction Key findings The Federal Financial Supervisory Authority regulates the German insurance sector The Insurance Intermediary Directive creates a single passport for insurance intermediaries and enhances consumer choice Insurance companies which belong to financial conglomerates face additional supervisory requirements Amendments to the Insurance Supervision Act permit insurance companies enhanced flexibility in financial management The implementation of the Pension Fund Directive expands the market for occupational retirement provision New regulations improve the flexibility of pension funds, but subject them to additional reporting obligations Insurance companies are subject to revised guidelines on investment management and internal control procedures Upcoming legislation will enhance consumer protection Imminent reform of the Insurance Contract Act creates a more complex operating environment

CHAPTER 4 COMPETITIVE MARKET STRUCTURE

Introduction Key findings Domestic life insurance companies represent 34% of the German life & pensions market, by number The top 5 life insurers control 34% of the market, by premium income

CHAPTER 5 MARKET LEADERS

Introduction Key findings Allianz is the life insurance market leader, based on premium income AachenMünchener Leben trails the market leader in the life insurance sector R+V Lebensversicherung AG ranks third among life insurance companies Hamburg Mannheimer LV is the fourth highest ranked life insurer by premium income Zurich Deutscher Herold rounds out the top 5 life insurers

APPENDIX

Definitions 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 Riester contract (Altersvorsorgevertrag) Single premium Technical provisions Traditional insurance Unit-linked insurance Further reading Interactive Databases Reports and Briefs Wealth, Investments & Protection writing team

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: Number of life insurance and pensions providers, segmented by type, as at Dec 2005

Table 12: Top 5 life insurers by premium income, as at Dec 2005

List of Figures

Figure 1: With compound annual growth at 8.1%, increases in pensions premiums have outstripped premiums from life insurance

Figure 2: Individual policies account for the majority of life and pensions premium income, but group policies have grown more rapidly

Figure 3: Compound annual growth in premium income from unit-linked insurance has outstripped growth in non unit-linked premiums

Figure 4: In 2003, there were slight declines in the proportion of equity and property investments of life and pensions insurance companies

Figure 5: Pensions will account for an increasing proportion of the growth in premium income between 2006 and 2010

Figure 6: Pensionskassen (staff pension investment funds) dominate the market, by number

Figure 7: Allianz leads the German life insurance sector

Abstract

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