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Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement SavingsTable of Contents
The market value across the 20 countries amounted to around EUR 635.9 billion in 2010 Growth rates and levels of contribution per capita vary enormously by country Bancassurance is almost totally dominant as a channel for these products in Finland and Portugal Nearly a half of entities surveyed have a partnership for one or both of these products... ... rising to well over a half if specialised lenders are excluded from the analysis The Spanish market is distinguished by the prevalence of joint venture underwriters Five of the eight leading providers of these products across Europe as a whole are bank-owned... ... with CNP Assurances and Crédit Agricole the market leaders by weighted share of partnerships
What is this report about? Distribution partnerships with banks and other lending institutions constitute the focus of this report Rationale Nearly half of banking organisations surveyed sell at least one type of the products covered by this report Methodology Survey of banks and other lending institutions Market data Definitions Investment-related life insurance Retirement savings Weighted provider share of partnerships Operating models Abbreviations and exchange rates Finaccord
Introduction Market analysis – investment-related life insurance and retirement savings Contributions to retirement savings policies are gaining ground on investment-related life insurance Compound annual growth rates exceeded 10% in five countries between 2006 and 2010 Finland has the highest level of savings per capita, using these types of policy Market analysis – investment-related life insurance Over EUR 360 billion were paid into investment-related life insurance policies in 2010 This market tends to be largest where retirement savings vehicles are under-developed Market analysis – retirement savings Retirement savings policies attracted EUR 275 billion of premiums and equivalent revenue in 2010 The UK market makes up nearly 40% of the European total... ...though three other countries recorded higher premiums per capita in 2010 The value of contributions in six developing markets doubled between 2006 and 2010 Bancassurance analysis Provision rates and operating models for investment-related life insurance The provision rate for investment-related life insurance through banks is highest in Spain Use of a single, external product provider constitutes the most regularly used operating model... ...though captives are preferred in several countries Financial advice can be provided without needing multiple insurance partners The captive model is most common on a weighted basis... ... simply because larger institutions are more likely to have established captive insurance providers Provision rates and operating models for retirement savings The average provision rate for retirement savings is higher than that for investment-related life insurance As with investment-related life insurance, single external product providers are used most often Captive providers are again more prominent on a weighted basis Distribution share of bancassurance for investment-related life and retirement savings Finaccord’s analysis illustrates the influence of bancassurance on a standardised basis The bancassurance channel accounts for more than 80% of business in two countries... ...but less than 20% in five others Pan-European bancassurance groups Six of the eight leading bancassurance groups in Europe for these product classes originate from France... The weakness of bancassurance as a channel in the UK means that UK-only providers miss the top tier The strength of CNP Assurances in France is boosted by its joint ventures in Italy, Portugal and Spain
Banks and other lending institutions covered Introduction to the banking sector The banking system can be divided according to how banks operate at the national, regional and local level Austrian banks are expected to raise EUR 2.9 billion to meet new capital requirements Insurance market size and growth Austria’s market delivered little growth between 2006 and 2010 Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance More than two in three banks offer investment-related life insurance in Austria Erste Bank’s bancassurance partnership was renewed for another 15 years in 2008 The Raiffeisen Bankengruppe has also entered into a long-term strategic relationship Both ERGO and Generali have bought majority stakes in major bancassurance providers in recent years Excluding captive brokers, around 16 competitors work with banks in this market segment Retirement savings The provision rate among banking institutions for retirement savings is slightly lower... ... although the operating models and partnerships are largely the same Performance of key bancassurance underwriters On a combined basis, bancassurers increased their share of total life insurance between 2006 and 2010
Banks and other lending institutions covered Introduction to the banking sector Structurally, Belgium’s banking and insurance sectors are very closely linked Dexia’s banking and insurance operations were nationalised in October 2011 Insurance market size and growth Falling sales of individual unit-linked policies and capitalisation bonds cause the overall market to stagnate Distribution share of banks Banks are dominant in individual life insurance, especially for single premium contracts Bancassurance provision rates, operating models and partnerships Investment-related life insurance All of Belgium’s mainstream retail banks offer investment-related life insurance... …and around half of those do so in conjunction with a captive or joint venture provider The leading providers of investment-related life insurance include AG Insurance and ING… …and AXA operates with a number of external banking partners as well as with AXA Bank itself Many providers are active in this area, but several are limited to having just one distributor bank Retirement savings The provision of retirement savings is virtually identical to that of investment-related life cover… …although three banks make use of different insurance providers for this type of cover… …and Crédit Mutuel subsidiary BKCP partners with a mix of captive and external underwriters Performance of key bancassurance underwriters On a combined basis, the market share in total life insurance of key Belgian bancassurers has plateaued
Banks and other lending institutions covered Introduction to the banking sector The Czech banking sector has remained stable during and in the aftermath of recent financial crises... ...albeit the rate of foreign ownership could lead to significant restructuring Insurance market size and growth Rapidly increasing demand for unit-linked insurance has buoyed the Czech life insurance sector Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance A half of the 32 banks and other lending institutions researched offer investment-related life insurance Product providers include external underwriters, captive underwriters and a single joint venture Aviva possesses an important relationship with UniCredit Bank in this field Banking entities not selling investment-related life insurance are mainly specialised lending institutions Two major relationships are determined by international bancassurance agreements Retirement savings Captive pension funds belonging to the two largest banks are most prominent in this market... ...albeit AXA has established useful partnerships for retirement savings with four entities Performance of key bancassurance underwriters Among bancassurers, Komerční pojišťovna has grown most rapidly in total life insurance
Banks and other lending institutions covered Introduction to the banking sector Seven of the largest ten banking institutions are indigenous to Denmark The Danish banking sector has changed significantly as a result of the financial crisis... ...and the number of lending institutions is expected to decrease further However, the four largest Danish banks remain comparatively healthy Insurance market size and growth The popularity of unit-linked policies has underpinned the Danish life insurance and pensions market Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance Danish banks focus on selling pension products rather than investment-related life insurance... Retirement savings Entities with no arrangement in this arena are mainly specialised lenders, rather than banks PFA benefits from distribution relationships with at least ten sizeable banking institutions Two important captive underwriters are ranked second and third by weighted share of partnerships Performance of key bancassurance underwriters The market share of total life insurance of Danica Pension fell sharply in 2009 and 2010
Banks and other lending institutions covered Introduction to the banking sector Finland’s banking sector is relatively concentrated and dominated by OP-Pohjola and Nordea... ... albeit with competition from a range of other foreign-owned and co-operative / savings banks... ... plus S-Pankki, the banking arms of the S-Group retailing co-operative The Finnish banking system has a very low exposure to troubles elsewhere in Europe Insurance market size and growth Statutory pension insurance accounted for over two thirds of the total market in 2010 Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance Investment-related life policies are offered mainly through captive insurance companies... ...although in the context of its use by Sampo Pankki, Mandatum Life is a non-captive Retirement savings Retirement savings products are widely offered by the larger banking institutions in Finland... ... usually by means of the same product providers used for investment-related life insurance Performance of key bancassurance underwriters The combined market share of competitors with a strong exposure to bancassurance is increasing OP Henkivakuutus has grown very rapidly in the non-statutory pensions market
Banks and other lending institutions covered Introduction to the banking sector Insurance market size and growth The French market for investment-related life insurance and retirement savings is Europe’s largest... .... in spite of the fact that contributions to unit-linked policies have fallen sharply in recent years Distribution share of banks French banks remain dominant in life insurance in spite of a slight fall in their distribution share since 2006 Bancassurance provision rates, operating models and partnerships Investment-related life insurance All major retail banks, and even some consumer finance specialists, offer these types of policy... …with nearly half of all provision being organised through captive providers As the leading external provider, CNP Assurances benefits from its links with two major banks… …with captive partners, such as Predica, Cardif and ACM, also prominent in this market Three banking entities offer products sourced from more than one provider AXA distributes investment-related life cover through Banque Palatine and Carrefour Bank Retirement savings Captive partners are also prominent for retirement savings products… …albeit external provider CNP Assurances holds the largest weighted share of partnerships Many distribution partnerships in this field mirror those of investment-related life cover… …and two small entities boost the presence of BPCE’s captive retirement planning subsidiary Performance of key bancassurance underwriters The leading three bank-owned insurers all expanded their share of the total life insurance market in 2010
Banks and other lending institutions covered Introduction to the banking sector In spite of some consolidation, Germany’s banking sector remains comparatively fragmented Many of the regional public sector banks have suffered during the financial crisis... ... although the savings banks are largely perceived by consumers to be safe institutions Taken as a whole, the co-operative banks possess the most retail branches in Germany Insurance market size and growth Riester and basic pension contracts fuel strong growth in the market for retirement savings products ‘Kapitalversicherung’ policies constitute a popular form of saving for many households Rürup pension contracts are targeted most of all at self-employed customers Distribution share of banks Recent evidence suggests the distribution share of banks in investment and pension policies is rising Bancassurance provision rates, operating models and partnerships Investment-related life insurance Investment-related life insurance policies are offered quite widely by banking institutions in Germany Talanx bought out Postbank’s equity holding in PB Lebensversicherung in 2007 Commerzbank switched its bancassurance partner after buying Dresdner Bank from Allianz in 2008 Deutsche Bank and Santander Consumer Bank both took steps to extend their deals during 2011 Including all types of provider, over 30 competitors hold relationships with banks in this sector... ... and several significant banking institutions are not distributors of investment-related life insurance Retirement savings Retirement savings products of one sort or another are available from over 50% of banks investigated Partnerships with major banks determine the ranking by weighted share of product providers Thanks to a previous deal with SEB, AXA is used as one of two providers by Santander Consumer Bank Some links in place for retirement savings replicate those verified for investment-related life insurance Performance of key bancassurance underwriters The bancassurance-focused subsidiaries of Talanx ceded market share between 2006 and 2010
Banks and other lending institutions covered Introduction to the banking sector Six major Irish banks have been reduced to three by the financial crisis... ... with foreign-owned banks making up the field The Irish League of Credit Unions has the largest customer base, spread across 400 entities Insurance market size and growth Ireland’s retirement savings market has been bolstered by sales of pension plans for the self-employed Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance Three insurance companies offer investment bonds through the bancassurance channel Retirement savings All full-service banks offer retirement savings... ... with partnerships distributed across five providers Performance of key bancassurance underwriters Key bancassurance underwriters account for a very significant share of total life and pensions...
Banks and other lending institutions covered Introduction to the banking sector Four, or arguably five, retail banking groups lay claim to a genuinely nationwide network… … although these are being challenged by an array of ambitious regional competitors… … including the banche di credito cooperative and casse Raiffeisen… … as well as several insurer-owned banks and banks falling under foreign ownership Italy also plays host to a considerable number of specialised lending institutions Italy’s banking groups typically encapsulate a number of local or regional banking brands Insurance market size and growth The market for investment-related life insurance and retirement savings hit its highest ever level in 2010 Distribution share of banks Banks are most dominant as distributors in the market for unit-linked life insurance Bancassurance provision rates, operating models and partnerships Investment-related life insurance A comparatively high proportion of banking institutions work with one more than product provider Both Intesa Sanpaolo and UniCredit have re-configured their bancassurance activities in recent years In total, around 12 providers of investment-related life insurance are classifiable as captive providers... ... and 11 as joint ventures Other providers with a significant presence include Arca, Assimoco, Eurovita, UNIQA and Zurich Unipol has owned over 60% of the equity capital of Arca since June 2010 Several firms are only ever used as one of a panel of providers of investment-related life policies Most institutions with no involvement in this area are classifiable as specialised lenders Retirement savings Providers of retirement savings include both insurance companies and investment management firms... ... with the latter including Pioneer, in the case of UniCredit Once again, product providers include a significant number of captive and joint venture entities... ... although over 20 external companies possess at least one exclusive partnership in this domain Performance of key bancassurance underwriters Over 30 bank-owned captive or joint venture underwriters are active in the Italian life insurance market... ... although fewer compete in the pension funds sector
Banks and other lending institutions covered Introduction to the banking sector The Dutch state exerts a greater influence on the retail banking sector than foreign institutions... …and is likely to continue to do so until 2014 at least ING has reshaped itself greatly in recent years Several lending institutions have closed to new business Insurance market size and growth The Dutch market for investment-related life insurance and retirement savings is relatively large but mature Distribution share of banks The share of banks in the retirement savings market fell back slightly between 2008 and 2010 Bancassurance provision rates, operating models and partnerships Investment-related life insurance Captive and joint venture underwriters are almost completely dominant in this market... ... albeit Friesland Bank utilises a captive broker as opposed to a captive underwriter Banking entities not selling investment-related life insurance are mainly specialised lending institutions Retirement savings Arrangements for retirement savings very similar to those for investment-related life insurance Performance of key bancassurance underwriters Underwriters owned wholly or in part by banks account for over one third of total life insurance
Banks and other lending institutions covered Introduction to the banking sector Four, or arguably five of the ten lending institutions are owned by foreign parents Two savings banks groups play an important role in Norway’s banking sector International financial crises have had a limited impact on Norway’s banking market Insurance market size and growth Norway’s retirement savings market is composed primarily of group pension insurance Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance Norwegian banks favour marketing retirement savings products over investment-related life insurance Retirement savings Captive providers within the large financial groups dominate the bancassurance sector... ... albeit Frende Forsikring is used by several independent savings banks... ... and Gjensidige Pensjonsforsikring by two others Performance of key bancassurance underwriters Key bancassurers hold a combined market share of over 50% in individual endowment insurance... ... and over 90% in individual pension insurance... ... but are pegged back at around one third of the market in group pension insurance
Banks and other lending institutions covered Introduction to the banking sector Eight of the top ten banking institutions by number of retail customers are owned by foreign parents... ... and the Polish government maintains a significant stake in the largest bank, PKO Bank Polski Poland’s banking sector is characterised by significant merger and acquisition activity... ... with further changes in market structure likely to occur in future years While comparatively strong, Poland’s banks are not immune to factors in the wider eurozone Insurance market size and growth The value of investment-related life insurance hit a five-year high in 2008 Distribution share of banks A rising share of sales of group life insurance policies has brought bancassurers to the fore The latest data indicates that, by value, investment-related policies are the largest bancassurance product Bancassurance provision rates, operating models and partnerships Investment-related life insurance Investment-related life policies are available from 20 of the banking institutions investigated By weighted share of partnerships, Allianz is the leading non-captive provider... ... and ING Życie the most prominent captive Five banks make use of more than one provider for investment-related life insurance Bank Zachodni WBK’s joint venture with Aviva was established in 2008 At least one distribution relationship is determined by an international bancassurance alliance Europa’s gross written premiums expanded rapidly between 2006 and 2010 Several sizeable banking institutions do not market any form of investment-related life insurance Retirement savings Often, the retirement savings products offered by banks are either OFEs or IKEs Poland’s largest bank has established two joint ventures in this domain mBank collaborates with four product providers for retirement savings Performance of key bancassurance underwriters Europa and Nordea Życie increased their market share most significantly between 2006 and 2010
Banks and other lending institutions covered Introduction to the banking sector Insurance market size and growth Investment-related life insurance is composed primarily of deferred capital insurance policies The market for PPR and PPR/E contracts expanded rapidly between 2006 and 2010 Distribution share of banks Banks are almost completely dominant in the distribution of life insurance in Portugal Bancassurance provision rates, operating models and partnerships Investment-related life insurance Captive and joint venture underwriters dominate bancassurance distribution of this type of policy... ... with other types of product provider limited to relatively small partnerships Banking entities not selling investment-related life insurance are mainly specialised lending institutions Crédit Agricole entered into its bancassurance joint venture with Banco Espírito Santo in 2006 The final cost to CNP of its deal with Barclays will play out over 12 years following its commencement Retirement savings Arrangements for retirement savings are largely the same as those for investment-related life insurance... ... albeit CajaDuero offers the latter product class but not the former Performance of key bancassurance underwriters Fidelidade Mundial and Ocidental Vida have achieved consistent growth in their market share
Banks and other lending institutions covered Introduction to the banking sector Insurance market size and growth Investment-related life insurance and retirement savings have advanced rapidly in recent years Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance Comparatively few banking institutions in Romania sell investment-related life insurance BCR Asigurari, owned by Vienna Insurance Group, benefits from its tie with Banca Comerciala Romana Many sizeable banking institutions do not market investment-related life insurance AEGON’s link with Banca Transilvania dates back to an agreement forged in 2007 Citibank began marketing ING’s Academica and Regal policies in 2010 Retirement savings Arrangements for retirement savings are largely the same as those for investment-related life insurance Performance of key bancassurance underwriters BCR Asigurari de Viata closed the gap on the market leader, ING Asigurari de Viata, in 2010
Banks and other lending institutions covered Introduction to the banking sector Banks owned ultimately by the state continue to exert a strong influence on Russia’s banking sector... ... with several foreign banks having decided to exit the market Russia’s banking sector has changed very significantly in recent years... ... with a new wave of merger and acquisition activity in evidence since 2008... ... and with further changes in the market structure likely to occur In spite of its problems, there is plenty of scope for the Russian retail banking market to grow Insurance market size and growth Most of the market is likely to be composed of contributions to non-state pension funds (NPFs) Distribution share of banks The primary bancassurance focus of Russian banks lies on creditor and motor insurance Bancassurance provision rates, operating models and partnerships Investment-related life insurance Few banking entities promote any form of investment-related life insurance The bancassurance strategy of Sberbank is likely to evolve in future Retirement savings Around a quarter of major banking institutions promote non-state pension funds... ... in many cases through their own captive vehicles In total, a dozen NPFs possess bank distribution partnerships... ... although a number of significant banking institutions have not yet entered this market Performance of key bancassurance underwriters Most ‘life insurance’ distributed by banks is actually creditor insurance
Banks and other lending institutions covered Introduction to the banking sector The end of the decade saw a raft of mergers amid general economic uncertainty… …with more mergers and state take-overs expected Insurance market size and growth Investment-related life insurance is composed primarily of endowments and unit-linked policies The market for PPA contracts expanded rapidly between 2006 and 2010 Distribution share of banks While still dominant, the share of banks in total life insurance has retreated slightly in recent years... ... although they remain powerful in the market for individual single premium policies Bancassurance provision rates, operating models and partnerships Investment-related life insurance By weighted share of partnerships, the three leading providers are all insurers owned outright by banks... …while MAPFRE is the most prominent external provider of this type of insurance... …followed by Zurich, to which four significant bancassurance relationships were attributable The Spanish market is also populated by a large number of smaller captive insurance providers... ... and numerous joint ventures... …although Spain’s evolving banking market means that the future of many of these is uncertain Retirement savings Arrangements for retirement savings are virtually the same as those for investment-related life insurance Performance of key bancassurance underwriters Key bancassurance underwriters control over one third of the total insurance market in Spain
Banks and other lending institutions covered Introduction to the banking sector In 2011, SBAB received permission to commence banking operations Swedbank either owns or co-operates closely with the majority of local savings banks Sweden’s banking sector remains in relatively good health Insurance market size and growth Contributions to traditional and unit-linked capital insurance policies have caused the market to grow Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance Captive subsidiaries of the large banks are dominant in the bancassurance sector... ... with only two product providers acting as non-captive partners Banking entities with no involvement in this sector are mainly specialised lending institutions Retirement savings The partnerships for retirement savings are nearly identical to those for investment-related life insurance Performance of key bancassurance underwriters On a combined basis, bancassurers hold over 40% of Sweden’s total life insurance market
Banks and other lending institutions covered Introduction to the banking sector The Swiss banking system can be segmented into four broad categories Perceived as ‘safe havens’, the cantonal banks have increased their market share in recent years The Clientis and Raiffeisen groupings are also significant in Swiss retail banking Postfinance is allowed to operate without a regular banking licence Insurance market size and growth The total value of the Swiss market grew modestly between 2006 and 2010 Distribution share of banks Bancassurance provision rates, operating models and partnerships Investment-related life insurance External underwriters dominate bancassurance distribution of this type of policy in Switzerland Schweizerische Mobiliar has established relationships with several cantonal and savings banks Zurich launched a major new bancassurance partnership with Credit Suisse in October 2010 Several quite sizeable banking institutions do not offer investment-related life insurance Retirement savings Swiss Life has access to the largest number of banking customers for retirement savings products Four other product providers are reasonably significant in this sphere... ... and the potential exists for further relationships with banks currently lacking a partner Performance of key bancassurance underwriters
Banks and other lending institutions covered Introduction to the banking sector Insurance market size and growth Contributions to individual pension contracts have grown rapidly since their introduction in 2003 Distribution share of banks While already dominant, Turkish banks extended their distribution share in life insurance in 2010 Bancassurance provision rates, operating models and partnerships Investment-related life insurance Comparatively few Turkish banks distribute investment products in a life insurance ‘wrapper’ Vakif Emeklilik holds a distribution partnership with Tekstil Bank in addition to its parent Vakifbank Banks with no arrangement for investment-related life insurance include several significant institutions Retirement savings More banks offer retirement savings products than investment-related life insurance Several bank-owned pension companies also act as non-captive providers to separate banks... ... including Garanti Emeklilik ve Hayat as well as Anadolu Hayat Emeklilik and Vakif Emeklilik Banks with no retirement savings proposition are generally smaller institutions MetLife has entered into a 15-year distribution partnership with Denizbank Performance of key bancassurance underwriters Bank-owned captives and joint ventures accounted for over 80% of total life insurance in 2010
Banks and other lending institutions covered Introduction to the banking sector The crisis of 2007 onwards forced many institutions to close, merge or be nationalised... ... with Santander as the only bank to emerge much stronger from the turmoil... ... while the Nationwide and the Yorkshire rescued several building societies in trouble New entrants are appearing, with 700 branches scheduled to change hands at the time of publication Insurance market size and growth In aggregate, the UK’s investment-related life insurance and retirement savings market peaked in 2007 Distribution share of banks The distribution share of banks and building societies in life insurance appears to be stable... ... although for personal and stakeholder pensions, it has fallen back to the margins in recent years Bancassurance provision rates, operating models and partnerships Investment-related life insurance In the UK, the sale of investment bonds requires financial advice... ...which means that some leading banks do not believe that they can support this product The captives of Lloyds Banking Group and HSBC have the largest weighted share of partnerships... ... followed by Aviva, AXA Wealth and Legal & General among external underwriters Smaller partnerships are scattered across a dozen independent financial advisers Retirement savings Pension products sold by banks polarise between high-value SIPPs and low-value stakeholder pensions Over a quarter of banks and other institutions offer some form of pension AJ Bell, a specialist provider of SIPPs, holds partnerships with three major banking networks Legal & General’s major relationship is limited to stakeholder pensions only In 2010, Bank of Scotland and Halifax stopped marketing stakeholder pensions Skipton Financial Services is used by two external building societies as well as by the Skipton itself Performance of key bancassurance underwriters Bank-owned insurance providers account for a very low combined share of total life insurance
0.0 EXECUTIVE SUMMARY Expenditure allocated to retirement savings products has grown slightly more quickly than that for investment-related life insurance In eight countries, banks hold a distribution share of more than 60% for these two product categories combined Five of the eight leading product providers by weighted share of partnerships are bank-owned and six originate from France 1.0 INTRODUCTION Banks and other lending institutions contacted by Finaccord, segmented by country and type 2.0 EUROPEAN OVERVIEW Gross written premiums for investment-related life insurance and retirement savings in Europe, 2006-2010 Provision rates for investment-related life insurance through bancassurance in Europe, 2011 Operating models (unweighted) used for investment-related life insurance in Europe, 2011 Operating models (unweighted) used for investment-related life insurance in Europe, 2011 (data) Operating models (weighted) used for investment-related life insurance in Europe, 2011 Operating models (weighted) used for investment-related life insurance in Europe, 2011 (data) Provision rates for retirement savings through bancassurance in Europe, 2011 Operating models (unweighted) used for retirement savings in Europe, 2011 Operating models (unweighted) used for retirement savings in Europe, 2011 (data) Operating models (weighted) used for retirement savings in Europe, 2011 Operating models (weighted) used for retirement savings in Europe, 2011 (data) Distribution share of bancassurance for investment-related life insurance and retirement savings in Europe, 2011 Weighted group share of bancassurance partnerships for investment-related life insurance and retirement savings, re-weighted by country bancassurance market size, Europe, 2010 3.0 AUSTRIA Gross written premiums for investment-related life insurance and retirement savings in Austria, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Austria, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Austria, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Austria, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Austria, 2006-2010 (data) 4.0 BELGIUM Gross written premiums for investment-related life insurance and retirement savings in Belgium, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Belgium, 2006-2010 (data) Distribution share of banks in total life, individual life and group life insurance in Belgium, 2006-2009 (data) Bancassurance provision of investment-related life insurance in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Belgium, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Belgium, 2006-2010 (data) 5.0 CZECH REPUBLIC Gross written premiums for investment-related life insurance and retirement savings in the Czech Republic, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in the Czech Republic, 2006-2010 (data) Bancassurance provision of investment-related life insurance in the Czech Republic, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in the Czech Republic, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in the Czech Republic, 2006-2010 (data) 6.0 DENMARK Gross written premiums for investment-related life insurance and retirement savings in Denmark, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Denmark, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Denmark, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Denmark, 2006-2010 (data) 7.0 FINLAND Gross written premiums for investment-related life insurance and retirement savings in Finland, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Finland, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Finland, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Finland, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Finland, 2006-2010 (data) Market share in total non-statutory pensions of key bancassurance underwriters in Finland, 2006-2010 (data) 8.0 FRANCE Gross written premiums for investment-related life insurance and retirement savings in France, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in France, 2006-2010 (data) Distribution share of banks in total life insurance in France, 2006-2010 (data) Bancassurance provision of investment-related life insurance in France, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in France, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in France, 2009-2010 (data) 9.0 GERMANY Gross written premiums for investment-related life insurance and retirement savings in Germany, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Germany, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Germany, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Germany, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Germany, 2006-2010 (data) 10.0 IRELAND Gross written premiums for investment-related life insurance and retirement savings in Ireland, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Ireland, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Ireland, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Ireland, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance and pensions of key bancassurance underwriters in Ireland, 2006-2009 (data) 11.0 ITALY Gross written premiums for investment-related life insurance and retirement savings in Italy, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Italy, 2006-2010 (data) Distribution share of bancassurance total life, 'class 1' life and unit-linked life insurance, and capitalisation bonds and pension funds in Italy, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Italy, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Italy, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Italy, 2006-2010 (data) Market share in pension funds of key bancassurance underwriters in Italy 2006-2010 (data) 12.0 NETHERLANDS Gross written premiums for investment-related life insurance and retirement savings in the Netherlands, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in the Netherlands, 2006-2010 (data) Distribution share of banks in total individual life and pension insurance in the Netherlands, 2008 and 2010 (data) Bancassurance provision of investment-related life insurance in the Netherlands, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in the Netherlands, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in the Netherlands, 2006-2009 (data) 13.0 NORWAY Gross written premiums for investment-related life insurance and retirement savings in Norway, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Norway, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Norway, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Norway, 2011: provision rate, operating models and weighted provider share of partnerships Market share in individual endowment insurance of key bancassurance underwriters in Norway, 2006-2010 (data) Market share in individual pension insurance of key bancassurance underwriters in Norway, 2006-2010 (data) Market share in group pension insurance of key bancassurance underwriters in Norway, 2006-2010 (data) 14.0 POLAND Gross written premiums for investment-related life insurance and retirement savings in Poland, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Poland, 2006-2010 (data) Distribution share of banks in total life insurance and assorted segments in Poland, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Poland, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Poland, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Poland, 2006-2010 (data) 15.0 PORTUGAL Gross written premiums for investment-related life insurance and retirement savings in Portugal, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Portugal, 2006-2010 (data) Distribution share of banks in total life insurance in Portugal, 2008-2010 (data) Bancassurance provision of investment-related life insurance in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Portugal, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters, 2006-2009 (data) 16.0 ROMANIA Gross written premiums for investment-related life insurance and retirement savings in Romania, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Romania, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Romania, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Romania, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Romania, 2006-2010 (data) 17.0 RUSSIA Gross written premiums for investment-related life insurance and retirement savings in Russia, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Russia, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Russia, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Russia, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Russia, 2006-2010 (data) 18.0 SPAIN Gross written premiums for investment-related life insurance and retirement savings in Spain, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Spain, 2006-2010 (data) Distribution share of banks in total life insurance in Spain, 2006-2009 (data) Distribution share of banks in individual and group investment-related life insurance in Spain, 2006-2009 (data) Bancassurance provision of investment-related life insurance in Spain, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Spain, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life and non-life insurance of key bancassurance underwriters still active and mentioned / covered by the research in in Spain, 2008-2010 (data) Market share in total life and non-life insurance of key bancassurance underwriters no longer active and / or not mentioned / covered by the research in in Spain, 2008-2010 (data) 19.0 SWEDEN Gross written premiums for investment-related life insurance and retirement savings in Sweden, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Sweden, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Sweden, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Sweden, 2006-2010 (data) 20.0 SWITZERLAND Gross written premiums for investment-related life insurance and retirement savings in Switzerland, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Switzerland, 2006-2010 (data) Bancassurance provision of investment-related life insurance in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Switzerland, 2011: provision rate, operating models and weighted provider share of partnerships 21.0 TURKEY Gross written premiums for investment-related life insurance and retirement savings in Turkey, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in Turkey, 2006-2010 (data) Distribution share of banks in life insurance and pensions in Turkey, 2009 and 2010 (data) Bancassurance provision of investment-related life insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in Turkey, 2006-2010 (data) 22.0 UNITED KINGDOM Gross written premiums for investment-related life insurance and retirement savings in the UK, 2006-2010 Gross written premiums for investment-related life insurance and retirement savings in the UK, 2006-2010 (data) Distribution share of banks in life insurance and personal / stakeholder pensions in the UK, 2005, 2007 and 2009 (data) Bancassurance provision of investment-related life insurance in the UK, 2011: provision rate, operating models and weighted provider share of partnerships Bancassurance provision of retirement savings in the UK, 2011: provision rate, operating models and weighted provider share of partnerships Market share in total life insurance of key bancassurance underwriters in the UK, 2006-2010 (data)
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