Bancassurance in Africa and the Middle East: Product and Partnership Strategies of the Region's Top 120 Retail Banking Groups
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1 Bancassurance in Africa and the Middle East: Product and Partnership Strategies of the Region's Top 120 Retail Banking Groups Report Prospectus March 2017 Finaccord Ltd., 2017 Web: 1
2 Prospectus contents Page What is the research? Which banking groups are covered? Which insurance products are covered? How do country-specific retail banking units covered break down by region and group? What is the report structure? Output example: banking group involvement in bancassurance Output example: unweighted and weighted provider share of partnerships What are the key features of the research? How can the research be used? How can the Partner BASE be used? Who can use the research? What are some of the key findings? What is the cost and format? Country-specific reports about bancassurance How can the research be purchased? Finaccord Ltd., 2017 Web: info@finaccord.com 2
3 What is the research? Bancassurance in Africa and the Middle East: Product and Partnership Strategies of the Region's Top 120 Retail Banking Groups is a report and interactive PartnerBASE dataset that provides a detailed overview of the bancassurance strategies of 120 of the leading consumer banking groups in Africa and the Middle East. In total, the research investigates 340 country-specific retail banking units since some of these groups are active in retail banking in multiple territories; for example, the study analyses the bancassurance operations of Standard Bank Group in a total of 12 countries. For each country-specific unit, it ascertains which of 24 different insurance types are offered, the operating model used where they are available (differentiating, for example, between external, joint venture and captive underwriting partners) and the identity of the insurance providers in each case. This dataset is then used to analyse the bancassurance strategies of each of the 120 retail banking groups. For example: it highlights which groups maintain alliances with insurance providers that can be considered strategic and which work more loosely with a range of providers; it shows whether internationally-diversified groups utilise the same insurance partners across multiple countries across Africa and / or the Middle East or whether they formulate their approach at a country-specific level; and it demonstrates which groups are reliant wholly or mainly on captive or joint venture underwriters (continued overleaf). Finaccord Ltd., 2017 Web: info@finaccord.com 3
4 What is the research? (continued) The countries in Africa and the Middle East across which the 340 retail banking units are researched are the 35 that follow: Algeria; Angola; Bahrain; Botswana; Cameroon; Côte d'ivoire; D.R. Congo; Egypt; Equatorial Guinea; Ethiopia; Gabon; Ghana; Guinea; Israel; Jordan; Kenya; Kuwait; Lebanon; Madagascar; Mauritius; Morocco; Mozambique; Namibia; Nigeria; Oman; Qatar; Saudi Arabia; Senegal; South Africa; Tanzania; Togo; Tunisia; UAE; Uganda; and Zambia. Finaccord Ltd., 2017 Web: 4
5 Which banking groups are covered? AAIB Abu Dhabi Islamic Bank Access Bank Group ADB ADCB African Bank Investments Ahli United Bank Al Baraka Banking Group Al Rajhi Bank Al Salam Bank alinma bank Amen Bank American Express ANB Group Arab Bank Atlas Mara BADR Banco BIC Banco BNI Banco Sol Bank Albilad Bank AlJazira Bank Audi Bank Hapoalim Bank Leumi Bank Muscat Group Bank of Baroda Bank of Beirut BankMed Banque de Tunisie Banque du Caire Banque Extèrieure d'algérie Banque Misr Barclays BBK BGFIBank Group BIAT BLOM Bank BMCE Bank BNA BNP Paribas BPC BPI Burgan Bank Byblos Bank Group CBA Group Centenary Bank Chase Bank CIB CIH Bank CNEP Banque Commercial Bank of Dubai Commercial Bank of Ethiopia Commercial Bank of Qatar Co-operative Bank of Kenya CPA Bank CRDB Bank Crédit Agricole DFCU Bank Diamond Bank Discount Bank Doha Bank DTB Group Dubai Islamic Bank Ecobank Emirates NBD Equity Group Holdings Exim Bank Group FBN Holdings FCMB FGB Fidelity Bank First Rand Group GCB Groupe Attijariwafa Groupe Banque Populaire Groupe BPCE Groupe NSIA Grupo CGD GTBank Gulf Bank Housing Bank for Trade and Finance HSBC Intesa Sanpaolo Investec KCB Group Keystone Bank Group Mashreq Bank Masraf Al Rayan MCB Millennium BPC National Bank of Egypt NBK NBAD NBB NBO NCB Nedbank Group NIC Bank Group NMB Noor Bank Qatar International Islamic Bank Qatar Islamic Bank QNB RAKBANK Riyad Bank Samba Financial Group Saudi Hollandi Bank SBM Group Skye Bank Société Générale Standard Bank Group Standard Chartered STB Bank Sterling Bank TEBA Group UBA Group unibank Union National Bank Zenith Bank Finaccord Ltd., 2017 Web: 5
6 Which insurance products are covered? For each of the 340 country-specific banking units across the 120 groups, the study provides information about provision rates, operating models and provider partnerships for the following 24 insurance types. Accident and health Accident Health / hospital cash Medical expenses Commercial Commercial liability Commercial motor Commercial property Other commercial non-life Professional indemnity Trade credit Creditor Creditor consumer finance Creditor credit cards Creditor mortgages Investment / retirement Investment-related life (not unit-linked) Investment-related life (unit-linked) Retirement savings Motor, home and travel Home Personal motor Travel Personal / identity protection ATM cash / handbag / mobile / wallet Card protection Identity protection Protection-related life Critical illness Income protection Risk life Finaccord Ltd., 2017 Web: info@finaccord.com 6
7 How do country-specific retail banking units covered break down by region and group? others, 102 UAE, 23 Egypt, 20 Kenya, 16 Ecobank, 15 American Express, 13 Standard Bank Group, 12 Standard Chartered, 12 Société Générale, 10 Uganda, 16 UAB Group, 10 Ghana, 15 Arab Bank, 9 BMCE Bank, 9 Tanzania, 15 BNP Paribas, 9 Zambia, 10 Tunisia, 10 Senegal, 10 Morocco, 10 Algeria, 10 Qatar, 11 Lebanon, 11 Nigeria, 14 Saudi Arabia, 13 Côte d Ivoire, 12 Bahrain, 11 Kuwait, 11 others, 224 Barclays, 8 FirstRand Group, 8 Source: Finaccord PartnerBASE for the Top 120 Retail Banking Groups in Africa and the Middle East Finaccord Ltd., 2017 Web: info@finaccord.com 7
8 What is the report structure? 0. Executive Summary: providing a concise evaluation of the principal findings of the report. 1. Introduction: offering rationale, description of methodology and some definitions. 2. Group Strategy Overview: this chapter uses data gathered across the 120 banking groups researched for this report in order to give a combined analysis of their bancassurance product and partner strategy in the following key areas: captive and joint venture underwriters; strategic and other partnerships with insurance groups; merger and acquisition activity related to bancassurance; insurance products offered. 3. Group Strategy Analysis: for each of the 120 banking groups in turn, the interactive PartnerBASE dataset provides an overview of their retail operations and a summary of their bancassurance strategy in Africa and the Middle East including a table illustrating their involvement in bancassurance (see slide 9 for an example) and a pair of bar charts depicting unweighted and weighted provider share of partnerships for insurance products (see slide 10 for an example). Finaccord Ltd., 2017 Web: info@finaccord.com 8
9 Output example: banking group involvement in bancassurance Across seven retail banking units in five countries serving over 8 million customers, Groupe Attijariwafa generated premiums of USD million from its captive and joint venture underwriters in 2015 Group overview Strategic / JV partner(s) in Africa / Middle East n/a Total assets worldwide (USD billion) 41.5 Approximate number of customers in Africa / Middle East (million) 8.08 Countries researched in Africa / Middle East 5 Banking operations researched in Africa / Middle East 7 Captive underwriter(s) in Africa / Middle East? Yes JV underwriter(s) in Africa / Middle East? No Premiums in Africa / Middle East (captive / JV) (USD million) Unweighted product provision rates Accident and health insurance Creditor insurance Accident insurance 0.0% Creditor insurance - consumer finance 14.3% Health / hospital cash plans 14.3% Creditor insurance - credit cards 0.0% Medical expenses insurance 14.3% Creditor insurance - mortgages 66.7% Motor and household insurance Other personal non-life insurance Household insurance 0.0% ATM cash / handbag / mobile / wallet insurance 0.0% Personal motor insurance 14.3% Card protection insurance 14.3% Identity protection assistance / insurance 0.0% Protection-related life insurance Travel insurance 0.0% Critical illness insurance 0.0% Commercial non-life insurance Income protection insurance 0.0% Risk life insurance 57.1% Commercial liability insurance 0.0% Commercial motor insurance 0.0% Investment-related life / retirement savings Commercial property insurance 0.0% Professional indemnity insurance 0.0% Investment-related life insurance (not unit-linked) 0.0% Trade credit insurance 0.0% Investment-related life insurance (unit-linked) 0.0% Other commercial non-life insurance 0.0% Retirement savings 42.9% Source: Finaccord PartnerBASE for the Top 120 Retail Banking Groups in Africa and the Middle East Finaccord Ltd., 2017 Web: info@finaccord.com 9
10 Output example: unweighted and weighted provider share of partnerships Across the various African countries in which it is active, Ecobank works with five partners for bancassurance among which Old Mutual is likely to be the most significant Unweighted provider share of partnerships, % (UHCs) Weighted provider share of partnerships, % (UHCs) Old Mutual 31.3% Old Mutual 77.2% SAHAM Group 26.5% SAHAM Group 7.1% Groupe SUNU 21.8% Groupe SUNU 6.8% Allianz 18.4% Allianz 6.2% Beneficial Life Insurance Group 2.0% Beneficial Life Insurance Group 2.7% Source: Finaccord PartnerBASE for the Top 120 Retail Banking Groups in Africa and the Middle East Finaccord Ltd., 2017 Web: info@finaccord.com 10
11 What are the key features of the research? Key features of this research include: a thorough overview of the bancassurance products and partnerships of a total of 340 consumer banking units owned by 120 of the leading retail banking groups in Africa and the Middle East; for each banking group, an analysis of its insurance providers presented in both unweighted and weighted terms, thereby illustrating not only which partners are engaged in the most product initiatives with that group but which are likely to hold the most valuable relationships given the number of retail customers of the local country unit in question; the first ever ranking by premiums due to captive and / or joint venture insurance entities of banking groups across Africa and the Middle East with data provided for over 30 groups with their own insurance underwriting subsidiaries; coverage of 24 distinct insurance types in six broad categories (as shown on slide 5); availability of an accompanying interactive PartnerBASE dataset that details close to 1,150 distinct product initiatives and that is fully searchable and filterable, enabling provision and distribution patterns to be explored by banking brand, banking group, country and insurance type. Finaccord Ltd., 2017 Web: info@finaccord.com 11
12 How can the research be used? You may be able to use this report and the PartnerBASE dataset that accompanies it in one or more of the following ways: gain access to a unique information source that will allow you to arrive at a rapid understanding of the bancassurance strategies of 120 leading retail banking groups in Africa and the Middle East; appreciate which insurance providers have been successful in establishing partnerships with these groups and which of those partnerships can be considered genuinely strategic; comprehend the magnitude of the captive and / or joint venture underwriting businesses of over 30 banking groups in Africa and the Middle East that have their own insurance subsidiaries; evaluate opportunities to establish bancassurance partnerships across a wide range of insurance products (both life and non-life, personal and commercial) either in a single country or across multiple territories where banking groups are active; benefit from both the broad conclusions contained within the report and the product-specific detail in the PartnerBASE, meaning that this is a study that can be used for both strategic and tactical planning. Finaccord Ltd., 2017 Web: info@finaccord.com 12
13 How can the PartnerBASE be used? Select banking brand Filter by product Identify partners Banking group Country Banking brand RISK LIFE INSURANCE Product offered? Operating model Partner(s) UHC(s) Chase Bank Kenya Rafiki Microfinance Bank Yes External underwriter Jubilee Insurance Jubilee Holdings CIB Egypt CIB Yes External underwriter AXA Egypt AXA CIH Bank Morocco CIH Bank Yes External underwriter Atlanta Assurances Groupe Holmarcom CNEP Banque Algeria CNEP Banque Yes External underwriter CARDIF El Djazair BNP Paribas Commercial Bank of Dubai UAE Commercial Bank of Dubai No Commercial Bank of Ethiopia Ethiopia Commercial Bank of Ethiopia No Commercial Bank of Qatar Qatar Commercial Bank of Qatar Yes External underwriter QIC Insurance Company QIC Group Filter by group Choose country See operating model View number of retail customers for each brand Finaccord Ltd., 2017 Web:
14 Who can use the research? 1. Banking groups: approaches to bancassurance vary enormously across the 120 banking groups investigated if your organisation is reviewing its own product or partnership strategy in this field then this study will help it to benchmark itself against its peer group in Africa and the Middle East; 2. Insurance underwriters: this research provides a comprehensive guide to the bancassurance strategies, partnerships and individual product initiatives of 120 major retail banking groups, allowing you to formulate strategy at both regional and country-specific levels; 3. Management consultancies: if you are helping an insurance or banking group with its bancassurance strategy, then this research will summarise the overall landscape in Africa and the Middle East, saving time and effort on researching the subject yourself; 4. Investment banks: depending upon the regulatory environment, their financial constraints and their strategic intent, banking groups regularly review whether they should develop, buy or divest insurance operations which, naturally, can generate work for the investment banking community. Finaccord Ltd., 2017 Web: info@finaccord.com 14
15 What are some of the key findings? 1) 42 out of the 120 retail banking groups investigated have at least one captive or joint venture insurance underwriter but only one (Groupe Banque Populaire) owns both types Captive underwriter, 27 JV underwriter, 14 none, 78 Captive + JV underwriter, 1 Source: Finaccord PartnerBASE for the Top 120 Retail Banking Groups in Africa and the Middle East Finaccord Ltd., 2017 Web: info@finaccord.com 15
16 What are some of the key findings? (cont.) 2) Across the 120 banking groups surveyed, AXA, MetLife and Allianz hold the most bancassurance relationships of any type although, next to Hollard Group and Jubilee Holdings, Allianz has the most partnerships that can be classified as strategic ones Rank Insurance group JV partnerships Strategic partnerships Non-strategic partnerships Total partnerships 1 AXA MetLife Allianz SAHAM Group SWAN Zurich AIG Al-Futtaim Group Hollard Group Jubilee Holdings SALAMA Source: Finaccord PartnerBASE for the Top 120 Retail Banking Groups in Africa and the Middle East Finaccord Ltd., 2017 Web: info@finaccord.com 16
17 What are some of the key findings? (cont.) 3) Key findings from the executive summary include: across the banking groups for which data is available, total premiums written or earned by captives and joint ventures amounted to almost USD 10 billion in 2015 with the five largest bancassurers alone accounting for around 75% of this figure; with regards to the insurance products offered across the 340 country-specific banking units of the 120 banking groups researched in the region, mortgage-related creditor insurance related to mortgages recorded the highest provision rate, at 64.6% followed by creditor insurance linked to consumer finance (44.4%), risk life insurance (38.2%), creditor insurance linked to credit cards (31.3%), and personal motor insurance (23.8%); at the other end of the spectrum, the lowest rates of availability were reported for identity protection insurance / assistance (0.3%) and trade credit insurance (0.9%); on average, banks located in North Africa offered 3.62 insurance products while the equivalent data points for those based in the Middle East and sub-saharan Africa were 3.25 and 3.34, respectively however, while these figures are seemingly similar, there are substantial differences across the 120 banking groups in scope as well as by country. Finaccord Ltd., 2017 Web: info@finaccord.com 17
18 What is the cost and format? Bancassurance in Africa and the Middle East: Product and Partnership Strategies of the Region's Top 120 Retail Banking Groups is available as a standard PDF document. The PartnerBASE dataset that accompanies it at no further charge is in Excel format. Costs for this research set and other related, multicountry bancassurance titles being made available during 2017 are as follows: REPORT PRICE * Global Bancassurance: Product and Partnership Strategies of the World s Top 500 Retail Banking Groups Global Bancassurance: Product and Partnership Strategies of the World s Top 150 Retail Banking Groups Bancassurance in Africa and the Middle East: Product and Partnership Strategies of the Region s Top 120 Retail Banking Groups Bancassurance in the Americas: Product and Partnership Strategies of the Region s Top 120 Retail Banking Groups Bancassurance in the Asia-Pacific Region and Australasia: Product and Partnership Strategies of the Region s Top 150 Retail Banking Groups Bancassurance in Europe: Product and Partnership Strategies of the Region s Top 150 Retail Banking Groups Global Bancassurance: Product and Partnership Strategies in Accident and Health Insurance of the World s Top 500 Retail Banking Groups Global Bancassurance: Product and Partnership Strategies in Commercial Non-Life Insurance of the World s Top 500 Retail Banking Groups Global Bancassurance: Product and Partnership Strategies in Investment-Related Life Insurance and Retirement Savings of the World s Top 500 Retail Banking Groups Global Bancassurance: Product and Partnership Strategies in Motor, Household and Travel Insurance of the World s Top 500 Retail Banking Groups Global Bancassurance: Product and Partnership Strategies in Personal and Identity Protection Insurance of the World s Top 500 Retail Banking Groups Global Bancassurance: Product and Partnership Strategies in Protection-Related Life Insurance of the World s Top 500 Retail Banking Groups GBP 7,995 GBP 3,995 GBP 1,995 GBP 1,995 GBP 2,995 GBP 2,995 GBP 2,495 GBP 2,495 GBP 2,495 GBP 2,495 GBP 2,495 GBP 2,495 * Titles focused on bancassurance in single countries are as shown overleaf for UK-based clients, VAT at the prevailing rate will be added to the basic price costs quoted are for a single site user licence only for a corporate user licence, please see the next slide for further details invoices can be paid in EUR, at the prevailing exchange rate, if preferred. Finaccord Ltd., 2017 Web: info@finaccord.com 18
19 Country-specific reports about bancassurance Separate reports about bancassurance in different countries are available as listed below. These cover investment-related life insurance and retirement savings, protection-related life insurance, accident and health insurance, motor and household insurance, and creditor insurance linked to mortgages, consumer finance and credit cards. BANCASSURANCE IN... Belgium GBP 995 Malaysia GBP 995 Brazil GBP 995 Mexico GBP 995 Chile GBP 995 Philippines GBP 995 China GBP 995 Poland GBP 995 France GBP 995 Russia GBP 995 Hong Kong GBP 995 South Korea GBP 995 India GBP 995 Spain GBP 995 Indonesia GBP 995 Thailand GBP 995 Italy GBP 995 Vietnam GBP 995 Japan GBP 995 * For UK-based clients, VAT at the prevailing rate will be added to the basic price. Costs quoted are for a single site user licence only. For a corporate user licence, please see the final slide for further details. Invoices can be paid in EUR or USD, at the prevailing exchange rate, if preferred. For acquisition of multiple reports, please contact Finaccord discounts may be available. Finaccord Ltd., 2017 Web: info@finaccord.com 19
20 How can the research be purchased? Simple. Just go to the relevant area of the Finaccord web site available at and fill in the online order form, clearly indicating: report required type of corporate user licence, if required * billing name address and address purchase order number, if applicable Please allow up to one working day for the delivery of electronic copy by . * For the corporate user licence please choose one of the following options: 1. One office, one country: no supplement over and above basic cost of reports ordered 2. Multiple offices, one country: additional 20% over and above basic cost of reports ordered 3. Multiple offices, two to ten countries: additional 50% over and above basic cost of reports ordered 4. Global (unlimited offices in unlimited countries): additional 100% over and above basic cost of reports ordered VAT at the prevailing rate will be added to the price of any corporate user licence acquired by UK-based buyers. Finaccord Ltd., 2017 Web: info@finaccord.com 20
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