Life Insurance in the Philippines, Key Trends and Opportunities to 2017

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1 Life Insurance in the Philippines, Key Trends and Opportunities to 2017 Reportstack

2 Summary The Philippines has one of the fastest-growing and most promising life insurance segments in Southeast Asia. During the review period ( ), the segment recorded a compound annual growth rate (CAGR) of 16.3% and valued PHP130.6 billion (US$3.1 billion) in The segment was dominated by individual life and term life insurance products, which collectively accounted for 82% of the segment s written premiums in Significant growth in unit-linked products was also recorded due to changing consumer preferences. The life segment is expected to expand further over the forecast period, driven by the country s growing economy, the increasing penetration of life insurance products and upcoming regulatory reforms. The rising popularity of unit-linked products in particular is expected to drive forecast-period growth in the segment.

3 Scope It provides historical values for the Philippine life insurance segment for the report s review period and forecast figures for the forecast period It offers a detailed analysis of the key sub-segments in the Philippine life insurance segment, along with market forecasts until 2017 It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions It analyses the various distribution channels for life insurance products in the Philippines Using Porter s industry-standard Five Forces analysis, it details the competitive landscape in the Philippines for the life insurance segment It provides a detailed analysis of the reinsurance segment in the Philippines and its growth prospects It profiles the top life insurance companies in the Philippines and outlines the key regulations affecting them

4 Key Benefits Make strategic business decisions using in depth historic and forecast market data related to the Philippine life insurance segment and each category within it Understand the demand-side dynamics, key market trends and growth opportunities within the Philippine life insurance segment Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment Identify the growth opportunities and market dynamics within key product categories Gain insights into key regulations governing the Philippine insurance segment and its impact on companies and the market's future

5 Key Highlights The Philippines has one of the fastest-growing and most promising life insurance segments in Southeast Asia The penetration of life insurance is low in the Philippines, at 1.24% of GDP in This provides ample growth opportunities for life insurers in the country During the review period ( ), the segment recorded a compound annual growth rate (CAGR) of 16.3% and valued PHP130.6 billion (US$3.1 billion) in 2012 Agencies formed the largest distribution channel in the Philippines during the review period, and accounted for 70.6% of life insurance written premiums generated in 2012 The insurance industry of the Philippines is supervised and regulated by the Insurance Commissioner of the Philippines, according to the rules and regulations of the Insurance Code (enacted in 1974) The life segment is highly concentrated, with the 10 leading companies collectively accounting for 88.4% of the segment s written premiums in 2012

6 Companies Mentioned Sunlife of Canada (Philippines), Inc. Pru Life Insurance Corp. of UK Philippine American Life & General Ins. Co. (Philam) Philippine Axa Life Insurance Corp BPI-Philam Life Assurance Corp., Inc. Insular Life Assce Co., Ltd The Manufacturers Life Insurance Co. (Phils), Inc. Sun Life Grepa Financial, Inc. Manulife China Bank Life Assurance Corp. PNB Life Insurance, Inc.

7 If you are interested... Contact Debora White Reportstack Market Research Ph:

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