ASIAN INSURANCE INDUSTRY

Transcription

1 ASIAN INSURANCE INDUSTRY 2017 Changing Investment Needs Generate Opportunities Overview & Methodology Now in its fourth iteration, this annual report analyzes the insurance asset management markets of China, Taiwan, Hong Kong, Korea, Singapore, Thailand, Indonesia, and Malaysia. Asset sizing and coverage of regulatory initiatives, allocation, product, distribution, and other key developments continue, but more priority is given to the outsourcing opportunities available to external managers, whether those are in the general account or the separate account (investment-linked or ILP) segment. Data included in this report comes from a proprietary survey of asset managers that operate in Asia and from in-depth interviews with more than 70 life insurers, asset managers, industry associations, insurance research institutes, regulators, and consultants throughout Asia. Quantitative data from insurance industry regulators and associations are also incorporated. Benefits: y Understand what is happening in Asia s life insurance markets y Size Asia s life insurance industry, in terms of assets and premiums, both in the general account and separate account segments y Gain an in-depth analysis of life insurers portfolio allocations, investment practices, and outsourcing to internal and third-party asset managers y Examine the evolving regulatory landscape Questions Answered: SUBSCRIPTION DETAILS $19,000 PURCHASE INCLUDES y Digital copy and hardcopy in color y Online access to 3 related reports y Unlimited online firm-wide access y Exhibits in Excel y Key findings y Analyst support ANNUAL COST 186 PAGES 109 EXHIBITS y Interactive Report Dashboards NEW y Executive Summary Video NEW RESEARCH INCLUDED WITH SUBSCRIPTION y Three years of The Cerulli Report - Asian Insurance Industry y How large are Asia ex-japan s life insurance markets, both in general account as well as separate account assets? What is their expected growth trajectory over the next five years? y How much do Asian life insurers allocate overseas, and how may this change in future, as they face tighter capital and reporting requirements? y What investment strategies or investment-linked products (ILPs) are life insurers interested in? y How do life insurers regulatory environments, investment needs, and challenges differ between North Asia and Southeast Asia? y How can asset managers win space on insurers ILP shelves? For more information, contact us: ``info@cerulli.com Cerulli Interactive Report Dashboards NEW Experience Cerulli s digital platform and interact with analyses from this report With this report subscription, we re pleased to include these interactive dashboards: 1. Asian Insurance Investment Landscape: Review life insurance premiums and investable assets by country and region. 2. Insurance Market Snapshot: Compare life insurance income premiums, investment portfolio asset classes, and AUM forecasts by country. 3. Asset Managers Business Strategies: Examine asset managers views on opportunities and challenges in the market. CERULLI ASSOCIATES info@cerulli.com

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3 Chapter 4 Regional Overview Exhibit 4.06 Asia ex-japan Asset Managers Institutional Life Insurance Assets Under Management by Asset Class, June 2017 Source: Cerulli Associates Analyst Note: Liquid investments includes cash and short-duration securities. Alternatives, 3.8% Others, 0.9% Smart beta, 0.3% Equities, 6.8% Multi-asset, 13.1% Liquid investments (cash and short-duration securities), 15.2% Fixed income, 59.9% 74 The Cerulli Report Asian Insurance Industry 2017

4 Table of Contents Table of Contents: Expanded Methodology Executive Summary Key Questions Answered With insurers forming asset management arms or continuing to hand assets to affiliated fund houses, how is this affecting asset-raising opportunities for third-party managers? How can asset managers win space on insurers ILP shelves? How do life insurers regulatory environments, investment needs, and challenges differ between North Asia and Southeast Asia?...18 Exchange Rates Exchange Rates...19 Chapter 1: Insurers in Asset Management Exhibit 1.01 Selected Asia ex-japan Insurers With Asset Management Companies, Exhibit 1.02 Selected Hong Kong Insurers With Asset Management Companies, Exhibit 1.03 Selected Singaporean Insurers With Asset Management Companies, Exhibit 1.04 Selected Chinese Insurers With Asset Management Companies, Exhibit 1.05 Selected Taiwanese Insurers With Asset Management Companies, Exhibit 1.06 Selected Indonesian Insurers With Asset Management Companies, Exhibit 1.07 Asia ex-japan Asset Managers Views on Key Challenges in Winning General Account Mandates, Exhibit 1.08 Selected Thai Insurers With Asset Management Companies, Exhibit 1.09 Asia ex-japan Asset Managers Views on Markets Offering Non-Affiliated Mandate Opportunities in the Next 1 3 Years, Exhibit 1.10 Korean Insurers with Asset Management Companies, Chapter 2: Insurers as a Distribution Channel Exhibit 2.01 Asia ex-japan Mutual Fund Assets Under Management Distributed Through the Insurance Channel, 2012E 2016E...31 Exhibit 2.02 Asia ex-japan Mutual Fund Assets Under Management by Distribution Channel, Exhibit 2.03 Selected Hong Kong Insurers Fund Partners, Exhibit 2.04 Selected Malaysian Insurers Investment-Linked Products, October The Cerulli Report Asian Insurance Industry

5 Table of Contents Exhibit 2.05 Investment-Linked Products on Singapore s Central Provident Fund Investment Scheme by Investment Type, June Exhibit 2.06 Comparison of Selected Singaporean Insurers Investment-Linked Products and Banks Recommended Funds, November Exhibit 2.07 Equity Mutual Fund Distribution Charges by Distributor Type in Selected Asian Markets, Chapter 3: North Asian vs. Southeast Asian Insurers Exhibit 3.01 Selected Insurance Investment Regulations in North Asia ex-japan, Exhibit 3.02 Insurance Capital Regimes in North Asia ex-japan, Exhibit 3.03 Taiwanese Life Insurance Overseas Investments, 2012 June Exhibit 3.04 Korean Life Insurance Overseas Investments, Exhibit 3.05 Chinese Insurance Overseas Investments, Exhibit 3.06 Top 10 Asia ex-japan Insurers by Assets Allocated to Private Equity, August Exhibit 3.07 Insurance Capital Regimes in Southeast Asia, Exhibit 3.08 Selected Insurance Investment Regulations in Southeast Asia, Exhibit 3.09 Southeast Asia ex-singapore Insurers Share of the Region s Institutional Investable Assets, Exhibit 3.10 Markets in Which Asia ex-japan Asset Managers Expect to Win Non-Affiliated Life Insurance Mandates in the Next 1 3 Years, Exhibit 3.11 Asia ex-japan Asset Managers Institutional Assets by Institution Type, 2015 June Chapter 4: Regional Overview Exhibit 4.01 Asia ex-japan Life Insurance Total Premiums, Exhibit 4.02 Asia ex-japan Life Insurance Total Assets, Exhibit 4.03 Asia ex-japan Life Insurance Investable Assets, E...69 Exhibit 4.04 Asia ex-japan Investment-Linked Product Premiums, Exhibit 4.05 Asia ex-japan Investment-Linked Product Assets, Exhibit 4.06 Asia ex-japan Asset Managers Institutional Life Insurance Assets Under Management by Asset Class, June Exhibit 4.07 Life Insurance Overseas Investments of Selected Asia ex-japan Markets, Chapter 5: China Exhibit 5.01 Chinese Life Insurance Total and Investable Assets, 2012 June Exhibit 5.02 Chinese Life Insurance Total Premiums, 2012 June 2017 YTD...79 Exhibit 5.03 Chinese Insurance Industry Investment Portfolio by Asset Class, 2012 June Exhibit 5.04 Top 10 Chinese Life Insurers by Total Assets, Exhibit 5.05 Top 10 Chinese Life Insurers by Total Premiums, 2015 June 2017 YTD The Cerulli Report Asian Insurance Industry 2017

6 Table of Contents Exhibit 5.06 Chinese Insurance Companies Approved for Overseas Investment, 2013 September Exhibit 5.07 Selected Chinese Insurers Investing Overseas Directly, 2013 September Exhibit 5.08 List of Insurance Asset Management Companies, September Exhibit 5.09 Top 10 Chinese Life Insurers by Investment-Linked Product Assets, Exhibit 5.10 Top 10 Chinese Life Insurers by Investment-Linked Product Premiums, 2015 June 2017 YTD Exhibit 5.11 Chinese Investment-Linked Product Account Assets Under Management by Asset Class, Exhibit 5.12 Largest Chinese Investment-Linked Product Accounts by Asset Class, Exhibit 5.13 Top 10 Chinese Life Insurers by Universal Life Insurance Premiums, Chapter 6: Taiwan Exhibit 6.01 Taiwanese Life Insurance Total Premiums, Exhibit 6.02 Taiwanese Life Insurance Total Assets, Exhibit 6.03 Taiwanese Life Insurance Investable Assets, 2012 June Exhibit 6.04 Taiwanese Life Insurance Industry Investment Portfolio by Asset Class, 2012 June Exhibit 6.05 Top 10 Taiwanese Life Insurers by Total Assets, Exhibit 6.06 Top 10 Taiwanese Life Insurers by Investment Portfolio, Exhibit 6.07 Taiwanese Investment-Linked Product Premiums, Exhibit 6.08 Top 10 Taiwanese Insurers by Investment-Linked Product Premiums, Exhibit 6.09 Taiwanese Investment-Linked Product Assets, Exhibit 6.10 Top 10 Taiwanese Insurers by Investment-Linked Product Assets, Exhibit 6.11 Number and Assets of Discretionary Investment-Linked Policies by Investment Manager and Insurance Company, 2015 June Chapter 7: Hong Kong Exhibit 7.01 Hong Kong Life Insurance Office Premiums, 2012 March 2017 YTD Exhibit 7.02 Hong Kong Life Insurance Total Assets, E Exhibit 7.03 Hong Kong Life Insurance Investable Assets, E Exhibit 7.04 Hong Kong Investment-Linked Product Assets, 2007E and E Exhibit 7.05 Top 10 Hong Kong Life Insurers by Investment-Linked Product Individual Life New Business Premiums, Exhibit 7.06 Top 10 Hong Kong Life Insurers by Investment-Linked Product Individual Life In-Force Business Premiums, Exhibit 7.07 Hong Kong Individual Investment-Linked Product New Business Premiums by Type of Policyholders, 2013 September 2016 YTD Exhibit 7.08 Hong Kong Individual Life New Business Premiums from Mainland Policyholders, 2011 September 2016 YTD The Cerulli Report Asian Insurance Industry

7 Table of Contents Chapter 8: Korea Exhibit 8.01 Korean Life Insurance Total Premiums, 2012 June 2017 YTD Exhibit 8.02 Korean Life Insurance Total Assets, 2012 June 2017 YTD Exhibit 8.03 Korean Life Insurance Investable Assets, 2012 June 2017 YTD Exhibit 8.04 Korean Life Insurance Industry Investment Portfolio by Asset Class, 2012 June 2017 YTD Exhibit 8.05 Top 10 Korean Life Insurers by Investable Assets, 2015 June Exhibit 8.06 Top 10 Korean Life Insurers by Investment Income, 2015 June 2017 YTD Exhibit 8.07 Korean Separate Account Insurance Premiums, 2012 June 2017 YTD Exhibit 8.08 Top 10 Korean Life Insurers by Separate Account Premiums, Exhibit 8.09 Korean Separate Account Insurance Assets, 2012 June Exhibit 8.10 Korean Separate Account Insurance Asset Breakdown, 2012 June Exhibit 8.11 Top 10 Korean Life Insurers by Total Separate Account Assets, 2015 June Chapter 9: Singapore Exhibit 9.01 Singaporean Life Insurance Total Premiums, 2012 June 2017 YTD Exhibit 9.02 Singaporean Life Insurance Total Assets, 2012 June Exhibit 9.03 Singaporean Life Insurance Investable Assets, 2012 June Exhibit 9.04 Singaporean Life Insurance Industry Investment Portfolio by Asset Class, 2012 June Exhibit 9.05 Top 10 Singaporean Life Insurers by Total Investable Assets, Exhibit 9.06 Top 10 Singaporean Life Insurers by Investment Portfolio, 2015 and Exhibit 9.07 Singaporean Investment-Linked Product Assets by Asset Class, 2011 June Exhibit 9.08 Singaporean CPF-Funded Sales Contribution to Total Weighted Single Premiums, 2012 June 2017 YTD Exhibit 9.09 Breakdown of CPFIS-Included Investment-Linked Products by Asset Class, 2013 June Exhibit 9.10 Top 10 Singaporean Life Insurers by Total Investment-Linked Product Assets, Exhibit 9.11 Top 10 CPFIS Investment-Linked Product Funds by Fund Size, June Chapter 10: Thailand Exhibit Thai Life Insurance Total Premiums, 2012 June 2017 YTD Exhibit Thai Life Insurance Total Assets, 2012 June Exhibit Thai Life Insurance Investable Assets, Exhibit Thai Life Insurance Industry Investment Portfolio by Asset Class, Exhibit Top 10 Thai Life Insurers by Total Assets, Exhibit Top 10 Thai Life Insurers by Total Premiums, 2015 June 2017 YTD The Cerulli Report Asian Insurance Industry 2017

8 Table of Contents Chapter 11: Indonesia Exhibit Indonesian Life Insurance Total Premiums, 2012 June 2017 YTD Exhibit Indonesian Life Insurance Total Assets, Exhibit Indonesian Life Insurance Total Investable Assets, 2012 June Exhibit Indonesian Life Insurance Industry Investment Portfolio by Asset Class, 2012 June Exhibit Top 10 Indonesian Life Insurers by Total Assets, Exhibit Indonesian Investment-Linked Product Premiums, E Exhibit Indonesian Investment-Linked Product Assets, E Chapter 12: Malaysia Exhibit Malaysian Life Insurance Total Premiums, Exhibit Malaysian Life Insurance Total and Investable Assets, Exhibit Malaysian Life Insurance Industry Investment Portfolio by Asset Class, Exhibit Top 10 Malaysian Life Insurers by Total Investable Assets, Exhibit Top 10 Malaysian Life Insurers by Investment Portfolio, 2015 and Exhibit Top 10 Malaysian Life Insurers by Investment-Linked Product Individual Life New and In-Force Business Premiums, Exhibit Top 20 Performing Investment-Linked Products, May Appendix Exhibit A Glossary Index of Companies The Cerulli Report Asian Insurance Industry

9 Index of Companies Index of Companies ABL Life Acadian Asset Management... 46, 147 ACE Life Ageas , 117 AIA...14, 26, 33, 60, 63, 68, 106, 107, , 113, 115, 116, 132, 133, 138, 140, , 155, 156, 170, 174, 175 Alliancebank AllianceBernstein... 34, 46, 105 Allianz Global Investors Allianz Life...120, 125, 158 Anbang Insurance Group...56, 120, 125 Ant Financial Services... 27, 64, 107 ASB Bank Asuransi Jiwa Mega Indonesia Asuransi Jiwa Sinar Mas MSIG Asuransi Jiwasraya Aviva... 14, 27, 64, 93, 96, 107, 140, 146, 148 Aviva Investors...27 AXA Investment Managers...28 AXA Life , 140, 146, 147 Baidu... 74, 80 Bank CTBC Indonesia BEA Life... 16, 21 BlackRock BNP Paribas Cardif Life , 127 BOC Group Life BOCHK Asset Management... 34, 117 BOCI-Prudential Asset Management... 34, 117 Brandywine... 46, 147 Capital Group... 26, 33, 34, 106, 147 Capital Life Indonesia Cathay Conning Asset Management...24 Cathay Financial Holding...24 Cathay Life... 23, 24, 48, 50, 68, 96, 98, 101 The Cerulli Report Asian Insurance Industry

10 Index of Companies Cathay Securities Investment Trust Enterprise...98 CCB Principal...91 CDBS Cathay Asset Management...24 Chaoyang Life...93 China Asset Management...5 China Development Financial... 93, 103 China Life...14, 26, 56, 63, 70, 74, 76, 80, 82, 85, 93, 96, 99, 103, 117 China Pacific... 74, 80, 82 China Pacific Insurance... 74, 80 China Taiping Life China Universal Asset Management...77 Chong Hing Bank Chubb Life , 126 Chunghwa Post... 98, 99 Cigna Corporation CIMB Niaga Cindat Capital Management...85 Citigroup...52 Commonwealth Bank of Australia Conning Asia Pacific...24 Conning Asset Management... 24, 68, 98 Conning Holdings Corp...24 CT Corp CTBC Holding...93 CTBC Life... 93, 103 Dagong Global...81 December...12, 64, 68, 95, 107, 126, 129, 136, 137, 143, 150, 157, 166 DGB Life Dongbu Insurance... 54, 74 Dongbu Life...54, 74, 128, 131 E Fund Management...77 Eastspring Investments...20, 34, 68, 109 Etiqa , 174 Farglory Life...99 Franklin Templeton... 34, 46, 113 FTLife , 117 Fubon Life...48, 50, 96, 128 Fullerton Fund Management... 27, 63, The Cerulli Report Asian Insurance Industry 2017

11 Index of Companies Fullgoal Fund Management...77 Funde Sino Life...82 FWD... 26, 64, 132, 150, 155, 156 Generali , 156 GF Fund Management...77 Great Eastern Life Guohua Life... 88, 89 Hancock Natural Resource Group...54 Hang Seng Insurance... 16, 21 Hanwha Life , 130 Heng An Standard Life Insurance... 27, 106 Heungkuk Life Hillhouse Capital...14, 27, 64, 107 Hong Kong Life... 9, 57, 106, 108, 110 Hongkang Life... 88, 89 HSBC Insurance...138, 140, 146 Huaxia Life...81 Hyundai Life...128, 130, 131 IBK Insurance IFM Investors...54 Indiana TOll Road Concession Company...54 ING Life INTECH Invesco...77 Invesco Great Wall Fund Management...77 Investec Asset Management...34 J.P. Morgan Asset Management...34 JD Group June Life...81 KDB Life Korean Insurance Research Institute...52 Kyobo Life... 52, 54, 125 Legg Mason Lemanik Asset Management...46 LINA Life Lion Global Investors... 34, 147 Loomis Sayles...34 M&G Investments... 68, 109 The Cerulli Report Asian Insurance Industry

12 Index of Companies Man AHL... 46, 113 Manulife... 14, 20, 25, 26, 28, 54, 63, 70, 74, 106, 113, 147, 174, 175 Manulife Asset Management...14, 20, 26, 28, 54, 63, 70, 74, 113 Marine Insurance MassMutual... 14, 27, 107 Maybank , 174 Meiyu International Mercer Mercuries Life Mirae Asset... 52, 63, 120, 126, 128, 131 Mirae Asset Life... 52, 63, 120, 126, 128, 131 Mitsui Sumitomo Insurance Muang Thai Life... 26, 60, 155 Nan Shan Life...50, 93, 96, 98, 99 New China Life...82 Nikko Asset Management Nomura...52 NongHyup Life NTUC Income...27, 63, 133, 138, 140, 146, 147 OCBC , 174 Ocean Life Old Mutual , 146 Overseas Assurance Company , 140 PCA Life Insurance...63 PIMCO... 34, 147 PineBridge Investments... 26, 147 Ping An Insurance Group...64 Ping An Life...82 PolicyPal PPMA... 26, 68, 109 Preqin Prevoir Vietnam Life Insurance...63 Principal...91 Pruco Life Insurance Prudential (UK)...27 Prudential Corporation Asia...26 Prudential Financial Prudential Life...152, 155, The Cerulli Report Asian Insurance Industry 2017

13 Index of Companies Public Bank RGA RHB Samsung Asset Management , 127 Samsung Life... 54, 125, 126, 128, 130 SCB Life Schroder Investment Management...34 Sequis Asset Management Sequis Life... 25, 160 Shin Kong Life...50 Shinhan Life Siam Commercial Bank Singapore Life...13, 14, 63, 132 Sino-Conflux...81 Sony Life Standard Life...27, 57, 106, 115 Standard Chartered Bank Standard Life Investments Starts Securities Sun Life... 91, 115, 158, 174 Sun Life-Everbright...89 Taikang Life... 85, 89 Taiping Life... 82, 117 Taiwan Life...93, 96, 101, 103 Tencent Holdings...14, 27, 64, 107 Thai Life...10, 13, 26, 60, 151, Thanachart Bank Tisco Bank TMB Bank Tokio Marine Life Insurance Tongchuangjiuding Investment Management Group Tongyang Life...120, 125, 126 UBS...52 UCF Group Union Life...85 UnionPay... 33, 118 UOB Yunfeng Financial Group... 27, 107 The Cerulli Report Asian Insurance Industry

14 Index of Companies Zeal Asset Management... 46, 113 ZhongAn Online Property and Casualty Insurance...64 Zurich Life...62 Zurich Topas Life The Cerulli Report Asian Insurance Industry 2017