The Cerulli Report

Asian Industry 2015 NEW Setting the Right Strategies in North and Southeast Asia Interactive Data Supplement Overview & Methodology The second iteration of this report analyzes the general account and retail segments of the life insurance markets of , Taiwan, Hong Kong, Korea, Singapore, Thailand, and Indonesia, to identify where the opportunities for institutional and retail managers are. It pays increased attention to strategies managers can use in tapping the various outsourcing opportunities in each market, and presents an update on key areas of the business that are affecting the investment decisions and activities of life insurers in the region: their investment environment, underwriting performance and issues, regulatory landscape, and product and distribution developments. It also looks at the key asset management players in both the retail and institutional segments of each market. The expanded coverage presents an expansive analysis of the life insurance markets of Asia ex-Japan.

Data included in this report comes from a survey of asset managers that operate in Asia and from in-depth interviews with more than 45 life insurers, asset LOOK INSIDE THIS REPORT managers, industry associations, insurance research institutes, regulators, and consultants around Asia. Quantitative data from insurance industry regulators and 181 Pages, 110 Exhibits associations has also been used and presented.

Benefits Subscription Information - Analyze the trend of affiliated insurers farming out general account assets to $17,000 | Annual third-party managers - Evaluate the forecasted increase of total invested life insurance assets in - Hardcopy the region - Digital copy in color - Assess the opportunities and challenges for asset managers in the retail and - Unlimited online firm-wide access general account segments of this region - Exhibits in Excel - Examine regulatory developments, as well as investment and allocation trends - Key findings - Online access to 1 related reports - Understand the solutions-based approach to winning life insurance mandates - Analyst support - Identify the key asset management players in the retail and institutional segments - NEW Interactive Data Supplement

Questions Answered Research Included - What are the opportunities and challenges for asset managers in the life A subscription to this report remains active insurance markets in North and Southeast Asia? until the next iteration of this report releases - With the dominance of outsourcing to affiliated asset managers in many parts of and includes online access to the following Asia ex-Japan, how much outsourcing opportunity is available to third-party related Cerulli research: managers, and which markets offer considerable opportunity? • The Cerulli Report: Asian Insurance - Who are the key asset management players in the retail and institutional Industry 2014: Rethinking Investment segments in North and Southeast Asian life insurance markets? Strategies - How large are the assets under management in both the retail and institutional spaces in North and Southeast Asian life insurance markets, and how are they forecast to grow over the next five years? To Purchase CALL +1 617-437-0084 EMAIL [email protected] VISIT www.cerulli.com NEW I nteractive Data Supplement With this report subscription, we’re pleased to include these interactive charts:

1. A sian Insurance Investment Landscape: Examine total investable assets by region and country.

2. I nsurance Market Snapshot: A nalyze life insurance industry investment portfolio by asset class and forecasts for insurance assets under management by country.

3. B usiness Strategies for Asset Managers: E xplore asset managers’ views on opportunities and competition within the market over the past year. New Cerulli iNteraCtive Data SupplemeNt Interact with select Cerulli Report analyses today NEW Interactive Data Supplement What are Interactive Data Supplements? We are pleased to offer an interactive experience with select data contained in 2015 Cerulli Reports. This Interactive Data Supplement (IDS), allows you to interact with select exhibits in unique ways: • Access consolidated data from multiple report exhibits in a single comparative view • Home in on specific data elements • Build custom charts that are easily exported for presentations and other materials • Apply customizable filters to Cerulli Report analyses including assets under management, net new flows, product type, channel, year, marketplace, and currency

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How to Access IDS This new service is complimentary and is accessible via Cerulli Client Login. Simply access your firm’s online Cerulli research with your unique login credentials and you will find the “View Interactive Data Supplement” link to this platform in ‘My Reports.’

VIEW INTERACTIVE CHART

You can also jump to the related IDS chart in the report by clicking on the “View Interactive Chart” button throughout the PDF. VIEW INTERACTIVE CHART To obtain online access: Visit www.cerulli.com, or contact our account management team: +1 617-437-0084 | [email protected] Key Asset Management Players Chapter 4

EXHIBIT 4.03: Asset Managers’ Views on the Change in Level of Competition for Asia ex0Japan Life Assets Available for Managers Over the Past Year, 201402015 Source: Cerulli Associates

70% 61.1% 60% 50.0% 50% 41.2% 40% 35.3% 35.3%35.3% 33.3% 30% 22.2% 20% 17.6% 17.6% 16.7% 16.7% 11.8% 10% 5.9%

0% General accounts Investment-linked products General accounts Investment-linked products Affiliated managers Third-party managers

Greatly decreased Slightly decreased Stayed the same Slightly increased Greatly increased

The Cerulli Report • Asian Insurance Industry 2015 59 CA Expanded table of Contents tABle oF CoNteNtS - Expanded

Key Questions Answered ...... 15 1. Are Asian life insurers really allocating general account money to alternative assets? ...... 15 2. How big a challenge to managers is the dominance of insurance-affiliated managers in trying to win Asian life insurance assets? ...... 16 3. Which Asian market offers the most opportunity for managers to win life insurance mandates? ...... 17 4. Which market offers the most opportunity for managers to manage retail life insurance assets? ...... 18

Chapter 1: Asian Insurance Investment landscape ...... 20 Exhibit 1.01. Total Life Insurance Premiums of North Asian Plus Singaporean Markets, 2010–2014 ...... 22 Exhibit 1.02. Total Life Insurance Premiums of Southeast Asian Markets, 2010–2014 ...... 23 Exhibit 1.03. Total Life Insurance Investable Assets of North Asian Plus Singaporean Markets, 2010–2014 ...... 24 Exhibit 1.04. Total Life Insurance Investable Assets of Southeast Asian Markets, 2010–2014 ...... 25 Exhibit 1.05. Asia ex-Japan Markets Where Asset Managers Have Non-Affiliated Life Insurance Clients, 2015–2018 ...... 26 Exhibit 1.06. Breakdown of Asset Managers’ Asia ex-Japan Life Insurance Assets Under Management, 2014–2015 ...... 27 Exhibit 1.07. Breakdown of Asset Managers’ Asia ex-Japan Institutional Life Insurance Assets Under Management by Asset Class, 2015 ...... 28 Exhibit 1.08. Consolidated Income Statement of the Taiwanese Life Insurance Industry, 2011–August 2015 YTD ...... 31 Exhibit 1.09. TransGlobe Life’s Asset Allocation, 2012–2Q 2015 ...... 33

Chapter 2: Strategies in the North Asian Insurance Space ...... 41 Exhibit 2.01. Types of Life Insurance Mandates Asset Managers Look for in the Next 1–3 Years, 2016–2018 ...... 42 Exhibit 2.02. Types of Mand ates Asset Managers Expect to See Demand for Over the Next 1–3 Years, 2016–2018 ...... 43

Chapter 3: Strategies in the Southeast Asian Insurance Space ...... 50 Exhibit 3.01. Asset Managers’ Views on How Life Insurance Mandate Opportunities Have Changed for Them Over the Past Year in Asia ex-Japan, 2014–2015 ...... 51

Chapter 4: Key Asset Management Players ...... 56 Exhibit 4.01. Selected Asset Managers’ Assets Under Management Sourced from Asia ex-Japan by Investor Type, June 2015 .....57 Exhibit 4.02. Asset Managers’ Views on the Key Challenges in Winning General Account Mandates from Life Insurers in Asia ex-Japan, 2015 ...... 58 Exhibit 4.03. Asset Managers’ Views on the Change in Level of Competition for Asia ex-Japan Life Assets Available for Managers Over the Past Year, 2014-2015 ...... 59 Exhibit 4.04. Asset Managers’ Views on Whether They Have Noticed a Trend of Insurers With Affiliate Asset Managers Outsourcing General Account Assets to Third-Party Managers, 2015 ...... 60 Exhibit 4.05. Selected Chinese Infrastructure Debt Investment Plans Established by IAMCs Since 2014 ...... 61 Exhibit 4.06. Chinese Insurance Groups’ Asset Management Subsidiaries in Hong Kong, June 2015 ...... 63 Exhibit 4.07. Top 10 Singaporean Insurance-Linked Funds by Fund Size, August 2015 YTD ...... 67

the Cerulli Report • Asian Insurance Industry 2015 7 CA table of Contents Expanded

Exhibit 4.08. Korean Asset Management Companies With Affiliate Life Insurers, 2015 ...... 68 Exhibit 4.09. Thai Asset Management Companies With Affiliate Life Insurers, 2015 ...... 71 Exhibit 4.10. Foreign-Owned Indonesian Fund Managers With Affiliate Life Insurers in Indonesia, 2014 ...... 73 Exhibit 4.11. 10 Largest Mutual Fund Managers in Indonesia, 2012–2014 ...... 74

Chapter 5: China ...... 76 Exhibit 5.01. Chinese Life Insurance Total and Investable Assets, 2010–2Q 2015 ...... 77 Exhibit 5.02. Chinese Life Insurance Premium Income, 2010–2Q 2015 YTD ...... 78 Exhibit 5.03. Chinese Insurance Industry Investment Portfolio by Asset Class, 2010–2Q 2015 YTD ...... 79 Exhibit 5.04. Top 10 Chinese Life Insurers by Total Assets, 2013–2014 ...... 80 Exhibit 5.05. Top 10 Chinese Life Insurers by Premiums, 2013–2Q 2015 YTD ...... 81 Exhibit 5.06. Chinese Insurance Companies with Approval for Overseas Investment, 2013–July 2015 ...... 82 Exhibit 5.07. Selected Examples of Chinese Insurers Investing Directly Overseas, 2013–2015 ...... 83 Exhibit 5.08. Approved Qualified Domestic Institutional Investor Insurance Companies, June 2014–June 2015 ...... 84 Exhibit 5.09. List of Insurance Asset Management Companies, June 2015 ...... 86 Exhibit 5.10. Top 10 Chinese Life Insurers by Investment-Linked Product Assets, 2013–2014 ...... 87 Exhibit 5.11. Top 10 Chinese Life Insurers by Investment-Linked Product Premiums, 2013–2Q 2015 YTD ...... 88 Exhibit 5.12. Chinese Investment-Linked Product Assets by Asset Class, 2012–2Q 2015 YTD ...... 89 Exhibit 5.13. Largest Chinese Investment-Linked Product Funds by Asset Class, 2015 ...... 90 Exhibit 5.14. Top 10 Chinese Life Insurers by Variable Universal Life Premiums, 2013 ...... 91

Chapter 6: taiwan ...... 92 Exhibit 6.01. Taiwanese Life Insurance Total Premium Income, 2010–2014 ...... 93 Exhibit 6.02. Taiwanese Life Insurance Total Assets, 2010–2014 ...... 94 Exhibit 6.03. Taiwanese Life Insurance Investable Assets, 2010–2Q 2015P ...... 95 Exhibit 6.04. Taiwanese Life Insurance Industry Investment Portfolio by Asset Class, 2010–2Q 2015P ...... 96 Exhibit 6.05. Top 10 Taiwanese Life Insurers by Total Assets, 2012–2014 ...... 97 Exhibit 6.06. Top 10 Taiwanese Life Insurers by Investment Portfolio, 2014 ...... 98 Exhibit 6.07. Taiwanese Investment-Linked Product Premium Income, 2010–2014 ...... 99 Exhibit 6.08. Top 10 Taiwanese Life Insurers by Investment-Linked Product Premium Income, 2012–2014 ...... 100 Exhibit 6.09. Taiwanese Investment-Linked Product Assets, 2010–2014 ...... 101 Exhibit 6.10. Top 10 Taiwanese Life Insurers by Investment-Linked Product Assets, 2012–2014 ...... 102

Chapter 7: Hong Kong ...... 103 Exhibit 7.01. Hong Kong Life Insurance Total Premium Income, 2010–2Q 2015P YTD ...... 104 Exhibit 7.02. Hong Kong Life Insurance Total Assets, 2012–2014E ...... 105 Exhibit 7.03. Hong Kong Life Insurance Investable Assets, 2010–2014E ...... 106 Exhibit 7.04. Hong Kong Investment-Linked Product Assets, 2007E and 2012–2014E ...... 107 Exhibit 7.05. Top 10 Hong Kong Life Insurers by Individual Total Investment-Linked Product Premiums, 2013–2014P ...... 108 Exhibit 7.06. Top 10 Hong Kong Life Insurers by Investment-Linked Product Individual Life New Business Premiums, 2013–2014P ...... 109

CA 8 the Cerulli Report • Asian Insurance Industry 2015 Expanded table of Contents

Exhibit 7.07. Top 10 Hong Kong Life Insurers by Investment-Linked Product Individual Life In-Force Business Premiums, 2013–2014P ...... 111 Exhibit 7.08. Hong Kong Individual Investment-Linked Product New Business Premiums by Type of Policyholders, 2013P–2Q 2015P YTD ...... 113 Exhibit 7.09. Hong Kong Individual Life New Business Premiums from Mainland Policyholders, 2010–2Q 2015 YTD ...... 114

Chapter 8: Korea ...... 116 Exhibit 8.01. Korean Life Insurance Total Premium Income, 2010–2Q 2015 YTD ...... 118 Exhibit 8.02. Korean Life Insurance Total Assets, 2010–2Q 2015 ...... 119 Exhibit 8.03. Korean Life Insurance Investable Assets, 2010–2Q 2015 ...... 120 Exhibit 8.04. Korean Life Insurance Industry Investment Portfolio by Asset Class, 2010–2Q 2015 ...... 121 Exhibit 8.05. Top 10 Korean Life Insurers by Investable Assets, 2013–2Q 2015 ...... 122 Exhibit 8.06. Top 10 Korean Life Insurers by Investment Income, 2013–2Q 2015 YTD ...... 123 Exhibit 8.07. Korean Separate Account Insurance Premium Income, 2010–2Q 2015 YTD ...... 124 Exhibit 8.08. Top 10 Korean Life Insurers by Separate Account Premium Income, 2014 ...... 125 Exhibit 8.09. Korean Separate Account Insurance Assets, 2010–2Q 2015 ...... 126 Exhibit 8.10. Korean Separate Account Insurance Assets Breakdown, 2010–2Q 2015 ...... 127 Exhibit 8.11. Top 10 Korean Life Insurers by Total Separate Account Assets, 2013–2Q 2015 ...... 128

Chapter 9: Singapore ...... 129 Exhibit 9.01. Singaporean Life Insurance Total Premium Income, 2010–1Q 2015P YTD ...... 130 Exhibit 9.02. Singaporean Life Insurance Total Assets, 2010–1Q 2015P ...... 131 Exhibit 9.03. Singaporean Life Insurance Investable Assets, 2010–1Q 2015P ...... 132 Exhibit 9.04. Singaporean Life Insurance Industry Investment Portfolio by Asset Class, 2010–1Q 2015P ...... 133 Exhibit 9.05. Top 10 Singaporean Life Insurers by Total Investable Assets, 2012–2014 ...... 134 Exhibit 9.06. Top 10 Singaporean Life Insurers by Investment Portfolio, 2013 and 2014 ...... 135 Exhibit 9.07. Singaporean Investment-Linked Product Assets by Asset Class, 2010–1Q 2015P ...... 137 Exhibit 9.08. Singaporean CPF-Funded Sales Contribution to Total Weighted Single Premiums, 2006–2Q 2015 YTD ...... 138 Exhibit 9.09. Asset Breakdown of CPFIS-Included Investment-Linked Products by Fund Size, 2012–2Q 2015 ...... 139 Exhibit 9.10. Top 10 Singaporean Life Insurers by Total Investment-Linked Product Assets, 2014 ...... 140 Exhibit 9.11. Top 10 CPFIS Investment-Linked Product Funds by Fund Size, 2Q 2015 ...... 141

Chapter 10: thailand ...... 142 Exhibit 10.01. Thai Life Insurance Total Premium Income, 2010–2014 ...... 143 Exhibit 10.02. Thai Life Insurance Total Assets, 2010–2014 ...... 144 Exhibit 10.03. Thai Life Insurance Investable Assets, 2010–2014 ...... 145 Exhibit 10.04. Thai Life Insurance Industry Investment Portfolio by Asset Class, 2010–2014 ...... 146 Exhibit 10.05. Top 10 Thai Life Insurers by Total Assets, 2012–2014 ...... 147 Exhibit 10.06. Top 10 Thai Life Insurers by Investment Portfolio, 2014 ...... 148 Exhibit 10.07. Top 10 Thai Life Insurers by Total Individual Premiums, 2013–2014 ...... 149

the Cerulli Report • Asian Insurance Industry 2015 9 CA table of Contents Expanded

Chapter 11: Indonesia ...... 150 Exhibit 11.01. Indonesian Insurers’ Approved Investments for Shareholder Funds, 2013 ...... 151 Exhibit 11.02. Indonesian Life Insurance Total Premium Income, 2010–2Q 2015P YTD ...... 152 Exhibit 11.03. Indonesian Life Insurance Total Assets, 2010–2014P ...... 153 Exhibit 11.04. Indonesian Life Insurance Total Investable Assets, 2010–2Q 2015P ...... 154 Exhibit 11.05. Indonesian Life Insurance Industry Investment Portfolio by Asset Class, 2010–2Q 2015P ...... 155 Exhibit 11.06. Top 10 Indonesian Life Insurers by Total Assets, 2012–2013 ...... 156 Exhibit 11.07. Indonesian Investment-Linked Product Premium Income, 2010–2014E ...... 157 Exhibit 11.08. Indonesian Investment-Linked Product Assets, 2010–2014E ...... 158

Chapter 12: Business outlook for Asset Managers ...... 159 Exhibit 12.01. Forecast for Life Insurance Assets Under Management of Selected Markets in Asia, 2015F–2019F ...... 159 Exhibit 12.02. Markets Where Asset Managers Expect to See the Most Opportunity to Win Non-Affiliated Life Insurance Mandates Over the Next 1–3 Years, 2016–2018 ...... 160 Exhibit 12.03. Markets Where Asset Managers Expect to See the Most Opportunity to Manage Investment-Linked Product Assets Over the Next 1–3 Years, 2016–2018 ...... 162

Appendix ...... 165 Exhibit A.01. Asset Managers’ Insights on How They Learn of Life Insurance Mandate Opportunities in Asia ex-Japan, 2015 ...... 165 Exhibit A.02. Total Life Insurance Assets of Selected Markets in Asia, 2010–2014 ...... 166 Exhibit A.03. Key Regulations of Chinese Insurance Industry, 2014–2015 ...... 167 Exhibit A.04. Chinese Investment-Linked Product Fund Performance vs. Mutual Fund Performance by Asset Class, 2Q 2015 YTD ...... 169 Exhibit A.05. Taiwanese Life Insurance Total Premium Income by Product Type, 2010–2Q 2015 YTD ...... 170 Exhibit A.06. Hong Kong Life Insurance Total Premium Income by Product Type, 2010–2014E ...... 171 Exhibit A.07. Korean Life Insurance Total Premium Income by Product Type, 2010–2014 ...... 172 Exhibit A.08. Singaporean Life Insurance Premium Income by Product Type, 2010–2014 ...... 173 Exhibit A.09. Singaporean Life Insurance Products by Types of Funds, 2010–2Q 2015 YTD ...... 174 Exhibit A.10. Thai Life Insurance Premium Income by Product Type, 2010–2014 ...... 175 Exhibit A.11. Indonesian Life Insurance Premium Income by Product Type, 2010E–2014E ...... 176

CA 10 the Cerulli Report • Asian Insurance Industry 2015 Company Index

CoMPANY INDeX

Aberdeen Asset Management ...... 36, 71, 141, 149 ACE Tempest Life Insurance ...... 100, 102 Aeon Life Insurance ...... 29 ...... 34, 103 AIA ...... 34, 53, 66, 105, 112, 140, 141 AIA Hong Kong ...... 64 AIA Thailand ...... 20, 38, 53, 142, 147, 148, 149, 164 AllianceBernstein ...... 70 Life Insurance Indonesia ...... 39 Insurance Korea ...... 122 Allianz Taiwan Life Insurance ...... 102 American Century Investment Management ...... 85 AMP China Life Insurance ...... 44 Insurance Group ...... 44, 83, 117 Anbang Life Insurance ...... 29, 30 AnHua Agricultural Insurance ...... 29 Ares Management ...... 29 Asuransi Jiwa ...... 74 ...... 34, 105, 108 AXA Asset Management ...... 54, 72 AXA Investment Managers ...... 63 AXA Life ...... 72, 155 AXA Mandiri ...... 72, 74 Ayudhya Fund Management ...... 71, 149 Bahana TCW Investment ...... 74 Baotou Huazi Industry Company ...... 81 Jing Hang Rong Jin Investment Center ...... 29 BlackRock ...... 70, 71, 85 Blackstone ...... 44 BNP Paribas ...... 39, 54, 55, 72, 74 BNP Paribas Cardif Life Insurance ...... 125 BNP Paribas Cardif TCB ...... 102 Bohai Property Insurance ...... 29 BRIngin Life ...... 150 Cardif ...... 100

the Cerulli Report • Asian Insurance Industry 2015 177 CA Company Index

Cathay Conning ...... 31, 56, 69 Cathay Financial Holdings ...... 92 Cathay Life Insurance ...... 30, 31, 47, 70, 92, 96, 97, 98, 100 Chang An Responsible Insurance ...... 29 China Life Insurance ...... 28, 29, 30, 44, 81, 83, 85, 86, 91 China Life Insurance (Taiwan) ...... 97, 98 China Pacific Life ...... 28, 81 Chunghwa Post Life Insurance ...... 98 CTBC Financial Holding ...... 92, 97 CTBC Life Insurance ...... 92, 97 Dai-ichi Life ...... 150 Dongbu Insurance ...... 34 Eastspring Investments ...... 33, 56, 63, 66, 132, 141 Etiqa ...... 132 Fengate Capital Management ...... 35, 48 First Life Insurance ...... 100 Fortress Investment Group ...... 29 Franklin Templeton ...... 85 Fubon/Fubon Financial Holding ...... 69, 117 Fubon Asset Management ...... 69 Fubon Life Insurance ...... 30, 69, 97, 100, 102 FWD ...... 34, 63 Global Life Insurance ...... 92 ...... 85 ...... 134, 141 Greatwall Wealth Asset Management ...... 29 Hanwha Life Insurance ...... 35, 117, 122, 123, 125, 126, 128 Heungkuk Life Insurance ...... 34, 35 Hony Capital ...... 29 HSBC ...... 107, 110 HSBC Asset Management ...... 63 HSBC Life Insurance ...... 107, 108, 110, 112 ...... 81, 91 Hyundai Fire & Marine Insurance ...... 34 Hyundai Life Insurance ...... 117 Hyundai Motor Group ...... 117 ING ...... 122

CA 178 the Cerulli Report • Asian Insurance Industry 2015 Company Index

JD Capital ...... 103 J.P. Morgan Asset Management ...... 70, 71, 85 Kasikorn Asset Management ...... 71 KB Asset Management ...... 35, 68 KDB Life Insurance ...... 118 Krung Thai Asset Management ...... 71 Krungthai-AXA Life ...... 147 Kunlun Health Insurance ...... 29 Kyobo AXA Investment Managers ...... 68 Kyobo Life Insurance ...... 122, 125, 128 Kyobo Life Planet ...... 116, 126 Lotte Insurance ...... 34 Mandiri Manajemen Investasi ...... 74, 75 Manulife ...... 108, 110 Manulife Asset Management ...... 54, 63, 71, 74 Manulife Singapore ...... 37, 136, 140 MBK Partners ...... 122 Mercuries Life Insurance ...... 97, 102 Mirae Asset Global Investments ...... 68 Mirae Asset Life Insurance ...... 116, 117, 126 MS&AD Insurance Group ...... 150 Nan Shan Life Insurance ...... 30, 97, 98, 100, 102 Neuberger Berman ...... 85 ...... 80, 81 NongHyup Life Insurance ...... 122, 163 NTUC Income ...... 36, 37, 136, 137, 140 Oaktree Capital ...... 29 Panin Life ...... 154 PCA Life Insurance ...... 128 PineBridge ...... 34, 63 Ping An ...... 83 Ping An Life ...... 28, 30, 81, 86 Ping An Securities ...... 78 Postal Insurance Bureau ...... 48 Prudential (UK) ...... 33, 34, 66, 132, 134, 136, 140, 141, 147, 148, 149, 156 PT Bank Rakyat Indonesia ...... 150 PT Taspen ...... 150

the Cerulli Report • Asian Insurance Industry 2015 179 CA Company Index

RCBC Bank ...... 92 Russell Investments ...... 37, 66, 134 Samsung Asset Management ...... 35, 56, 68 Samsung Fire & Marine ...... 56 ...... 35, 56, 68, 117, 120, 122, 125, 126, 128 Samsung ...... 56 SCB Asset Management ...... 38, 71, 72, 149 Schroders/Schroder Investment Management ...... 37, 39, 54, 55, 70, 72, 74, 85 Shin Kong Investment Trust Co ...... 70 Shin Kong Life Insurance ...... 30,47, 70, 102 Shinhan BNP Paribas Asset Management ...... 68 Sinarmas Life ...... 150 Sinarmas MSIG Life ...... 154 Singfor Life Insurance ...... 92 Sino Life Insurance ...... 29, 81, 91 SkyBridge Capital ...... 48 Soochow Life Insurance ...... 29 St. James’s Place International ...... 132 State Street Global Advisors ...... 71, 85 ...... 150 Sun Life Everbright Asset Management ...... 29 Sun Life Everbright Life ...... 87, 88, 90 Sunshine Insurance Group ...... 29 ...... 29, 30, 90 Taipei Fubon Bank ...... 100 Taiping Life Insurance ...... 28 Taishan Property and Casualty Insurance ...... 29 Taiwan Life Insurance ...... 92, 93, 97, 98 Taspen Life Insurance ...... 150 Thai Life Insurance ...... 37, 38, 148, 149 Tianjin Cheng Bo Investments ...... 29 Tishman Speyer Properties ...... 83 Asset Management ...... 66 Tokio Marine Asset Management International ...... 66 Tokio Marine Life Insurance Singapore ...... 37, 66, 134 Tongyang Life Insurance ...... 117 TPG Capital ...... 29, 44

CA 180 the Cerulli Report • Asian Insurance Industry 2015 Company Index

TransGlobe Life Insurance ...... 32, 97 UOB Asset Management ...... 71 Vogo Investment ...... 117

the Cerulli Report • Asian Insurance Industry 2015 181 CA