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The Cerulli Report Asian Insurance 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 China, 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 Interactive Data Supplement With this report subscription, we’re pleased to include these interactive charts: 1. Asian Insurance Investment Landscape: Examine total investable assets by region and country. 2. Insurance Market Snapshot: Analyze life insurance industry investment portfolio by asset class and forecasts for insurance assets under management by country. 3. Business Strategies for Asset Managers: Explore 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 &HUXOOL/RGHVWDU&HUXOOL/RGH SUBSCRIPTIONS MMYY DATA SUPPLEMENTS DATA SUPPLEMENTS > MANAGED ACCOUNTS )LUP3URȴOH$V)LUP3URȴOH $V My Favorites )LUP3URȴOH$VVHWVE\3URJUDP7\SHDQG)LUPȇV3URJUDP1DPHȂ4 PLOOLRQV )LUP3URȴOH $VVHWV E\ 3URJUDP 7\SH DQG )LUPȇV 3URJUDP 1DPH Ȃ4 PLOOLRQV Firm Characteristics EXPLORE )LUP$VVHWVE\3URJUDP7\SH)LUP$VVHWV E\ 3URJUDP 7\SH Customize elements Assets by Program FIRM: $120,000M Select Firm Managed Accounts including currency, $100,000M YEAR: 2015 2010 - 2Q 2013 Firm Characteristics $80,000M year, channel, etc. PROGRAM TYPE: Assets by Program $60,000M (All) Culmulative Growth Mutual Fund Advisory Separate Accounts $40,000M Rep as Portfolio Manager 8QLȴHG0DQDJHG$FFRXQW8QLȴHG0DQDJHG $FFRXQW $20,000M PROGRAM NAME: (All) $0M Manager Select View granular data 22010010 1 1QQ 2011 2Q2 Q 2011 3 3QQ 2011 4 4QQ 2011 1Q1 Q 2012 2 2QQ 2012 3 3QQ 20124Q4 Q 2012 1 1QQ 2013 2Q 2013 Model Wealth Portfolio Optimum Market Portfolio Personal Wealth Portfolio SAM (non-securities) SAM (securities) )LUP$VVHWV2YHU7LPHE\3URJUDPVLUP$VVHWV2YHU 7LPH E\ 3URJUDPV UVEST - CAA $140,000M 10% UVEST - NATCO UVEST - Vista Mgr Direct $120,000M UVEST - Vista Wrap Export exhibits the $100,000M 5% 8QLȴHG0DQDJHG$FFRXQWQLȴHG0DQDJHG$FFRXQW $80,000M Rep as Portfolio Manager way you want them Separate Accounts 0% $60,000M Mutual Fund Advisory to look in Excel, PDF, $40,000M Assets Growth Rate -5% $20,000M or as an image $0M 22010010 1 1QQ 2011 2Q2 Q 2011 3 3QQ 2011 4 4QQ 2011 1Q1 Q 20122 2QQ 2012 3 3QQ 2012 4Q4 Q 2012 1 1QQ 2013 2Q 2013 Source: Cerulli Associates Remember my changes /$6783'$7('/$6783'$7(' 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
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