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Asian Insurance Industry 2019 Gearing up for Regulatory Complexities

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Asian Insurance Industry 2019 Gearing up for Regulatory Complexities Asian Insurance Industry 2019 Gearing Up for Regulatory Complexities OVERVIEW & METHODOLOGY This report, in its sixth iteration, analyzes Asia’s life insurance industry through the PRODUCT DETAILS asset management lens. It provides both qualitative and quantitative information, including life insurance assets and premiums, asset allocations, investment practices, Included with Purchase and outsourcing to affiliated and third-party asset managers. The report discusses y Digital copy and hardcopy in color both institutional (general account) and retail (separate account or investment-linked y Online access to five related reports product) segments, and covers China, Taiwan, Hong Kong, Korea, Singapore, Thailand, y Unlimited online firm-wide access Indonesia, and Malaysia. y Exhibits in Excel The report also details key factors that influence insurers’ investments, such as y Key findings regulations, asset-liability management, products, distribution landscapes, and other y Analyst support key developments. Besides covering three region-wide themes—retirement products, y Interactive Report Dashboards insurers’ alternative investments, and outsourcing—the report provides in-depth analysis of Asia ex-Japan’s insurance markets, capturing trends in both chart and Interactive Report Dashboards text forms. Experience Cerulli’s digital analytics platform and explore interactive data from this report USE THIS REPORT TO 1. Asian Insurance Investment Landscape: Analyze five years of historical data that y Review the opportunities for asset managers and insurers in the fast-developing displays life insurance total assets, investable commercial pensions space assets, and total premiums broken out by y Explore the emerging themes that insurers are looking into—alternatives, exchange- Asia ex-Japan sub-regions and geographical markets. In addition, easily compare the traded funds (ETFs), and environmental, social, and governance (ESG) investing growth rates between these assets and y Understand the competition between affiliated and external managers in winning premiums within a single dashboard. insurance assets 2. Insurance Market Analysis: Explore in y Analyze market sizing and opportunities in terms of investable assets and detail the state of insurance segments within addressability in the Asia ex-Japan insurance sector several geographical markets throughout Asia ex-Japan, with data covering assets by investment objective, overseas investments, QUESTIONS ANSWERED and overall investment-linked product assets and premiums. Additionally, compare various y What are the implications for both insurers and asset managers, given the stricter markets’ assets and premiums side by side, regulatory constraints facing many Asian ex-Japan markets? and take a deep dive into the life insurance y Which segments of Asia ex-Japan’s pension market offer the most opportunities to markets of Hong Kong and Malaysia. fund managers? 3. Seeking Yield Through Emerging Themes: y What are the themes emerging on insurers’ radars, and what roles can asset Gain insight into insurance companies’ key managers play? considerations for asset allocation planning, views on forthcoming strategies that are y Which group of managers tends to have the advantage when it comes to winning most preferred, and the top challenges outsourced assets from insurers—affiliated or external managers? that asset managers face with insurance companies’ alternative mandates. Also, y What are the key considerations in insurance outsourcing? review insurance firms’ key reasons for incorporating ESG factors, and their methods of incorporation. 4. Outsourced Assets: Examine Asia ex-Japan asset managers’ top challenges in winning life insurance general account mandates, alongside the average mandate size outsourced. Understand asset managers’ current and projected views on non-affiliated life insurance opportunities separated by geographical markets. Explore asset managers’ current and projected views on resources dedicated to insurers, and insurers’ views on their key considerations for asset outsourcing. Cerulli Associates | [email protected] | www.cerulli.com Regional Overview Chapter 4 Exhibit 4.03 Asia ex-Japan Life Insurance Investable Assets by Country, 2014–2023E (US$ billions) Source: Cerulli Associates Analyst Note: Hong Kong is excluded from the analysis. 1Estimated. 22018 figure is provisional. 3Includes both conventional and family takaful. 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E China1 933.6 1,125.6 1,356.7 1,524.1 1,681.3 1,900.3 2,137.9 2,449.8 2,897.9 3,422.5 Taiwan 523.8 562.9 640.5 709.4 761.4 845.7 941.7 1,051.4 1,177.2 1,322.3 Korea 449.9 493.2 535.0 564.3 590.9 638.7 689.8 743.1 795.2 846.3 Singapore 90.3 96.8 105.5 121.6 127.9 136.4 145.7 156.0 167.4 180.0 Thailand 69.9 79.3 88.9 101.0 106.3 118.2 132.1 149.1 168.2 189.7 Indonesia2 21.8 22.2 26.8 33.0 33.4 40.3 48.6 57.0 66.2 79.2 Malaysia3 49.3 52.1 54.7 59.8 61.8 65.8 70.1 75.0 80.6 86.7 Philippines 15.7 17.9 19.5 22.9 22.6 24.6 26.7 28.9 31.3 34.2 Total investable assets 2,154.2 2,450.1 2,827.7 3,136.3 3,385.6 3,769.9 4,192.5 4,710.3 5,384.0 6,160.9 Y-o-y growth 14.8% 13.7% 15.4% 10.9% 7.9% 11.4% 11.2% 12.4% 14.3% 14.4% Addressable %1 7.5% 7.9% 8.1% 8.6% 8.9% 9.3% 9.7% 10.1% 10.5% 11.0% Overseas exposure %1 17.9% 19.6% 21.5% 22.4% 23.3% 23.9% 24.6% 25.1% 25.2% 25.4% Total investable assets Y-o-y growth US$7,000 20% 6,160.9 US$6,000 15.4% 5,384.0 14.8% 4,710.3 15% US$5,000 11.4% 4,192.5 14.4% 13.7% 10.9% 14.3% 3,769.9 US$4,000 3,385.6 12.4% 3,136.3 11.2% 10% 2,827.7 US$3,000 2,450.1 2,154.2 7.9% US$2,000 5% US$1,000 US$0 0% 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E The Cerulli Report | Asian Insurance Industry 2019 65 Table of Contents Table of Contents: Expanded Key Questions Answered . 17 1. Which segments of Asia ex-Japan’s pension market offer the most opportunities to fund managers?..........................17 2. What are the themes emerging on insurers’ radars, and what roles can asset managers play? ...............................18 3. Which group of managers tends to have the advantage when it comes to winning outsourced assets from insurers—affiliated or external managers?................................................................................................19 Exchange Rates . 20 Chapter 1: Asia’s Thriving Insurance Retirement Segment . 21 Exhibit 1.01 Asia ex-Japan and China Individual Endowment Insurance Premium Income, 2014–2018 ...........................22 Exhibit 1.02 Asia ex-Japan and China Individual Whole Life Insurance Premium Income, 2014–2018.............................22 Exhibit 1.03 Singaporean Individual Retirement-Oriented Life Insurance Premium Income, 2014–2018 ..........................23 Exhibit 1.04 Malaysian Individual Retirement-Oriented Life Insurance Premium Income, 2014–2018 . 23 Exhibit 1.05 Hong Kong Individual Retirement-Oriented Life Insurance Office Premium Income, 2014–2018......................24 Exhibit 1.06 Taiwanese Individual Retirement-Oriented Life Insurance Premium Income, 2014–2018 ............................25 Exhibit 1.07 Asia ex-Japan and China Individual Annuity Insurance Premium Income, 2014–2018 ...............................26 Exhibit 1.08 Korean Individual Retirement-Oriented Life Insurance Premium Income, 2014–June 2019 YTD ......................27 Exhibit 1.09 Thai Individual Retirement-Oriented Life Insurance Premium Income, 2015–2018 .................................28 Exhibit 1.10 Indonesian Retirement-Oriented Life Insurance Premium Income, 2014–2017 ....................................28 Exhibit 1.11 Types of Individual Tax-Deferred Commercial Pension Insurance Products in China................................29 Exhibit 1.12 Approved Providers of China’s Individual Tax-Deferred Commercial Pension Insurance, September 2019 .............30 Chapter 2: Seeking Yield Through Emerging Themes . 31 ℹ Exhibit 2.01 Asia-Pacific Insurance Companies’ Key Considerations for Asset Allocation Planning, 2019 ..........................31 ℹ Exhibit 2.02 Asset Managers’ Views on Asia ex-Japan Insurance Companies’ Preferred Strategies Over the Next 12 to 18 Months, 2019 ................................................................................32 ℹ Exhibit 2.03 Challenges Asia ex-Japan Asset Managers Face With Insurance Companies in Alternative Mandates, 2019 ............33 Exhibit 2.04 Asian Insurance Companies’ Level of Interest in Co-Investments by Asset Type, 2019...............................33 Exhibit 2.05 Selected Private Equity Secondaries Fund Mandates, Searches, and Plans by Asian Insurance Companies, 2018–October 2019 .......................................................................................34 Exhibit 2.06 Selected Passive and Active Quantitative Mandates Issued by Taiwanese and Korean Insurance Companies, 2018–July 2019 ...........................................................................................35 8 The Cerulli Report | Asian Insurance Industry 2019 Table of Contents ℹ Exhibit 2.07 Asia-Pacific Insurance Companies’ Reasons for Incorporating ESG Factors, 2019 ...................................36 ℹ Exhibit 2.08 Asia-Pacific Insurance Companies’ Methods of Incorporating ESG Factors, 2019 ...................................37 Chapter 3: The Battle for Outsourced Assets—Affiliates vs. External Managers . 39 ℹ Exhibit 3.01 Asia ex-Japan Asset Managers’ Views on Key Challenges in Winning Life Insurance General Account Mandates in Asia ex-Japan, 2019 .......................................................................................39
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