Annuities Insurance in the UK – Key Trends and Opportunities to 2019

Date: June 19, 2015
Pages: 68
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US$ 2,795.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: A942B9C3226EN
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Annuities Insurance in the UK – Key Trends and Opportunities to 2019
SYNOPSIS

This report is the result of extensive research into the annuities market in the UK, covering its market dynamics, outlook and competitive landscape. It provides details of the market size and projections of new business premiums, and addresses the impact of the new pension rules on annuity providers. The report also provides an overview of leading companies, and discusses the latest trends in product innovation and insurers’ strategic responses to annuity changes.

SUMMARY
  • The report provides market analysis and insights into the UK annuities business
  • It provides a snapshot of the market size and market dynamics by product type
  • Furthermore, the report analyses the impact of the budget changes on annuity providers
  • It provides analysis of distribution channels for at-retirement products
  • It also discusses deals, news and product innovation in the category
SCOPE
  • This report provides a comprehensive analysis of the annuities market in the UK
  • It provides estimates for annuity new business premiums for the report’s 2010–2014 review period and the outlook for the market
  • It provides an overview of distribution channels, market dynamics and market drivers
  • It discusses product innovation trends and the new retirement income options;
  • It profiles top annuity providers and outlines key challenges facing them
REASONS TO BUY
  • Gain an understanding of the UK annuities market and the new options at retirement.
  • Explore new business premium dynamics across annuity and drawdown products.
  • Learn about the performance of providers in individual and bulk annuity categories.
  • Understand key issues for advisers in the post-budget retirement landscape.
  • Find out more on key deals and new product launches in the market.
KEY HIGHLIGHTS
  • What was the impact of the new pension rules on UK annuity and drawdown sales?
  • How did providers react to secondary annuity market proposals?
  • What are the latest product innovation trends in the retirement income market?
  • What are the views of providers on the future of the bulk annuity market?
  • Will Pension Wise boost advice opportunities for advisers in the market?
1 EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 MARKET ANALYSIS

3.1 Market Size
  3.1.1 Purchased life annuities (PLA)
  3.1.2 Compulsory purchase annuities (CPA)
3.2 Conventional Annuities (CPA)
3.3 Investment–Linked Annuities (CPA)
3.4 Bulk Transfer and Deferred Annuities

4 INCOME DRAWDOWN

5 ABI ANNUITY AND DRAWDOWN SALES

6 MARKET DRIVERS

7 MARKET OUTLOOK

8 DISTRIBUTION CHANNELS

9 COMPETITIVE LANDSCAPE

9.1 Review – The Best Performers of 2014
9.2 Bulk Annuities – The Best Performers of 2014
9.3 Drawdown – The Best Performers of 2014
9.4 UK Life Insurers’ Post-Budget Strategies
9.5 Product Innovation
9.6 Annuities – SWOT Analysis

10 DEALS AND NEWS

10.1 MGM Merges with Stonehaven and Rebrands
10.2 Zurich to Transfer GBP1.2 Billion Annuity Book to Rothesay Life
10.3 Aviva Investors Gets GBP20 Billion Boost from Friends Life Deal

11 REGULATION AND COMPLIANCE

11.1 Regulatory Framework
11.2 Regulatory Changes
  11.2.1 New retirement options available from April 2015
  11.2.2 55% pensions ‘death tax’ abolished
  11.2.3 Changes to the annual allowance
  11.2.4 Lifetime allowance to be reduced
  11.2.5 Secondary annuity market proposals

12 ECONOMIC BACKDROP

12.1 Real GDP Growth
12.2 Demographics
  12.2.1 Aging population
12.3 Labor Market
12.4 GDP per Capita and Household Disposable Income

13 COMPANY PROFILES

13.1 Aegon UK Plc – Company Overview
  13.1.1 Aegon UK Plc – key facts
  13.1.2 Aegon UK Plc – main products
  13.1.3 Aegon UK Plc – main competitors
  13.1.4 Aegon UK Plc – key employees
13.2 Aviva Plc – Company Overview
  13.2.1 Aviva Plc – key facts
  13.2.2 Aviva Plc – main products
  13.2.3 Aviva Plc – main competitors
  13.2.4 Aviva Plc – key employees
13.3 Canada Life Ltd – Company Overview
  13.3.1 Canada Life Ltd – key facts
  13.3.2 Canada Life Ltd – main products
  13.3.3 Canada Life Ltd – main competitors
  13.3.4 Canada Life Ltd – key employees
13.4 Friends Life Group Ltd – Company Overview
  13.4.1 Friends Life Group Ltd – key facts
  13.4.2 Friends Life Group Ltd – main products
  13.4.3 Friends Life Group Ltd – main competitors
  13.4.4 Friends Life Group Ltd – key employees
13.5 Just Retirement Ltd – Company Overview
  13.5.1 Just Retirement Ltd – key facts
  13.5.2 Just Retirement Ltd – main products
  13.5.3 Just Retirement Ltd – main competitors
  13.5.4 Just Retirement Ltd – key employees
13.6 Legal & General Group Plc – Company Overview
  13.6.1 Legal & General Group Plc – key facts
  13.6.2 Legal & General Group Plc – main products
  13.6.3 Legal & General Group Plc – main competitors
  13.6.4 Legal & General Group Plc – key employees
13.7 Liverpool Victoria Group – Company Overview
  13.7.1 Liverpool Victoria Group – key facts
  13.7.2 Liverpool Victoria Group – main products
  13.7.3 Liverpool Victoria Group – main competitors
  13.7.4 Liverpool Victoria Group – key employees
13.8 Lloyds Banking Group Plc – Company Overview
  13.8.1 Lloyds Banking Group Plc – key facts
  13.8.2 Lloyds Banking Group Plc – main products
  13.8.3 Lloyds Banking Group Plc – main competitors
  13.8.4 Lloyds Banking Group Plc – key employees
13.9 Partnership Life Assurance Company Ltd – Company Overview
  13.9.1 Partnership Life Assurance Company Ltd – key facts
  13.9.2 Partnership Life Assurance Company Ltd – main products
  13.9.3 Partnership Life Assurance Company Ltd – main competitors
  13.9.4 Partnership Life Assurance Company Ltd – key employees
13.10 Prudential Plc – Company Overview
  13.10.1 Prudential Plc – key facts
  13.10.2 Prudential Plc – main products
  13.10.3 Prudential Plc – main competitors
  13.10.4 Prudential Plc – key employees

14 STATISTICS

14.1 Review Period 2010–2014

15 APPENDIX

15.1 Methodology
15.2 Contact Timetric
15.3 About Timetric
15.4 Timetric’s Services
15.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: UK Conventional Annuities – New Business Premiums by Product Type (GBP Thousand), 2010 – 2014
Table 3: UK Overall Annuity Sales – Quarter 1 2013 – Quarter 4 2014
Table 4: UK Drawdown Sales – Quarter 1 2013 – Quarter 4 2014
Table 5: UK Annuities – Top-10 Providers by New Business Premium, 2013 and 2014
Table 6: Annuities and Retirement Income Options – SWOT Analysis
Table 7: Aegon UK Plc – Key Facts
Table 8: Aegon UK Plc – Main Products
Table 9: Aegon UK Plc – Key Employees
Table 10: Aviva Plc – Key Facts
Table 11: Aviva Plc – Main Products
Table 12: Aviva Plc – Key Employees
Table 13: Canada Life Ltd – Key Facts
Table 14: Canada Life Ltd – Main Products
Table 15: Canada Life Ltd – Key Employees
Table 16: Friends Life Group Ltd – Key Facts
Table 17: Friends Life Group Ltd – Main Products
Table 18: Friends Life Group Ltd – Key Employees
Table 19: Just Retirement Ltd – Key Facts
Table 20: Just Retirement Ltd – Main Products
Table 21: Just Retirement Ltd – Key Employees
Table 22: Legal & General Group Plc – Key Facts
Table 23: Legal & General Group Plc – Main Products
Table 24: Legal & General Group Plc – Key Employees
Table 25: Liverpool Victoria Group – Key Facts
Table 26: Liverpool Victoria Group – Main Products
Table 27: Liverpool Victoria Group – Key Employees
Table 28: Lloyds Banking Group Plc – Key Facts
Table 29: Lloyds Banking Group Plc – Main Products
Table 30: Lloyds Banking Group Plc – Key Employees
Table 31: Partnership Life Assurance Company Ltd – Key Facts
Table 32: Partnership Life Assurance Company Ltd – Main Products
Table 33: Partnership Life Assurance Company Ltd – Key Employees
Table 34: Prudential Plc – Key Facts
Table 35: Prudential Plc – Main Products
Table 36: Prudential Plc – Key Employees
Table 37: UK Annuities – New Business Premiums (GBP Thousand), 2010–2014

LIST OF FIGURES

Figure 1: UK Annuities (Excluding Bulk and Deferred) – New Business Premiums (GBP Million), 2010–2014
Figure 2: UK Purchased Life Annuities – New Business Premiums (GBP Million), 2010–2014
Figure 3: UK Compulsory Purchase Annuities – New Business Premiums (GBP Million), 2010–2014
Figure 4: UK Conventional Annuities – New Business Premiums (GBP Million), 2010–2014
Figure 5: UK With–Profits Annuities – New Business Premiums (GBP Million), 2010–2014
Figure 6: UK Bulk Transfer Annuities – New Business Premiums (GBP Million), 2010–2014
Figure 7: UK Deferred Annuities – New Business Premiums (GBP Million), 2010–2014
Figure 8: UK Income Drawdown – New Business Premiums (GBP Million), 2010–2014
Figure 9: UK Annuity Rates, Gilt Yields and FTSE100, Since 1990
Figure 10: UK Annuity and Income Drawdown Product Sales by Type of Selling Firm (Thousands), April 2013 to March 2014
Figure 11: UK Annuities (Excluding Bulk and Deferred) – Top-10 Providers by New Business Premium, 2014
Figure 12: UK Annuities (Excluding Bulk and Deferred) – New Business Premium by Provider, 2013 and 2014
Figure 13: UK Bulk and Deferred Annuities – New Business Premium by Provider, 2013 and 2014
Figure 14: UK Drawdown – New Business Premium by Provider, 2013 and 2014
Figure 15: UK Insurance Regulatory Framework
Figure 16: UK Real GDP (Billion) and Quarter-on-Quarter Growth (%), 2007–2014
Figure 17: UK Growing and Aging Population (Years), 1995–2014
Figure 18: UK Population Aged Over 65 Years (%), 2007–2018
Figure 19: UK Overall Life Expectancy (Years), 2007–2018
Figure 20: UK Employment and Unemployment Rates (%), Q1 2006–Q1 2015
Figure 21: UK Average Earnings and CPI Annual Growth Rates (%), Q1 2006–Q1 2015
Figure 22: UK Improving Living Standards (GBP), 1997–2013
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