Table of Contents
- Overview
- Executive Summary
- Following compound annual growth of 4.3% in the last five years, between
2006 and 2010, growth in the Finnish life and pensions market is set to slow
to 3%
- The Finnish life and pensions market expanded by a compound annual
rate of 4.3% between 2001 and 2005
- Slower growth in pensions will produce lower compound annual growth in
the total market between 2006 and 2010
- The market will continue to be shaped by EU legislation
- The market is led by Finnish firms
- Among the market leaders, banking groups usually establish their own
life and pensions arm
- Table of Contents
- Table of figures
- Table of tables
- MARKET OVERVIEW
- The Finnish life and pensions market expanded by a compound annual rate
of 4% between 2001 and 2005
- Premium income increased at a compound annual rate of 4% between 2001
and 2005, primarily driven by growth in pensions
- The proportional distribution of premium income between group and
individual policies has remained relatively unchanged between 2001 and 2005
- Premium income from unit-linked insurance has remained negligible
throughout the 2001-2005 period
- Bonds account for the single highest proportion of the investment
assets of life and pensions insurance companies
- MARKET FORECASTS
- Slower growth in pensions will produce lower compound annual growth in
the total market between 2006 and 2010
- Over the next 5 years, growth in premium income is set to dip slightly
to a compound annual rate of 3%, compared to 4% between 2001 and 2005
- MARKET REGULATION
- The market will continue to be shaped by EU legislation
- The Vakuutusvalvonta supervises the life & pensions industry in
Finland
- Recent legislation has centered on liberalization of investment
regulations
- The Employees Pension Act (TyEL) has simplified the pension process
for employees
- The Insurance Mediation Directive creates a single passport for
insurance intermediaries and enhances consumer choice
- Insurance companies which belong to financial conglomerates face
additional supervisory requirements
- Distance marketing rules define sales practices
- Proposed anti-money laundering legislation implies an additional
administrative burden for insurers
- Upcoming laws will enhance consumer protection
- Providers may be required to fund a new insurance guarantee scheme
- COMPETITIVE MARKET STRUCTURE
- The market is led by Finnish firms
- The top 5 life and pensions insurers control 74% of the market, by
premium income
- MARKET LEADERS
- Among the market leaders, banking groups usually establish their own
life and pensions arm
- The top pensions companies in Finland are led by Varma
- Varma is the pensions insurance market leader, based on premium income
in 2005
- Ilmarinen trails the market leader in the pensions insurance sector
- Tapiola Pension ranks third among pensions insurance companies
- Fennia Pension ranks fourth out of the top 5 life insurers
- Etera rounds out the top 5 pensions insurers
- The top life companies in Finland are led by Nordea
- Nordea is the highest ranked life insurer by premium income
- OP Life trails the market leader in the life insurance sector
- Sampo Life ranks third among life insurance companies
- Pohjola Life is the fourth highest ranked life insurer by premium
income
- Tapiola Life rounds out the top 5 life insurers
- APPENDIX
- Definitions
- Prudent Person Principle
- Capital redemption policy / bond
- Composite insurer
- Defined contribution pension scheme
- Defined benefits pension scheme
- Group policy
- Individual pension scheme
- Individual policy
- Life assurance
- Occupational pension scheme
- Pension insurance policy
- Premium income
- Regular premium
- Single premium
- Technical provisions
- Traditional insurance
- Unit-linked insurance
- Further reading
- Interactive Databases
- Reports and Briefs
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: Life and pensions insurance premium income, segmented by
product, EURm, 2001-2005
- Table 2: Life and pensions insurance premium income, segmented by
product, in percentages, 2001-2005
- Table 3: Life and pensions insurance premium income, segmented by
buyer, EURm, 2001-2005
- Table 4: Life and pensions insurance premium income, segmented by
buyer, in percentages, 2001-2005
- Table 5: Life and pensions insurance premium income, segmented by
investment risk, EURm, 2001-2005
- Table 6: Life and pensions insurance premium income, segmented by
investment risk, in percentages
- Table 7: Investment assets of life and pensions insurance companies,
EURm, 2001-2005
- Table 8: Investment assets of life and pensions insurance companies,
in percentages, 2001-2005
- Table 9: Life and pensions insurance premium income, segmented by
product, EURm, 2006-2010
- Table 10: Life and pensions insurance premium income, segmented by
product, in percentages, 2006-2010
- Table 11: Top 5 life and pensions insurers by gross premium income, as
at Dec 2005
- Table 12: Top pensions insurers by gross premium income, as at Dec 2005
- Table 13: Top life insurers by gross premium income, as at Dec 2005
- List of Figures
- Figure 1: Pension premiums accounted for over 80% of total premium
income in 2005
- Figure 2: Group policies account for the majority of life and pensions
premium income
- Figure 3: Despite the inferior levels of unit-linked premium income,
their compound annual growth rate exceeded 20% during 2001-2005
- Figure 4: The proportion of investment assets held in cash make up the
majority of asset balances in 2005
- Figure 5: Pensions will continue to account for the majority of
premium income between 2006 and 2010
- Figure 6: Varma leads the life and pensions sector in Finland, by
premium income as at December 2005
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