[Report] Finland Life Insurance & Pensions Market Research, Trends, Analysis TOC

Overview
- Catalyst
- Summary
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

Market Guide: Life Insurance and Pensions in Finland 2006

Table of Contents