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United Kingdom Insurance Report 2011


United Kingdom Insurance Report 2011

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Additional Information
Price $530.00
Meta Description No
Publisher Business Monitor International
Date of Report May 23, 2011
Quick Overview
The UK is both a very large domestic market and also a key player in the world insurance market, especially via Lloyds.
Writing in October 2010, we have been able to include final data for 2009 and to amend projections for the current year in order to take into account of results for H110 that have actually been released by major cross-border insurers in the Asia Pacific. Total insurance premiums in the UK in 2009 amounted to GBP172,357mn. This includes non-life premiums of GBP53,843mn and life premiums of GBP118,514mn.
Between now and the end of the forecast period in 2015, we expect that annual non-life premiums will grow to GBP66,057mn, while annual life premiums should grow to GBP116,217mn. Growth in non-life premiums should be driven by the general growth of nominal GDP plus a rise in nonlife penetration from 3.83% in 2009 to 3.85% by 2015.
Growth in life premiums should be driven by the change in the overall population and a rise in life density from US$2,955 in 2009 to US$3,150 per capita.
BMI’s Insurance Business Environment Rating for the UK is 85.8 out of 100.
Key Features Of This Report
The structure of this report is substantially similar to that of its predecessors. We have updated comments and data, using information made available by regulators, trade associations and insurance companies over the course of 2010.
Table of Contents
The Sector At A Glance .................................................................................................................................. 5
Table: The UK’s Insurance Sector At A Glance .................................................................................................................................................... 5
Key Insights On The UK Insurance Sector ............................................................................................................................................................ 5
Key Features Of This Report ................................................................................................................................................................................ 6
SWOT Analysis ................................................................................................................................................ 7
UK Insurance Industry SWOT .............................................................................................................................................................................. 7
UK Political SWOT ............................................................................................................................................................................................... 8
UK Economic SWOT ............................................................................................................................................................................................ 8
Latest News ..................................................................................................................................................... 9
Developed States Insurance Overview ........................................................................................................ 11
Table: Developed States’ Non-Life Segment – Premiums ................................................................................................................................... 13
Table: Developed States’ Life Segment – Premiums ........................................................................................................................................... 13
MetLife’s Acquisition Of ALICO .................................................................................................................... 15
Table: ALICO At A Glance ................................................................................................................................................................................. 16
Table: ALICO’s Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%) .......................................................... 17
Table: ALICO – A Market Leader In Japan ........................................................................................................................................................ 17
Table: MetLife’s Acquisition Of ALICO ............................................................................................................................................................. 18
Table: MetLife And ALICO Combined ................................................................................................................................................................ 19
Projections And Forecasts ............................................................................................................................ 20
Table: Insurance Premiums, 2007-2015 ............................................................................................................................................................. 20
Projections And Drivers Of Growth.................................................................................................................................................................... 20
Table: Growth Drivers, 2007-2015 ..................................................................................................................................................................... 21
Country Update ............................................................................................................................................. 22
Macroeconomic Outlook ..................................................................................................................................................................................... 22
Table: UK Economic Activity, 2007-2014........................................................................................................................................................... 24
Political Outlook ................................................................................................................................................................................................. 24
Insurance Business Environment Ratings .................................................................................................. 28
Table: UK Insurance Business Environment Indicators ..................................................................................................................................... 28
Table: Developed States Insurance Business Environment Ratings ..................................................................................................................... 29
Regional Context ........................................................................................................................................... 30
Table: Non-Life Premiums In A Regional Context, 2009 .................................................................................................................................... 30
Table: Life Premiums In A Regional Context, 2009 ............................................................................................................................................ 30
Analysis Of Competitive Conditions ............................................................................................................ 31
Company Profiles .......................................................................................................................................... 33
Aviva plc ............................................................................................................................................................................................................. 33
Table: Key Financial Highlights, Nine Months To End Of September (GBPmn) ................................................................................................. 35
Table: Key Financial Indicators, June 30 And September 30 2009 (GBP) ......................................................................................................... 35
Table: Sales, Nine Months To September 30, GBPmn (PVNBP basis) ................................................................................................................ 35
Bupa ................................................................................................................................................................................................................... 36
Table: Global Financial Highlights, H109 (GBP) .............................................................................................................................................. 38
United Kingdom Insurance Report 2011
© Business Monitor International Ltd Page 4
Table: Asia Pacific Financial Highlights, H108 And H109 (GBPmn) ................................................................................................................. 38
Table: UK And US Financial Highlights, H108 And H109 (GBPmn) .................................................................................................................. 38
Friends Provident Group .................................................................................................................................................................................... 39
Table: Financial Highlights, 2008 And 2009 (GBPmn) ...................................................................................................................................... 40
Table: Financial Highlights, Nine Months To September 30 2008 And 2009 (GBPmn) ...................................................................................... 41
HSBC Bank ......................................................................................................................................................................................................... 42
Table: Net Earned Premiums, 2007 And 2008 (GBPmn) .................................................................................................................................... 42
Table: Financial Highlights, 2007 And 2008 (GBPmn) ...................................................................................................................................... 43
Lloyds Banking Group Insurance ....................................................................................................................................................................... 44
Table: Key Financial Highlights, Half Year To June 30 2008 And 2009 (GBPmn) ............................................................................................. 45
Table: Key UK Financial Highlights, Half Year To June 30 2008 And 2009 (GBPmn) ....................................................................................... 46
Legal & General Group ...................................................................................................................................................................................... 47
Table: Unaudited New Business Premiums, Nine months To September 30 2009 (GBPmn) ............................................................................... 48
Table: Summary Income Statement, H108 And H109 (GBPmn) .......................................................................................................................... 48
Table: Risk Business, FY08 And H109 (GBPmn) ................................................................................................................................................ 49
Table: Combined Income Statement, Full-Year 2008 (GBPmn) .......................................................................................................................... 49
Prudential ........................................................................................................................................................................................................... 51
Table: Sales And Inflows On An APE Basis, January-September 2009 (GBP) .................................................................................................... 53
Table: Sales On An APE Basis, January-September 2009 (GBP) ........................................................................................................................ 53
RBS Insurance .................................................................................................................................................................................................... 54
Table: Key Figures, Nine Months To September 30 2008 And 2009 (GBPmn) .................................................................................................... 55
Table: Key Operating Ratios, September 30 2008 And 2009 ............................................................................................................................... 55
RSA ..................................................................................................................................................................................................................... 56
Table: Key Financial Highlights, 2008 And 2009 (GBPmn) ............................................................................................................................... 58
Table: Net Written Premiums, January-September 2008 And 2009 (GBPmn) ..................................................................................................... 58
Standard Life ...................................................................................................................................................................................................... 59
Country Snapshot: UK Demographic Data .................................................................................................. 61
Section 1: Population .......................................................................................................................................................................................... 61
Table: Demographic Indicators, 2005-2030 ....................................................................................................................................................... 61
Table: Rural/Urban Breakdown, 2005-2030 ...................................................................................................................................................... 62
Section 2: Education And Healthcare ................................................................................................................................................................. 62
Table: Education, 2002-2005 ............................................................................................................................................................................. 62
Table: Vital Statistics, 2005-2030 ....................................................................................................................................................................... 62
Section 3: Labour Market And Spending Power ................................................................................................................................................. 63
Table: Employment Indicators, 2000-2005 ......................................................................................................................................................... 63
Table: Consumer Expenditure, 2000-2011 (US$) ............................................................................................................................................... 63
Table: Average Annual Wages, 2000-2012 ......................................................................................................................................................... 64
BMI Methodology .......................................................................................................................................... 65
Insurance Business Environment Ratings ........................................................................................................................................................... 66
Table: Insurance Business Environment Indicators And Rationale ..................................................................................................................... 67
Table: Weighting Of Indicators .......................................................................................................................................................................... 68




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