Market Guide: Life Insurance and Pensions in France 2006

Publication Date	March 2007
Publisher	Datamonitor
Product Type	Report
Pages	38
ISBN Number	not applicable
Product Code	DAT04797

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Summary

Introduction

This report is most appropriate for companies looking for an overview of the life insurance and pensions markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor's European Life and Pensions Interactive Database 2006.

Scope

Presents competitor market data for life insurance and pensions companies;
Assesses regulatory barriers and opportunities;
5 years historic data from 2001-5 and 5 year forecast to 2010.

Highlights

The enactment of the IORP directive creates new product development and market development opportunities for French insurance companies by expanding the range of investments for pension funds beyond those that are currently specified in France and by creating a potential market for French products abroad.

The Economic Confidence and Modernization Act (the Breton Act) introduced a new class of contracts called diversified life insurance policies. These extend the range of possible insurance solutions to include products that offer both security and profitability. New products of this type were expected to be launched in 2006.

Insurance is distributed via tied agents, brokers, salaried sales forces, direct writing insurance mutuals, financial institutions, direct marketing channels (mailers, telemarketing, Internet) and alternative channels (mass retailers, automobile manufacturers). Financial institutions and sales forces of insurance companies dominate the life sector.

Reasons to Purchase

Get an overview of the life and pensions market, including past growth and forecast growth;
Assess regulatory barriers and opportunities affecting life insurance and pensions in this country;
Analyze competition from retail life insurance companies.

Content

Executive Summary - Market Highlights
- Market overview
- Market forecasts
- Market regulation
- Competitive market structure
- Market leaders
- INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
Chapter 1 Market Overview
- Introduction
- Life premiums accounted for 93% of total premium income in 2005
- The proportion of premium income attributed to individual policies increased marginally between 2003 and 2004
- Following a decline in 2002 and 2003, premium income from non unit-linked insurance increased in 2004 and 2005
- Bonds and money market instruments consistently account for at least 70% of the investment assets of life and pensions insurance companies
Chapter 2 Market Forecasts
- Introduction
- Key findings
- Over the next 5 years, premium income is set to grow at an average annual rate of 8%
Chapter 3 Market Regulation
- Introduction
- Key findings
- The Insurance Supervisory Authority and the Committee on Insurance Companies regulate the French insurance sector
- The IORP directive creates new market opportunities
- Legislative reform enhances the range of options for policyholders
- Insurance companies which belong to financial conglomerates face additional supervisory requirements
- New regulations on information provided to policyholders aim to improve consumer protection
- The Insurance Intermediary Directive creates a single passport for insurance intermediaries and enhances consumer choice
- Legislation on distance marketing defines sales practices
- Upcoming legislation will enhance consumer protection
- Proposed anti-money laundering legislation implies an additional administrative burden for insurance companies and brokers
Chapter 4 Competitive Market Structure
- Introduction
- Key findings
- French life insurance companies dominate the market, by number
- The top 5 life insurers control 56% of the market, by premium income
- Financial institutions account for 62% of life and capital redemption premium income
Chapter 5 Market Leaders
- Introduction
- Key findings
- CNP Assurances is the life insurance market leader, based on premium income
- Predica/Pacifica trails the market leader in the life insurance sector
- Axa ranks third among life insurance companies
- AGF is the fourth highest ranked life insurer by premium income
- Groupama rounds out the top 5 life insurers
Appendix
- Definitions
- 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
- Wealth, Investments & Protection writing team
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: Number of life insurance providers segmented by type, as at Dec 2005
- Table 12: Top 5 life and pensions insurers by premium income, as at Dec 2005
- Table 13: Life and capital redemption insurance premium income, segmented by distribution channel, in percentages, Jan-Dec 2005
List Of Figures
- Figure 1: Over the last 5 years, the proportional distribution of life and pensions premium income has been consistent
- Figure 2: Individual policies account for the majority of life and pensions premium income, increasing by roughly 10% p.a. on average, over the last 5 years
- Figure 3: In the last 5 years, average annual growth in premium income from non-unit-linked insurance has outstripped growth in unit-linked premiums
- Figure 4: In 2004 and 2005, there were slight increases in the proportion of equity investments of life and pensions insurance companies
- Figure 5: Pensions will account for an increasing proportion of the growth in premium income between 2006 and 2010
- Figure 6: 86% of all providers are French life insurance or composite companies
- Figure 7: CNP Assurances leads the French life and pensions sector
- Figure 8: Salaried sales associates and tied agents together account for just under one-quarter of life and capital redemption premium income