Boston, MA -- (SBWIRE) -- 09/20/2013 -- Gross written premiums in the UK's whole life insurance category fell by 57% between 2007 and 2012, although gained momentum in 2010, and resumed growth at 8% in 2012. The market is dominated by unit-linked products, while the popularity of unitized-with-profits and guaranteed acceptance plans for the over 50s also improved between 2010 and 2012. Whole life insurance penetration represents 1.6% of the country's GDP and has remained significantly below its pre-crisis levels. Whole life insurance density also fell sharply. Gradual economic recovery, increasing life expectancy and rising disposable income are expected to promote demand for whole life insurance products over the forecast period.

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Key Highlights

- The whole life insurance category declined dramatically but proved to be resilient. Meanwhile, growth in claims has been restricted.
- Distribution channels are evolving in the post-RDR world.
- Regulatory changes will bring further uncertainty.
- Low interest rates continue to threaten investment returns and profitability.
- Premium growth is expected to settle at 3.5% by 2017.

Scope

- This report provides a comprehensive analysis of the whole life insurance market in the UK
- It provides historical values for the UK's whole life insurance market for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers estimates of new business premiums collected in the UK whole life insurance category
- It analyses the key features of non-profit, unitized-with-profits and unit-linked whole life insurance products
- It provides an overview of claims, market dynamics and market drivers
- It discusses various distribution channels for life insurance products in the UK
- It profiles top life insurance companies in the UK and outlines the key regulatory changes affecting them

Reasons to Get This Report

- Gain an understanding of UK whole life insurance market size
- Explore the market dynamics across non-profit, unitized-with-profits and unit-linked whole life insurance segments
- Learn about the performance of claims, market drivers and distribution channels
- Understand the competitive landscape in terms of performance, profitability and product offerings
- Find out more about key deals and recent developments in the market

Companies Mentioned in this Report: Aviva Plc, Canada Life, Friends Life Group Plc, Legal & General Group, Lloyds Banking Group, Old Mutual Plc, Prudential Plc, Royal London Group, St. James's Place UK Plc, Zurich Financial Services Ltd

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