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Life Insurance in UK
In 2010, total net premiums (written premium less reinsurance premiums paid by the insurer) for life insurance amounted to £21.705 billion, a decrease of £0.262 billion or 1.19% compares to £21.967 billion in 2009. The £21.705 billion written premiums can be further divided into £20.338 billion for Life & Annuities(includes Ordinary Branch business, Savings and Protection products, ie Bonds, Endowments, Whole of Life, Term Assurance and Collective Life) and £1.367 billion for Income Protection & Other Business(includes Long-term Care and Stand-Alone Critical Illness). Life & Annuities premiums decreased by £0.252 billion or 1.22% compares to £20.590 billion in 2009; while Income Protection & Other Business premiums decreased by £0.01 billion or 0.73% compares to £1.377 billion in 2009.
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Regular premiums amounted to £8.672 billion, a decrease of £0.559 billion or 6.06% compares to £9.231 billion in 2009. And single premiums amounted to to £13.033 billion, an increase of £0.296 billion or 2.32% compares to £12.737 billion in 2009. The £8.672 billion regular premiums is made up of £7.455 billion Life & Annuities and £1.217 billion for Income Protection & Other Business. The £13.033 billion single premiums is made up of £12.883 billion Life & Annuities and £150 million for Income Protection & Other Business.
Benefits paid for life insurance is £36.283 billion in 2010, a decrease of £4.633 billion or 11.32% of compares to £40.916 billion in 2009. The reduction in benefits paid is is inline with the decrease in written premium amount for three straight years. The £35.536 billion benefits paid can be broken down as £35.536 billion for Life & Annuities and £747 million for Income Protection & Other Business.
There are 49,373,000 of life insurance policies in force as at year ended 2010, an increase of 6,646,000 or 15.55% compares to 42,727,000 as at year ended 2009. 41,038,000 policies is for Life & Annuities and 8,335,000 policies is for Income Protection & Other Business.
Here is a list of Top 20 Life Insurance in the UK based on net written permiums in 2010:-The top 5 companies made up of 57.33% market share; the top 10 companies made up of 75.55% market share; the top 20 companies made up of 92.76% market share.
- Aviva plc
- Zurich Financial Services
- Lloyds Banking Group
- Prudential
- Legal & General
- AXA
- Old Mutual plc
- Royal London Mutual
- Canada Life
- Phoenix Group Holdings
- Aegon NV
- Resolution
- Swiss Re
- Co-operative Financial Services
- Just Retirement Ltd
- Munich Re
- HSBC Holdings
- Liverpool Victoria Financial Services
- Wesleyan Assurance
Here is a list of Top 20 Income Protection and Other Business Insurance in the UK based on net written permiums in 2010:-The top 5 companies made up of 62.77% market share; the top 10 companies made up of 83.68% market share; the top 20 companies made up of 97.30% market share.
- UNUM Group
- Swiss Re
- Canada Life
- Royal London Mutual
- Resolution
- Aviva plc
- Legal & General
- Munich Re
- Old Mutual plc
- Zurich Financial Services
- Liverpool Victoria Financial Services
- Wesleyan Assurance
- BUPA
- Standard Life plc
- SCOR SE
- Assicurazioni Generali Group
- Exeter Friendly Society Ltd
- HSBC Holdings
- Lloyds Banking Group
- Hannover Life Reassurance (UK) Ltd
Life Insurance in UK 2008-2009 statistics
In 2009, total net premiums (written premium less reinsurance premiums paid by the insurer) for life insurance amounted to £21.960 billion, a decrease of £0.623 billion or 7.05% compares to £37.424 billion in 2008. The £21.960 billion written premiums can be further divided into £20.585 billion for Life & Annuities(includes Ordinary Branch business, Savings and Protection products, ie Bonds, Endowments, Whole of Life, Term Assurance and Collective Life) and £1.375 billion for Income Protection & Other Business(includes Long-term Care and Stand-Alone Critical Illness). Life & Annuities premiums decreased significantly by £15.341 billion or 42.84% compares to £36.016 billion in 2008; while Income Protection & Other Business premiums decreased by £0.033 billion or 2.34% compares to £1.408 billion in 2008.
Regular premiums amounted to £9.151 billion, a decrease of £0.249 billion or 2.65% compares to £9.400 billion in 2008. And single premiums amounted to to £12.737 billion, a significant decrease of £15.287 billion or 54.55% compares to £28.024 billion in 2008. The £9.151 billion regular premiums is made up of £7.912 billion Life & Annuities and £1.239 billion for Income Protection & Other Business. The £12.737 billion single premiums is made up of £12.601 billion Life & Annuities and £136 million for Income Protection & Other Business.
Benefits paid for life insurance is £40.434 billion in 2009, a decrease of £22.159 billion or 35.40% of compares to £62.593 billion in 2008. The reduction in benefits paid is is inline with the decrease in written premium amount. The £40.434 billion benefits paid can be broken down as £39.542 billion for Life & Annuities and £892 million for Income Protection & Other Business.
There are 32,517,000 of life insurance policies in force as at year ended 2009, a decrease of 16,030,000 or 33.02% compares to 48,547,000 as at year ended 2008. 32,225,000 policies is for Life & Annuities and 2,292,000 policies is for Income Protection & Other Business.
Here is a list of Top 20 Life Insurance in the UK based on net written permiums in 2009:-The top 5 companies made up of 64.18% market share; the top 10 companies made up of 88.66% market share; the top 20 companies made up of 97.82% market share.
- Lloyds Banking Group
- Aviva plc
- Zurich Financial Services
- Prudential
- Legal & General
- AXA
- Resolution
- Standard Life plc
- Swiss Re
- Liverpool Victoria Financial Services
- Old Mutual plc
- Canada Life
- Royal London Mutual(includes Bright Grey, Royal London and Scottish Life)
- Aegon NV
- Munich Re
- Co-operative Financial Services
- AIG
- Langholm Capital LLP
- RBS Group(includes Direct Line, Royal Scottish Assurance & National Westminster Life)
- National Farmers Union Mutual Insurance
Here is a list of Top 20 Income Protection and Other Business Insurance in the UK based on net written permiums in 2009:-The top 5 companies made up of 60.49% market share; the top 10 companies made up of 80.95% market share; the top 20 companies made up of 97.81% market share.
- UNUM Group
- Swiss Re
- Canada Life
- Resolution
- Aviva plc
- Royal London Mutual(includes Bright Grey, Royal London and Scottish Life)
- Legal & General
- Lloyds Banking Group
- Partnership Life Assurance Company Limited
- Zurich Financial Services
- Liverpool Victoria Financial Services
- Standard Life plc
- Munich Re
- Wesleyan Assurance
- BUPA
- Aegon NV
- Assicurazioni Generali Group
- Phoenix Group Holdings
- AXA
- HSBC Holdings(includes HSBC Insurance and Marks and Spencer)
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