»    »  Life Insurance in South Africa, Key Trends and Opportunities to 2017

Life Insurance in South Africa, Key Trends and Opportunities to 2017

Published OnAug, 2013
Pages264
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Cement: 2014 Market Review and Forecast
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Synopsis

The report provides in depth market analysis, information and insights into the South African life insurance segment, including:
• The South African life insurance segment’s growth prospects by life insurance categories
• Key trends and drivers for the life insurance segment
• The various distribution channels in the South African life insurance segment
• Detailed competitive landscape in the life insurance segment in South Africa
• Detailed regulatory framework of the South African insurance industry
• A description of the life reinsurance segment in South Africa
• Porter's Five Forces Analysis of the life insurance segment
• Benchmarking section on the South African life insurance segment in comparison to other BRICS countries

Summary

The South African insurance industry is the largest in Africa, and the country’s life insurance segment accounted for around 78.6% of the continent’s total gross written premium for life insurance in 2012. The growth in the South African life segment can be attributed to stable GDP growth, the rising disposable incomes of the middle-class population, and the rapid expansion of financial services in rural areas, leading to a rise in awareness levels. High crime rates and levels of HIV, along with the development of microinsurance, also spurred growth of the life insurance segment.

Scope

This report provides a comprehensive analysis of the life insurance segment in South Africa:
• It provides historical values for South Africa's life insurance segment for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
• It offers a detailed analysis of the key sub-segments in South Africa's life insurance segment, along with market forecasts until 2017
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
• It analyses the various distribution channels for life insurance products in South Africa
• Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in South Africa for the life insurance business
• It provides a detailed analysis of the reinsurance segment in South Africa and its growth prospects
• It profiles the top life insurance companies in South Africa and outlines the key regulations affecting them

Reasons To Buy

• Make strategic business decisions using in depth historic and forecast market data related to the South African life insurance segment and each category within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the South African life insurance segment
• Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the South African insurance industry and its impact on companies and the market's future

Key Highlights

• The rapid expansion of financial services through microinsurance programs has been a major growth driver in South Africa
• The penetration rate for microinsurance in South Africa is the highest in Africa, and around 60% of the continent’s microinsurance policies are contributed by South Africa
• Penetration was further helped by a rapid rise in income among the growing black middle-class population, supported by the South African government’s Black Economic Empowerment (BEE) program
• Growth was further supported by an unprecedented stretch of GDP growth which began in 1998, driven by growing mining exports and increased trade in agricultural commodities
• Online is the fastest-growing distribution channel in South Africa. The channel grew at a CAGR of 14.9% during the review period



Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regional Market Dynamics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance
4.1 Scale and Penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration (as a percentage of GDP)
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution Channels
4.4.1 Direct marketing
4.4.2 Bancassurance
4.4.3 Agencies
5 South African Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008–2017
5.2 Key Industry Trends and Drivers
5.2.1 Business drivers
5.2.2 Consumer drivers
6 Life Insurance Outlook
6.1 Life Insurance Growth Prospects by Category
6.1.1 Individual life insurance
6.1.2 Individual general annuity insurance
6.1.3 Individual pension insurance
6.1.4 Individual unit-linked insurance
6.1.5 Group life insurance
6.1.6 Group superannuation
6.2 Life Insurance Growth Prospects by Product Type
6.2.1 Individual single-premium policies
6.2.2 Individual non-single-premium policies
6.2.3 Group single-premium policies
6.2.4 Group non-single premium category
7 Analysis by Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-Commerce
7.5 Brokers
7.6 Other Channels
8 Porter’s Five Forces Analysis – South African Life Insurance
8.1 Bargaining Power of Suppliers: Low to Medium
8.2 Bargaining Power of Buyers: Medium
8.3 Barriers to Entry: Medium to High
8.4 Intensity of Rivalry: High
8.5 Threat of Substitutes: Low
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Legislation Trends by Type of Insurance
9.2.1 Life insurance regulatory trends
9.2.2 Motor insurance regulatory trends
9.2.3 Marine insurance regulatory trends
9.2.4 Aviation insurance regulatory trends
9.2.5 Personal accident and health insurance regulatory trends
9.2.6 Property insurance regulatory trends
9.3 Compulsory Insurance
9.3.1 Unemployment insurance regulatory trends
9.3.2 Compensation for Occupational Diseases and Injuries Act
9.3.3 Public Liability Insurance
9.4 Supervision and Control
9.4.1 International Association of Insurance Supervisors
9.4.2 African Insurance Organization
9.4.3 Financial Services Board
9.5 Non-Admitted Insurance Regulatory Trends
9.5.1 Overview
9.5.2 Intermediaries
9.5.3 Market Practices
9.5.4 Fines and Penalties
9.6 Company Registration and Operations
9.6.1 Types of Insurance Organizations
9.6.2 Establishing Local Company
9.6.3 Foreign Ownership
9.6.4 Types of License
9.6.5 Capital Requirements
9.6.6 Solvency Margins
9.6.7 Reserve Requirements
9.6.8 Investment Regulations
9.6.9 Policy Terms and Conditions
9.7 Taxation
9.7.1 Insurance Premium or Policy Taxation
9.7.2 Corporate Tax
9.7.3 VAT
9.7.4 Captives
9.8 Legal System
9.8.1 Introduction
9.8.2 Access to Courts
9.8.3 Alternative Dispute Resolution (ADR)
10 Reinsurance Growth Dynamics and Challenges
10.1 Reinsurance Segment Size, 2008–2017
10.2 Reinsurance Segment Size by Type of Insurance, 2008–2017
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in the South African Life Insurance Segment
11.3 Comparison of the Top Five Insurers
11.3.1 Net earned premium
11.3.2 Paid claims
11.3.3 Incurred loss
11.3.4 Total assets
11.4 Old Mutual Life Assurance Company (South Africa) Ltd – Company Overview
11.4.1 Old Mutual Life Assurance Company (South Africa) Ltd – key facts
11.4.2 Old Mutual Life Assurance Company (South Africa) Ltd – key financials
11.5 MMI Group Ltd – Company Overview
11.5.1 MMI Group Ltd – key facts
11.5.2 MMI Group Ltd – key financials
11.6 Sanlam Life Insurance Ltd – Company Overview
11.6.1 Sanlam Life Insurance Ltd – key facts
11.6.2 Sanlam Life Insurance Ltd – key financials
11.7 Investec Assurance Ltd – Company Overview
11.7.1 Investec Assurance Ltd – key facts
11.7.2 Investec Assurance Ltd – key financials
11.8 Investment Solutions Ltd – Company Overview
11.8.1 Investment Solutions Ltd – key facts
11.8.2 Investment Solutions Ltd – key financials
11.9 Liberty Group Ltd – Company Overview
11.9.1 Liberty Group Ltd – key facts
11.9.2 Liberty Group Ltd – key financials
11.1 Coronation Life Assurance Company Ltd – Company Overview
11.10.1 Coronation Life Assurance Company Ltd – key facts
11.10.2 Coronation Life Assurance Company Ltd – key financials
11.11 Allan Gray Proprietary Ltd – Company Overview
11.11.1 Allan Gray Proprietary Ltd – key facts
11.11.2 Allan Gray Proprietary Ltd – key financials
11.12 Discovery Life Ltd – Company Overview
11.12.1 Discovery Life Ltd – key facts
11.12.2 Discovery Life Ltd – key financials
11.13 Liberty Active Ltd – Company Overview
11.13.1 Liberty Active Ltd – key facts
11.13.2 Liberty Active Ltd – key financials
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend – Johannesburg Stock Exchange, South Africa
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US$)
12.2.3 GDP at current prices (US$)
12.2.4 GDP per capita at current prices (US$)
12.2.5 GDP by key segments
12.2.6 Agriculture, hunting, forestry, fishing net output at current prices (ZAR)
12.2.7 Agriculture, hunting, forestry, fishing net output at current prices (US$)
12.2.8 Agriculture, hunting, forestry, fishing net output at current prices as a percentage of GDP
12.2.9 Manufacturing net output at current prices (ZAR)
12.2.10 Manufacturing net output at current prices (US$)
12.2.11 Manufacturing net output at current prices as a percentage of GDP
12.2.12 Mining, manufacturing and utilities net output at current prices (ZAR)
12.2.13 Mining, manufacturing and utilities at current prices (US$)
12.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP
12.2.15 Construction net output at current prices (ZAR)
12.2.16 Construction net output at current prices, (US$)
12.2.17 Construction net output at current prices as a percentage of GDP
12.2.18 Inflation rate
12.2.19 Exports as a percentage of GDP
12.2.20 Imports as a percentage of GDP
12.2.21 Exports growth
12.2.22 Imports growth
12.2.23 Annual average exchange rate ZAR–US$
12.3 Infrastructure Quality and Availability
12.3.1 Commercial vehicles exports
12.3.2 Commercial vehicles imports
12.3.3 Automotive exports
12.3.4 Automotive imports
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Gross national disposable income (US$)
12.5.2 Total population
12.5.3 Urban and rural population
12.5.4 Median age of population
12.5.5 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Us
13.3 About Timetric
13.4 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: South African Insurance – Overall Written Premium by Segment (ZAR Billion), 2008–2012
Table 3: South African Insurance – Overall Written Premium by Segment (US$ Billion), 2008–2012
Table 4: South African Insurance – Overall Written Premium by Segment (ZAR Billion), 2012–2017
Table 5: South African Insurance – Overall Written Premium by Segment (US$ Billion), 2012–2017
Table 6: South African Insurance – Segmentation (% Share), 2008–2017
Table 7: South African Life Insurance – Written Premium by Category (ZAR Billion), 2008–2012
Table 8: South African Life Insurance – Written Premium by Category (US$ Billion), 2008–2012
Table 9: South African Life Insurance – Written Premium by Category (ZAR Billion), 2012–2017
Table 10: South African Life Insurance – Written Premium by Category (US$ Billion), 2012–2017
Table 11: South African Life Insurance – Earned Premium (ZAR Billion), 2008–2012
Table 12: South African Life Insurance – Earned Premium (ZAR Billion), 2012–2017
Table 13: South African Life Insurance – Sum Assured (ZAR Trillion), 2008–2012
Table 14: South African Life Insurance – Sum Assured (ZAR Trillion), 2012–2017
Table 15: South African Life Insurance – Paid Claims (ZAR Billion), 2008–2012
Table 16: South African Life Insurance – Paid Claims (ZAR Billion), 2012–2017
Table 17: South African Life Insurance – Incurred Loss (ZAR Billion), 2008–2012
Table 18: South African Life Insurance – Incurred Loss (ZAR Billion), 2012–2017
Table 19: South African Life Insurance – Loss Ratio (%), 2008–2012
Table 20: South African Life Insurance – Loss Ratio (%), 2012–2017
Table 21: South African Life Insurance – Commissions and Expenses (ZAR Billion), 2008–2012
Table 22: South African Life Insurance – Commissions and Expenses (ZAR Billion), 2012–2017
Table 23: South African Life Insurance – Combined Ratio (%), 2008–2012
Table 24: South African Life Insurance – Combined Ratio (%), 2012–2017
Table 25: South African Life Insurance – Frauds and Crimes (ZAR Billion), 2008–2012
Table 26: South African Life Insurance – Frauds and Crimes (ZAR Billion), 2012–2017
Table 27: South African Life Insurance – Total Assets (ZAR Billion), 2008–2012
Table 28: South African Life Insurance – Total Assets (ZAR Billion), 2012–2017
Table 29: South African Life Insurance – Total Investment Income (ZAR Billion), 2008–2012
Table 30: South African Life Insurance – Total Investment Income (ZAR Billion), 2012–2017
Table 31: South African Life Insurance – Retentions (ZAR Billion), 2008–2012
Table 32: South African Life Insurance – Retentions (ZAR Billion), 2012–2017
Table 33: South African Individual Life Insurance – Number of Active Policies (Thousand), 2008–2012
Table 34: South African Individual Life Insurance – Number of Active Policies, 2012–2017
Table 35: South African Individual Life Insurance – Written Premium (ZAR Billion), 2008–2012
Table 36: South African Individual Life Insurance – Written Premium (ZAR Billion), 2012–2017
Table 37: South African Individual General Annuity Insurance – Number of Active Policies (Thousand), 2008–2012
Table 38: South African Individual General Annuity Insurance – Number of Active Policies (Thousand), 2012–2017
Table 39: South African Individual General Annuity Insurance – Written Premium (ZAR Billion), 2008–2012
Table 40: South African Individual General Annuity Insurance – Written Premium (ZAR Billion), 2012–2017
Table 41: South African Individual Pension Insurance – Number of Active Policies (Thousand), 2008–2012
Table 42: South African Individual Pension Insurance – Number of Active Policies (Thousand), 2012–2017
Table 43: South African Individual Pension Insurance – Written Premium (ZAR Billion), 2008–2012
Table 44: South African Individual Pension Insurance – Written Premium (ZAR Billion), 2012–2017
Table 45: South African Individual Unit-linked Insurance – Number of Active Policies (Thousand), 2008–2012
Table 46: South African Individual Unit-linked Insurance – Number of Active Policies (Thousand), 2012–2017
Table 47: South African Individual Unit-linked Insurance – Written Premium (ZAR Billion), 2008–2012
Table 48: South African Individual Unit-linked Insurance – Written Premium (ZAR Billion), 2012–2017
Table 49: South African Group Life Insurance – Number of Active Policies (Thousand), 2008–2012
Table 50: South African Group Life Insurance – Number of Active Policies (Thousand), 2012–2017
Table 51: South African Group Life Insurance – Written Premium (ZAR Billion), 2008–2012
Table 52: South African Group Life Insurance – Written Premium (ZAR Billion), 2012–2017
Table 53: South African Group Superannuation Insurance – Number of Active Policies (Thousand), 2008–2012
Table 54: South African Group Superannuation Insurance – Number of Active Policies (Thousand), 2012–2017
Table 55: South African Group Superannuation Insurance – Written Premium (ZAR Billion), 2008–2012
Table 56: South African Group Superannuation Insurance – Written Premium (ZAR Billion), 2012–2017
Table 57: South African Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2008–2012
Table 58: South African Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2012–2017
Table 59: South African Individual Single-Premium Insurance – Written Premium (ZAR Billion), 2008–2012
Table 60: South African Individual Single-Premium Insurance – Written Premium (ZAR Billion), 2012–2017
Table 61: South African Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2008–2012
Table 62: South African Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2012–2017
Table 63: South African Individual Non-Single-Premium Insurance – Written Premium (ZAR Billion), 2008–2012
Table 64: South African Individual Non-Single-Premium Insurance – Written Premium (ZAR Billion), 2012–2017
Table 65: South African Group Single-Premium Insurance – Number of Active Policies (Thousand), 2008–2012
Table 66: South African Group Single-Premium Insurance – Number of Active Policies (Thousand), 2012–2017
Table 67: South African Group Single-Premium Insurance – Written Premium (ZAR Billion), 2008–2012
Table 68: South African Group Single-Premium Insurance – Written Premium (ZAR Billion), 2012–2017
Table 69: South African Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2008–2012
Table 70: South African Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2012–2017
Table 71: South African Group Non-Single-Premium Insurance – Written Premium (ZAR Billion), 2008–2012
Table 72: South African Group Non-Single-Premium Insurance – Written Premium (ZAR Billion), 2012–2017
Table 73: South African Life Insurance – Direct Marketing Commission Paid (ZAR Billion), 2008–2012
Table 74: South African Life Insurance – Direct Marketing Commission Paid (ZAR Billion), 2012–2017
Table 75: South African Life Insurance – New Business Written Premium Through Direct Marketing (ZAR Billion), 2008–2012
Table 76: South African Life Insurance – New Business Written Premium Through Direct Marketing (ZAR Billion), 2012–2017
Table 77: South African Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2008–2012
Table 78: South African Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2012–2017
Table 79: South African Life Insurance – Number of Direct Marketing Distributors, 2008–2012
Table 80: South African Life Insurance – Number of Direct Marketing Distributors, 2012–2017
Table 81: South African Life Insurance – Bancassurance Commission Paid (ZAR Billion), 2008–2012
Table 82: South African Life Insurance – Bancassurance Commission Paid (ZAR Billion), 2012–2017
Table 83: South African Life Insurance – New Business Written Premium Through Bancassurance (ZAR Billion), 2008–2012
Table 84: South African Life Insurance – New Business Written Premium Through Bancassurance (ZAR Billion), 2012–2017
Table 85: South African Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2008–2012
Table 86: South African Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2012–2017
Table 87: South African Life Insurance – Number of Bancassurance Distributors, 2008–2012
Table 88: South African Life Insurance – Number of Bancassurance Distributors, 2012–2017
Table 89: South African Life Insurance – Commission Paid to Agencies (ZAR Billion), 2008–2012
Table 90: South African Life Insurance – Commission Paid to Agencies (ZAR Billion), 2012–2017
Table 91: South African Life Insurance – New Business Written Premium Through Agencies (ZAR Billion), 2008–2012
Table 92: South African Life Insurance – New Business Written Premium Through Agencies (ZAR Billion), 2012–2017
Table 93: South African Life Insurance – New Policies Sold Through Agencies (Thousand), 2008–2012
Table 94: South African Life Insurance – New Policies Sold Through Agencies (Thousand), 2012–2017
Table 95: South African Life Insurance – Number of Agencies, 2008–2012
Table 96: South African Life Insurance – Number of Agencies, 2012–2017
Table 97: South African Life Insurance – E-Commerce Commission Paid (ZAR Billion), 2008–2012
Table 98: South African Life Insurance – E-Commerce Commission Paid (ZAR Billion), 2012–2017
Table 99: South African Life Insurance – New Business Written Premium Through E-Commerce (ZAR Billion), 2008–2012
Table 100: South African Life Insurance – New Business Written Premium Through E-Commerce (ZAR Billion), 2012–2017
Table 101: South African Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2008–2012
Table 102: South African Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2012–2017
Table 103: South African Life Insurance – Number of E-Commerce Distributors, 2008–2012
Table 104: South African Life Insurance – Number of E-Commerce Distributors, 2012–2017
Table 105: South African Life Insurance – Commission Paid to Brokers (ZAR Billion), 2008–2012
Table 106: South African Life Insurance – Commission Paid to Brokers (ZAR Billion), 2012–2017
Table 107: South African Life Insurance – New Business Written Premium Through Brokers (ZAR Billion), 2008–2012
Table 108: South African Life Insurance – New Business Written Premium Through Brokers (ZAR Billion), 2012–2017
Table 109: South African Life Insurance – New Policies Sold Through Brokers (Thousand), 2008–2012
Table 110: South African Life Insurance – New Policies Sold Through Brokers (Thousand), 2012–2017
Table 111: South African Life Insurance – Number of Brokers, 2008–2012
Table 112: South African Life Insurance – Number of Brokers, 2012–2017
Table 113: South African Life Insurance – Commission Paid to Other Channels (ZAR Billion), 2008–2012
Table 114: South African Life Insurance – Commission Paid to Other Channels (ZAR Billion), 2012–2017
Table 115: South African Life Insurance – New Business Written Premium Through Other Channels (ZAR Billion), 2008–2012
Table 116: South African Life Insurance – New Business Written Premium Through Other Channels (ZAR Billion), 2012–2017
Table 117: South African Life Insurance – New Policies Sold Through Other Channels (Thousand), 2008–2012
Table 118: South African Life Insurance – New Policies Sold Through Other Channels (Thousand), 2012–2017
Table 119: South African Life Insurance – Number of Distributors in Other Channels, 2008–2012
Table 120: South African Life Insurance – Number of Distributors in Other Channels, 2012–2017
Table 121: Corporate Tax Rates in South Africa for the Financial Year 2012–2013
Table 122: Reinsurance in South Africa by Category (ZAR Billion), 2008–2012
Table 123: Reinsurance in South Africa by Category (US$ Billion), 2008–2012
Table 124: Reinsurance in South Africa by Category (ZAR Billion), 2012–2017
Table 125: Reinsurance in South Africa by Category (US$ Billion), 2012–2017
Table 126: South African Premium Ceded to Reinsurance by Type of Insurance (ZAR Billion), 2008–2012
Table 127: South African Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008–2012
Table 128: South African Premium Ceded to Reinsurance by Type of Insurance (ZAR Billion), 2012–2017
Table 129: South African Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012–2017
Table 130: South African Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 131: South African Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 132: Shares of Key Insurers in the South African Life Segment (%), 2011
Table 133: Old Mutual Life Assurance Company (South Africa) Ltd, Key Facts
Table 134: Old Mutual Life Assurance Company (South Africa) Ltd, Key Financials (ZAR Million), 2007–2011
Table 135: MMI Group Ltd, Key Facts
Table 136: MMI Group Ltd, Key Financials (ZAR Million), 2007–2011
Table 137: Sanlam Life Insurance Ltd, Key Facts
Table 138: Sanlam Life Insurance Ltd, Key Financials (ZAR Million), 2007–2011
Table 139: Investec Assurance Ltd, Key Facts
Table 140: Investec Assurance Ltd, Key Financials (ZAR Million), 2007–2011
Table 141: Investment Solutions Ltd., Key Facts
Table 142: Investment Solutions Ltd, Key Financials (ZAR Million), 2007–2011
Table 143: Liberty Group Ltd, Key Facts
Table 144: Liberty Group Ltd, Key Financials (ZAR Million), 2007–2011
Table 145: Coronation Life Assurance Company Ltd, Key Facts
Table 146: Coronation Life Assurance Company Ltd, Key Financials (ZAR Million), 2007–2011
Table 147: Allan Gray Proprietary Ltd, Key Facts
Table 148: Allan Gray Proprietary Ltd, Key Financials (ZAR Million), 2007–2011
Table 149: Discovery Life Ltd, Key Facts
Table 150: Discovery Life Ltd, Key Financials ( ZAR Million)
Table 151: Liberty Active Ltd, Key Facts
Table 152: Liberty Active Ltd, Key Financials (ZAR Million), 2007–2011

List of Figures

Figure 1: BRICS Region – A Snapshot of the Economies and Populations, 2011
Figure 2: BRICS Region – Growth Trends in the Insurance Industry
Figure 3: BRICS Region – GDP at Constant Prices (US$ Trillion) and Annual Per Capita Disposable Income (US$), 2007 and 2011
Figure 4: BRICS Region – Health Expenditure Per Capita (US$), 2007 and 2011
Figure 5: BRICS Insurance – Total Industry Values by Segment (US$ Billion), 2011
Figure 6: BRICS Life Insurance – Gross Written Premiums (US$ Billion), 2011
Figure 7: BRICS Life Insurance – Premium Per Capita (US$), 2011
Figure 8: BRICS Life Insurance – Penetration as a Percentage of GDP (%), 2011 and 2016
Figure 9: BRICS Life Insurance – Gross Written Premium Growth (%), 2007–2016
Figure 10: BRICS Life Insurance – Gross Written Premium per Capita Growth (%), 2007–2016
Figure 11: BRICS Life Insurance – Loss Ratios (%), 2011 and 2016
Figure 12: BRICS Life Insurance – Combined Ratios (%), 2011 and 2016
Figure 13: BRICS Life Insurance – Incurred Losses per Capita (US$), 2011 and 2016
Figure 14: BRICS Life Insurance – Incurred Losses as a Percentage of GDP (%), 2011 and 2016
Figure 15: BRICS Direct Marketing – Share of Life insurance New Business Gross Written Premium (%), 2007–2016
Figure 16: BRICS Bancassurance – Share of Life insurance New Business Gross Written Premium (%), 2007–2016
Figure 17: BRICS Agencies – Share of Life insurance New Business Gross Written Premium (%), 2007–2016
Figure 18: South African Insurance – Overall Written Premium by Segment (ZAR Billion), 2008–2017
Figure 19: South African Insurance – Dynamics by Segment (%), 2008–2017
Figure 20: South African Life Insurance – Written Premium by Category (ZAR Billion), 2008–2017
Figure 21: South African Life Insurance – Written Premium by Category (% Share), 2012 and 2017
Figure 22: South African Life Insurance – Dynamics by Category (%), 2008–2017
Figure 23: South African Life Insurance – Earned Premium (ZAR Billion), 2008–2012
Figure 24: South African Life Insurance – Earned Premium (ZAR Billion), 2012–2017
Figure 25: South African Life Insurance – Sum Assured (ZAR Trillion), 2008–2012
Figure 26: South African Life Insurance – Sum Assured (ZAR Trillion), 2012–2017
Figure 27: South African Life Insurance – Paid Claims (ZAR Billion), 2008–2012
Figure 28: South African Life Insurance – Paid Claims (ZAR Billion), 2012–2017
Figure 29: South African Life Insurance – Incurred Loss (ZAR Billion), 2008–2012
Figure 30: South African Life Insurance – Incurred Loss (ZAR Billion), 2012–2017
Figure 31: South African Life Insurance – Loss Ratio (%), 2008–2012
Figure 32: South African Life Insurance – Loss Ratio (%), 2012–2017
Figure 33: South African Life Insurance – Commissions and Expenses (ZAR Billion), 2008–2012
Figure 34: South African Life Insurance – Commissions and Expenses (ZAR Billion), 2012–2017
Figure 35: South African Life Insurance – Combined Ratio (%), 2008–2012
Figure 36: South African Life Insurance – Combined Ratio (%), 2012–2017
Figure 37: South African Life Insurance – Frauds and Crimes (ZAR Billion), 2008–2012
Figure 38: South African Life Insurance – Frauds and Crimes (ZAR Billion), 2012–2017
Figure 39: South African Life Insurance – Total Assets (ZAR Billion), 2008–2012
Figure 40: South African Life Insurance – Total Assets (ZAR Billion), 2012–2017
Figure 41: South African Life Insurance – Total Investment Income (ZAR Billion), 2008–2012
Figure 42: South African Life Insurance – Total Investment Income (ZAR Billion), 2012–2017
Figure 43: South African Life Insurance – Retentions (ZAR Billion), 2008–2012
Figure 44: South African Life Insurance – Retentions (ZAR Billion), 2012–2017
Figure 45: South African Life Insurance – Investments Portfolio (ZAR Billion), 2008–2012
Figure 46: South African Life Insurance – Investments Portfolio, 2008 and 2012
Figure 47: South African Life Insurance – Penetration (%), 2008–2012
Figure 48: South African Life Insurance – Density (Number of Policies per Capita), 2008–2012
Figure 49: South African Life Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 50: South African Life Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 51: South African Life Insurance – Premium per Capita (ZAR), 2008–2012
Figure 52: South African Individual Life Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 53: South African Individual Life Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 54: South African Individual Life Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 55: South African Individual Life Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 56: South African Individual General Annuity Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 57: South African Individual General Annuity Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 58: South African Individual General Annuity Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 59: South African Individual General Annuity Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 60: South African Individual Pension Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 61: South African Individual Pension Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 62: South African Individual Pension Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 63: South African Individual Pension Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 64: South African Individual Unit-linked Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 65: South African Individual Unit-linked Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 66: South African Individual Unit-linked Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 67: South African Individual Unit-linked Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 68: South African Group Life Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 69: South African Group Life Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 70: South African Group Life Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 71: South African Group Life Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 72: South African Group Superannuation Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 73: South African Group Superannuation Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 74: South African Group Superannuation Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 75: South African Group Superannuation Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 76: South African Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 77: South African Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 78: South African Individual Single-Premium Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 79: South African Individual Single-Premium Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 80: South African Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 81: South African Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 82: South African Individual Non-Single-Premium Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 83: South African Individual Non-Single-Premium Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 84: South African Group Single-Premium Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 85: South African Group Single-Premium Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 86: South African Group Single-Premium Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 87: South African Group Single-Premium Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 88: South African Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2008–2012
Figure 89: South African Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2012–2017
Figure 90: South African Group Non-Single-Premium Insurance – Written Premium (ZAR Billion), 2008–2012
Figure 91: South African Group Non-Single-Premium Insurance – Written Premium (ZAR Billion), 2012–2017
Figure 92: South African Life Insurance – New Business Written Premiums by Distribution Channel (% Share), 2012 and 2017
Figure 93: South African Life Insurance – Direct Marketing Commission Paid (ZAR Billion), 2008–2012
Figure 94: South African Life Insurance – Direct Marketing Commission Paid (ZAR Billion), 2012–2017
Figure 95: South African Life Insurance – New Business Written Premium Through Direct Marketing (ZAR Billion), 2008–2012
Figure 96: South African Life Insurance – New Business Written Premium Through Direct Marketing (ZAR Billion), 2012–2017
Figure 97: South African Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2008–2012
Figure 98: South African Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2012–2017
Figure 99: South African Life Insurance – Number of Direct Marketing Distributors, 2008–2012
Figure 100: South African Life Insurance – Number of Direct Marketing Distributors, 2012–2017
Figure 101: South African Life Insurance – Bancassurance Commission Paid (ZAR Billion), 2008–2012
Figure 102: South African Life Insurance – Bancassurance Commission Paid (ZAR Billion), 2012–2017
Figure 103: South African Life Insurance – New Business Written Premium Through Bancassurance (ZAR Billion), 2008–2012
Figure 104: South African Life Insurance – New Business Written Premium Through Bancassurance (ZAR Billion), 2012–2017
Figure 105: South African Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2008–2012
Figure 106: South African Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2012–2017
Figure 107: South African Life Insurance – Number of Bancassurance Distributors, 2008–2012
Figure 108: South African Life Insurance – Number of Bancassurance Distributors, 2012–2017
Figure 109: South African Life Insurance – Commission Paid to Agencies (ZAR Billion), 2008–2012
Figure 110: South African Life Insurance – Commission Paid to Agencies (ZAR Billion), 2012–2017
Figure 111: South African Life Insurance – New Business Written Premium Through Agencies (ZAR Billion), 2008–2012
Figure 112: South African Life Insurance – New Business Written Premium Through Agencies (ZAR Billion), 2012–2017
Figure 113: South African Life Insurance – New Policies Sold Through Agencies (Thousand), 2008–2012
Figure 114: South African Life Insurance – New Policies Sold Through Agencies (Thousand), 2012–2017
Figure 115: South African Life Insurance – Number of Agencies, 2008–2012
Figure 116: South African Life Insurance – Number of Agencies, 2012–2017
Figure 117: South African Life Insurance – E-Commerce Commission Paid (ZAR Billion), 2008–2012
Figure 118: South African Life Insurance – E-Commerce Commission Paid (ZAR Billion), 2012–2017
Figure 119: South African Life Insurance – New Business Written Premium Through E-Commerce (ZAR Billion), 2008–2012
Figure 120: South African Life Insurance – New Business Written Premium Through E-Commerce (ZAR Billion), 2012–2017
Figure 121: South African Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2008–2012
Figure 122: South African Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2012–2017
Figure 123: South African Life Insurance – Number of E-Commerce Distributors, 2008–2012
Figure 124: South African Life Insurance – Number of E-Commerce Distributors, 2012–2017
Figure 125: South African Life Insurance – Commission Paid to Brokers (ZAR Billion), 2008–2012
Figure 126: South African Life Insurance – Commission Paid to Brokers (ZAR Billion), 2012–2017
Figure 127: South African Life Insurance – New Business Written Premium Through Brokers (ZAR Billion), 2008–2012
Figure 128: South African Life Insurance – New Business Written Premium Through Brokers (ZAR Billion), 2012–2017
Figure 129: South African Life Insurance – New Policies Sold Through Brokers (Thousand), 2008–2012
Figure 130: South African Life Insurance – New Policies Sold Through Brokers (Thousand), 2012–2017
Figure 131: South African Life Insurance – Number of Brokers, 2008–2012
Figure 132: South African Life Insurance – Number of Brokers, 2012–2017
Figure 133: South African Life Insurance – Commission Paid to Other Channels (ZAR Billion), 2008–2012
Figure 134: South African Life Insurance – Commission Paid to Other Channels (ZAR Billion), 2012–2017
Figure 135: South African Life Insurance – New Business Written Premium Through Other Channels (ZAR Billion), 2008–2012
Figure 136: South African Life Insurance – New Business Written Premium Through Other Channels (ZAR Billion), 2012–2017
Figure 137: South African Life Insurance – New Policies Sold Through Other Channels (Thousand), 2008–2012
Figure 138: South African Life Insurance – New Policies Sold Through Other Channels (Thousand), 2012–2017
Figure 139: South African Life Insurance – Number of Distributors in Other Channels, 2008–2012
Figure 140: South African Life Insurance – Number of Distributors in Other Channels, 2012–2017
Figure 141: South African Life Insurance – Porter’s Five Forces Analysis
Figure 142: Insurance Regulatory Frameworks in South Africa
Figure 143: Insurance Supervision and Control at Various Levels
Figure 144: Insurance Regulatory Frameworks for Company Registration and Operation
Figure 145: South African Premium Ceded to Reinsurance by Category (ZAR Billion), 2008–2017
Figure 146: South African Reinsurance – Dynamics by Category (%), 2008–2017
Figure 147: South African Premium Ceded to Reinsurance by Insurance Segment (ZAR Billion), 2008–2017
Figure 148: South African Reinsurance – Dynamics by Insurance Segment (%), 2008–2017
Figure 149: South African Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 150: South African Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 151: Shares of Key Insurers in the South African Life Segment (%), 2011
Figure 152: Net Earned Premium – Top Five South African Life Insurers, 2011
Figure 153: Paid Claims – Top Five South African Life Insurers, 2011
Figure 154: Incurred Loss – Top Five South African Life Insurers, 2011
Figure 155: Total Assets – Top Five South African Life Insurers, 2011
Figure 156: Johannesburg Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 157: South African GDP at Constant Prices (US$ Billion), 2007–2011
Figure 158: South African GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 159: South African GDP at Current Prices (US$ Billion), 2007–2011
Figure 160: South African GDP Per Capita at Current Prices (US$), 2007–2011
Figure 161: South African GDP by Key Segments (%) 2009 and 2011
Figure 162: South African Agriculture, Hunting, Forestry, Fishing Net Output at Current Prices (ZAR Billion), 2007–2011
Figure 163: South African Agriculture, Hunting, Forestry, Fishing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 164: South African Agriculture, Hunting, Forestry, Fishing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 165: South African Manufacturing Net Output at Current Prices (ZAR Billion), 2007–2011
Figure 166: South African Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 167: South African Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 168: South African Mining, Manufacturing and Utilities Net Output at Current Prices (ZAR Billion), 2007–2011
Figure 169: South African Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 170: South African Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 171: South African Construction Net Output at Current Prices (ZAR Billion), 2007–2011
Figure 172: South African Construction Net Output at Current Prices (US$ Billion), 2007–2011
Figure 173: South African Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 174: South African Inflation Rate (%), 2007–2011
Figure 175: South African Exports as a Percentage of GDP (%), 2007–2011
Figure 176: South African Imports as a Percentage of GDP (%), 2007–2011
Figure 177: South African Exports Growth (%), 2007–2011
Figure 178: South African Imports Growth (%), 2007–2011
Figure 179: South African Annual Average Exchange Rate US$–ZAR, 2007–2011
Figure 180: South African Commercial Vehicles Exports (US$ Million), 2007–2011
Figure 181: South African Commercial Vehicles Imports (US$ Million), 2007–2011
Figure 182: South African Automotive Exports (US$ Million), 2007–2011
Figure 183: South African Automotive Imports (US$ Million), 2007–2011
Figure 184: South African Internet Subscriptions (Millions), 2007–2011
Figure 185: South Africa’s Labor Force in the 15–59 Age Group (Million), 2007–2010
Figure 186: South African Unemployment Rate (%), 2007–2012
Figure 187: South African Gross National Disposable Income (US$ Billion), 2007–2011
Figure 188: South African Total Population (Million), 2007–2011
Figure 189: South African Urban and Rural Population (%), 2007–2011
Figure 190: South African Median Age of Population (Year), 2007–2011
Figure 191: South African Population Distribution by Age (%), 2007–2011



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