Product Code: MLIG240096-06
Summary
Global Life Insurance industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value , and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
The market value is measured in terms of gross written premiums generated by mortality protection and retirement savings plans. Mortality protection plans provide coverage in the event of death, while retirement savings plans help individuals save for their future.
The market is segmented into life insurance and pension/annuity. Life insurance is a contract in which an insurer charges premium to provide the coverage for life like death, disability, accident described in the policy or bond. Pension/annuity is the amount of money an insurer charges to provide for payment of certain amount after retirement on a monthly basis. When a person chooses to retire, he or she can use the pension fund to buy an annuity. This pays a regular income for the rest of the person's life.
All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates.
The global life insurance & pension market recorded gross written premiums of $2,855.8 billion in 2023, representing a compound annual growth rate (CAGR) of 0.3% between 2018 and 2023.
The life insurance segment accounted for the market's largest proportion in 2023, with total gross written premiums of $1,854.8 billion, equivalent to 64.9% of the market's overall value.
The growth in the global life insurance & pension market is driven by the increasing population of individuals aged 65 and above. This demographic shift is fueling demand for retirement savings plans and income protection policies as people seek financial security for their post-retirement years. According to the United States Census Bureau, the population of individuals aged 65 and above in the US stood at 60.7 million in 2023, an increase of 5.0% from the previous year.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the global life insurance market
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the global life insurance market
- Leading company profiles reveal details of key life insurance market players' global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the global life insurance market with five year forecasts
Reasons to Buy
- What was the size of the global life insurance market by value in 2023?
- What will be the size of the global life insurance market in 2028?
- What factors are affecting the strength of competition in the global life insurance market?
- How has the market performed over the last five years?
- Who are the top competitors in the global life insurance market?
Table of Contents
1 EXECUTIVE SUMMARY
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Competitive landscape
2 Introduction
- 2.1. What is this report about?
- 2.2. Who is the target reader?
- 2.3. How to use this report
- 2.4. Definitions
3 Global Life Insurance & Pension
- 3.1. Market Overview
- 3.2. Market Data
- 3.3. Market Segmentation
- 3.4. Market outlook
- 3.5. Five forces analysis
4 Macroeconomic Indicators
5 Life Insurance & Pension in Asia-Pacific
- 5.1. Market Overview
- 5.2. Market Data
- 5.3. Market Segmentation
- 5.4. Market outlook
- 5.5. Five forces analysis
6 Life Insurance & Pension in Europe
- 6.1. Market Overview
- 6.2. Market Data
- 6.3. Market Segmentation
- 6.4. Market outlook
- 6.5. Five forces analysis
7 Macroeconomic Indicators
8 Life Insurance & Pension in Finland
- 8.1. Market Overview
- 8.2. Market Data
- 8.3. Market Segmentation
- 8.4. Market outlook
- 8.5. Five forces analysis
9 Macroeconomic Indicators
10 Life Insurance & Pension in France
- 10.1. Market Overview
- 10.2. Market Data
- 10.3. Market Segmentation
- 10.4. Market outlook
- 10.5. Five forces analysis
11 Macroeconomic Indicators
12 Life Insurance & Pension in Germany
- 12.1. Market Overview
- 12.2. Market Data
- 12.3. Market Segmentation
- 12.4. Market outlook
- 12.5. Five forces analysis
13 Macroeconomic Indicators
14 Life Insurance & Pension in India
- 14.1. Market Overview
- 14.2. Market Data
- 14.3. Market Segmentation
- 14.4. Market outlook
- 14.5. Five forces analysis
15 Macroeconomic Indicators
16 Life Insurance & Pension in Indonesia
- 16.1. Market Overview
- 16.2. Market Data
- 16.3. Market Segmentation
- 16.4. Market outlook
- 16.5. Five forces analysis
17 Macroeconomic Indicators
18 Life Insurance & Pension in Italy
- 18.1. Market Overview
- 18.2. Market Data
- 18.3. Market Segmentation
- 18.4. Market outlook
- 18.5. Five forces analysis
19 Macroeconomic Indicators
20 Life Insurance & Pension in Japan
- 20.1. Market Overview
- 20.2. Market Data
- 20.3. Market Segmentation
- 20.4. Market outlook
- 20.5. Five forces analysis
21 Macroeconomic Indicators
22 Life Insurance & Pension in Mexico
- 22.1. Market Overview
- 22.2. Market Data
- 22.3. Market Segmentation
- 22.4. Market outlook
- 22.5. Five forces analysis
23 Macroeconomic Indicators
24 Life Insurance & Pension in The Netherlands
- 24.1. Market Overview
- 24.2. Market Data
- 24.3. Market Segmentation
- 24.4. Market outlook
- 24.5. Five forces analysis
25 Macroeconomic Indicators
26 Life Insurance & Pension in North America
- 26.1. Market Overview
- 26.2. Market Data
- 26.3. Market Segmentation
- 26.4. Market outlook
- 26.5. Five forces analysis
27 Life Insurance & Pension in Norway
- 27.1. Market Overview
- 27.2. Market Data
- 27.3. Market Segmentation
- 27.4. Market outlook
- 27.5. Five forces analysis
28 Macroeconomic Indicators
29 Life Insurance & Pension in Russia
- 29.1. Market Overview
- 29.2. Market Data
- 29.3. Market Segmentation
- 29.4. Market outlook
- 29.5. Five forces analysis
30 Macroeconomic Indicators
31 Life Insurance & Pension in Singapore
- 31.1. Market Overview
- 31.2. Market Data
- 31.3. Market Segmentation
- 31.4. Market outlook
- 31.5. Five forces analysis
32 Macroeconomic Indicators
33 Life Insurance & Pension in South Africa
- 33.1. Market Overview
- 33.2. Market Data
- 33.3. Market Segmentation
- 33.4. Market outlook
- 33.5. Five forces analysis
34 Macroeconomic Indicators
35 Life Insurance & Pension in South Korea
- 35.1. Market Overview
- 35.2. Market Data
- 35.3. Market Segmentation
- 35.4. Market outlook
- 35.5. Five forces analysis
36 Macroeconomic Indicators
37 Life Insurance & Pension in Spain
- 37.1. Market Overview
- 37.2. Market Data
- 37.3. Market Segmentation
- 37.4. Market outlook
- 37.5. Five forces analysis
38 Macroeconomic Indicators
39 Life Insurance & Pension in Sweden
- 39.1. Market Overview
- 39.2. Market Data
- 39.3. Market Segmentation
- 39.4. Market outlook
- 39.5. Five forces analysis
40 Macroeconomic Indicators
41 Life Insurance & Pension in Turkey
- 41.1. Market Overview
- 41.2. Market Data
- 41.3. Market Segmentation
- 41.4. Market outlook
- 41.5. Five forces analysis
42 Macroeconomic Indicators
43 Life Insurance & Pension in The United Kingdom
- 43.1. Market Overview
- 43.2. Market Data
- 43.3. Market Segmentation
- 43.4. Market outlook
- 43.5. Five forces analysis
44 Macroeconomic Indicators
45 Life Insurance & Pension in The United States
- 45.1. Market Overview
- 45.2. Market Data
- 45.3. Market Segmentation
- 45.4. Market outlook
- 45.5. Five forces analysis
46 Macroeconomic Indicators
47 Life Insurance & Pension in Australia
- 47.1. Market Overview
- 47.2. Market Data
- 47.3. Market Segmentation
- 47.4. Market outlook
- 47.5. Five forces analysis
48 Macroeconomic Indicators
49 Life Insurance & Pension in Brazil
- 49.1. Market Overview
- 49.2. Market Data
- 49.3. Market Segmentation
- 49.4. Market outlook
- 49.5. Five forces analysis
50 Macroeconomic Indicators
51 Life Insurance & Pension in Canada
- 51.1. Market Overview
- 51.2. Market Data
- 51.3. Market Segmentation
- 51.4. Market outlook
- 51.5. Five forces analysis
52 Macroeconomic Indicators
53 Life Insurance & Pension in China
- 53.1. Market Overview
- 53.2. Market Data
- 53.3. Market Segmentation
- 53.4. Market outlook
- 53.5. Five forces analysis
54 Macroeconomic Indicators
55 Life Insurance & Pension in Denmark
- 55.1. Market Overview
- 55.2. Market Data
- 55.3. Market Segmentation
- 55.4. Market outlook
- 55.5. Five forces analysis
56 Macroeconomic Indicators
57 Company Profiles
- 57.1. Knights of Columbus
- 57.2. Assurant Inc
- 57.3. New York Life Insurance Co
- 57.4. Globe Life Inc
- 57.5. Credit Agricole SA
- 57.6. BNP Paribas Cardif
- 57.7. CNP Assurances SA
- 57.8. Confederation Nationale du Credit Mutuel
- 57.9. R+V Versicherung AG
- 57.10. Zurich Insurance Group Ltd
- 57.11. Allianz SE
- 57.12. Assicurazioni Generali SpA
- 57.13. Intesa Sanpaolo SpA
- 57.14. Poste Vita SpA
- 57.15. Tokio Marine Holdings Inc
- 57.16. MS&AD Insurance Group Holdings, Inc.
- 57.17. Dai-ichi Life Holdings Inc
- 57.18. Nippon Life Insurance Co
- 57.19. AlfaStrakhovanie Group
- 57.20. Sberbank Life Insurance
- 57.21. Renaissance Life Insurance Company Russia
- 57.22. Rosgosstrakh
- 57.23. Rothesay Life Plc
- 57.24. Legal & General Assurance Society Limited
- 57.25. Scottish Widows Services Limited
- 57.26. Prudential Financial Inc
- 57.27. Metropolitan Insurance Group Inc
- 57.28. The Northwestern Mutual Life Insurance Co
- 57.29. Brasilprev Seguros e Previdencia SA
- 57.30. MetLife Inc
- 57.31. Grupo Nacional Provincial SAB
- 57.32. BBVA
- 57.33. Old Mutual Life Assurance Co (South Africa) Ltd
- 57.34. Guardrisk Insurance Company Ltd
- 57.35. Hollard Insurance Group
- 57.36. Liberty Group Ltd
- 57.37. CaixaBank SA
- 57.38. Banco Bradesco SA
- 57.39. China Pacific Life Insurance Co Ltd
- 57.40. The People's Insurance Company (Group) of China Ltd
- 57.41. China Life Insurance Co Ltd
- 57.42. Ping An Insurance (Group) Company of China Ltd
- 57.43. HDFC Life Insurance Co Ltd
- 57.44. SBI Life Insurance Co Ltd
- 57.45. ICICI Prudential Life Insurance Co Ltd
- 57.46. Nan Shan Life Insurance Co Ltd
- 57.47. The Great Eastern Life Assurance Company Ltd
- 57.48. Cathay Life Insurance Co Ltd
- 57.49. Mandatum Life Insurance Co Ltd
- 57.50. LocalTapiola Mutual Life Insurance Company
- 57.51. OP Financial Group
- 57.52. Nordea Life Assurance Finland Ltd
- 57.53. PT Paninvest Tbk
- 57.54. PT Panin Financial Tbk
- 57.55. AIA Group Ltd
- 57.56. PT Axa Mandiri Financial Services
- 57.57. ASR Nederland NV
- 57.58. SRLEV N.V.
- 57.59. Aegon Ltd
- 57.60. Dela Cooperatie
- 57.61. Nordea Liv
- 57.62. DNB Livsforsikring ASA
- 57.63. Kommunal Landspensjonskasse
- 57.64. Prudential Plc
- 57.65. Manulife (Singapore) Pte Ltd
- 57.66. Samsung Life Insurance Co Ltd
- 57.67. KB Financial Group Inc
- 57.68. Hanwha Life Insurance Co Ltd
- 57.69. Kyobo Life Insurance Co Ltd
- 57.70. Santander Seguros y Reaseguros, Compania Aseguradora SA
- 57.71. VidaCaixa, S.A.U. de Seguros y Reaseguros
- 57.72. Mapfre SA
- 57.73. Skandinaviska Enskilda Banken AB
- 57.74. Avanza Bank Holding AB
- 57.75. Folksam
- 57.76. Alecta Pensionsforsakring Omsesidigt
- 57.77. AgeSA Hayat ve Emeklilik AS
- 57.78. Vienna Insurance Group AG
- 57.79. Anadolu Hayat Emeklilik AS
- 57.80. Turkiye Hayat Ve Emeklilik AS
- 57.81. MLC Ltd Private Clients (Inactive)
- 57.82. AIA Australia Ltd
- 57.83. TAL Dai-ichi Life Australia Pty Ltd
- 57.84. Zurich Australia Ltd
- 57.85. AP Pension Livsforsikringsaktieselskab
- 57.86. Velliv, Pension & Livsforsikring A/S
- 57.87. PFA Pension Forsikringsaktieselskab
- 57.88. Danica Pension AS
- 57.89. Aviva Plc
58 Appendix
- 58.1. Methodology
- 58.2. About MarketLine