Product Code: r6761
“Variable Life Insurance Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on variable life insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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Where is the largest and fastest growing market for variable life insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The variable life insurance market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 1) By Type: Fixed Premium; Variable Universal Life Insurance
- 2) By Components: Death benefits; Add-on benefits
- 3) By End-User: Agency; Brokers; Bancassurance; Digital and Direct Channel
- Companies Mentioned: Allianz; AXA SA; Generali; Ping An Insurance; Aflac
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the variable life insurance market are Allianz, AXA SA, Generali, Ping An Insurance, Aflac, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, Chubb, AIG, Aviva, Allstate, Swiss RE, and AIA Group.
The global variable life insurance market is expected to grow from $115.71 billion in 2022 to $123.41 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The variable life insurance market is expected to reach $156.97 billion in 2027 at a CAGR of 6.2%.
The variable life insurance market includes revenues earned by entities by providing cash value, investment variety, and flexible premiums. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Variable life insurance refers to a type of permanent life insurance that allows the policyholder to invest the cash value of the policy in a variety of investment options, such as stocks, bonds, and mutual funds. It works best for people who can afford to pay possibly higher premiums and put up with market volatility. An investment and life insurance are both included in a variable life insurance policy.
North America was the largest region in the variable life insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in variable life insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major types of variable life insurance are fixed premium and variable universal life insurance. A fixed premium is a set amount of money that is regularly paid to an insurance company in exchange for coverage under a specific insurance policy. The major components included are death benefits and add-on benefits. These are used by several end-users, such as agency, brokers, bancassurance, and digital and direct channel.
The rapid growth of the overall insurance industry is expected to propel the growth of the variable life insurance market. The growth in the insurance industry can be attributed to factors such as increasing awareness of the need for insurance, a growing middle class, and economic development. As the insurance industry grows, more people have access to insurance products, including variable life insurance, which allows policyholders to invest a portion of their premiums in a variety of investment options, such as stocks and bonds. For instance, in 2020, according to the Organisation for Economic Co-operation and Development, a France-based intergovernmental organisation with 38 member countries, the total gross premiums in the OECD countries increased to $5225 billion as compared to $5031 billion in 2019. Major countries such as the United States and the United Kingdom reported total gross premiums of $2934 billion and $380.90 billion, respectively, in the insurance sector. Therefore, the rapid growth of the overall insurance industry is significantly contributing to the growth of the variable life insurance market.
New product development has emerged as the major trend gaining popularity in the variable life insurance market. Major companies operating in the variable life insurance market are introducing new innovative life insurance products to strengthen their position in the market. For instance, in November 2022, Prudential Financial, Inc., a US-based insurance company, introduced Prudential FlexGuard® Life, an innovative index-variable universal life insurance policy that provides a versatile blend of coverage, growth potential, and accessibility to cater to the evolving life insurance requirements of customers. Prudential FlexGuard® Life offers death benefit protection with fixed duration options, various methods to increase cash values, and the flexibility to access death benefits early in case of chronic or terminal illness if the required rider is added to the policy. Customers have the option to take charge of their future because the solution is adaptable and can be modified in response to changing needs. When necessary, it gives them access to cash values, giving them a unique opportunity to leave a legacy and increasing their ability to receive living benefits.
In February 2021, KKR & Co. Inc. a US-based investment management company acquired Global Atlantic Financial Group Limited for an amount of $90 billion. Through this acquisition, KKR & Co. Inc. aims to reinforce its status as a top annuity and life insurance provider in the USA, as well as improve its capability to offer attractive options for clients and secure more long-term funding. Global Atlantic Financial Group Limited is US-based insurance company that offers a wide range of life insurance products.
The countries covered in the variable life insurance market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The variable life insurance market research report is one of a series of new reports from The Business Research Company that provides variable life insurance market statistics, including variable life insurance industry global market size, regional shares, competitors with a variable life insurance market share, detailed variable life insurance market segments, market trends and opportunities, and any further data you may need to thrive in the variable life insurance industry. This variable life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
1. Executive Summary
2. Variable Life Insurance Market Characteristics
3. Variable Life Insurance Market Trends And Strategies
4. Variable Life Insurance Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On Variable Life Insurance Market
- 4.2. Ukraine-Russia War Impact On Variable Life Insurance Market
- 4.3. Impact Of High Inflation On Variable Life Insurance Market
5. Variable Life Insurance Market Size And Growth
- 5.1. Global Variable Life Insurance Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Variable Life Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Variable Life Insurance Market Segmentation
- 6.1. Global Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Fixed Premium
- Variable Universal Life Insurance
- 6.2. Global Variable Life Insurance Market, Segmentation By Components, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Death benefits
- Add-on benefits
- 6.3. Global Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Agency
- Brokers
- Bancassurance
- Digital and Direct Channel
7. Variable Life Insurance Market Regional And Country Analysis
- 7.1. Global Variable Life Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Variable Life Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Variable Life Insurance Market
- 8.1. Asia-Pacific Variable Life Insurance Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Variable Life Insurance Market
- 9.1. China Variable Life Insurance Market Overview
- 9.2. China Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Variable Life Insurance Market
- 10.1. India Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Variable Life Insurance Market
- 11.1. Japan Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Variable Life Insurance Market
- 12.1. Australia Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Variable Life Insurance Market
- 13.1. Indonesia Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Variable Life Insurance Market
- 14.1. South Korea Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Variable Life Insurance Market
- 15.1. Western Europe Variable Life Insurance Market Overview
- 15.2. Western Europe Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Variable Life Insurance Market
- 16.1. UK Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Variable Life Insurance Market
- 17.1. Germany Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Variable Life Insurance Market
- 18.1. France Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Variable Life Insurance Market
- 19.1. Eastern Europe Variable Life Insurance Market Overview
- 19.2. Eastern Europe Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Variable Life Insurance Market
- 20.1. Russia Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Variable Life Insurance Market
- 21.1. North America Variable Life Insurance Market Overview
- 21.2. North America Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Variable Life Insurance Market
- 22.1. USA Variable Life Insurance Market Overview
- 22.2. USA Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Variable Life Insurance Market
- 23.1. South America Variable Life Insurance Market Overview
- 23.2. South America Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Variable Life Insurance Market
- 24.1. Brazil Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Variable Life Insurance Market
- 25.1. Middle East Variable Life Insurance Market Overview
- 25.2. Middle East Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Variable Life Insurance Market
- 26.1. Africa Variable Life Insurance Market Overview
- 26.2. Africa Variable Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Variable Life Insurance Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Variable Life Insurance Market Competitive Landscape And Company Profiles
- 27.1. Variable Life Insurance Market Competitive Landscape
- 27.2. Variable Life Insurance Market Company Profiles
- 27.2.1. Allianz
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. AXA
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Generali
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Ping An Insurance
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Aflac
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Variable Life Insurance Market
29. Variable Life Insurance Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer