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Term Life Assurance in the UK, Key Trends and Opportunities to 2017

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Published Date : Jan 2014

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No. of Pages : 64


  • The report provides market analysis, information and insights into the UK term life assurance business.
  • It provides a snapshot of market size and market segmentation.
  • It analyzes drivers and the outlook for the market.
  • It provides information on distribution channels for term life assurance products in the UK.
  • It rounds up deals, news and regulatory developments.
  • It provides a detailed analysis of the competitive landscape and key product features.


New business premiums in the term life assurance category grew by 7.7% in 2012, accompanied by an increase in mortgage-related protection sales. Term life assurance (excluding accelerated critical illness benefit) dominated the UK long-term protection market, accounting for 26.8% of the total new business regular premium in 2012. Household finances continued to be squeezed, which reduced the demand for discretionary term life and other protection products. The fall in mortgage lending led to a decline in sales of term life policies taken out with interest-only or repayment mortgages. The term life assurance category remained resilient, however, recording a compound annual growth rate (CAGR) of -2.53% during the review period (2008−2012). 

Level-term assurance products, offering the same level of cover throughout the period of the policy, accounted for 72.2% of the total term life new business premiums. Decreasing-term assurance policies, usually purchased by individuals who may only wish to protect their mortgage, represented 27.8% of the total new business premiums. Despite the difficult economic background and mortgage market instability, life insurers delivered a steady volume of new business in both the level and decreasing-term assurance sub-categories during the review period. 


  • This report provides a comprehensive analysis of the term life assurance market in the UK.
  • It provides historical values for the UK’s term life assurance market for the report’s 2008–2012 review period and forecast figures for the 2013–2017 forecast period.
  • It offers estimates of new business premiums collected in the term life assurance category.
  • It analyses the key features of term life assurance products.
  • It provides an overview of market dynamics and market drivers.
  • It discusses various distribution channels for term life assurance products in the UK.
  • It profiles top term life assurance providers in the UK, and outlines the key regulatory changes affecting them.

Reasons To Buy

  • Gain an understanding of the UK term life assurance market size.
  • Explore the market dynamics across the level-term and decreasing-term sub-categories.
  • Learn about the performance of market drivers and distribution channels.
  • Understand the competitive landscape and key product offerings.
  • Find out more about key deals and recent developments in the market.

Key Highlights

  • Term life assurance category shows resilience amid challenging economic conditions.
  • The category will record modest growth over the next five years.
  • Both advised and non-advised channels expected to drive term assurance sales.
  • Regulatory changes will bring further uncertainty.
  • Premium growth is expected to settle at 2.6% by 2017.
Table of Content

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
2.4 Market Size
2.4.1 Level-term and decreasing-term assurance new business premiums
2.4.2 UK long-term protection market, new business regular premiums by category
2.4.3 Number of new term life assurance policies sold
2.5 Market Drivers
2.6 Market Outlook 
2.7 Distribution Channels

3 Competitive Landscape
3.1 Best Performers of 2012
3.2 Term Life Assurance – SWOT Analysis

4 Porter’s Five Forces Analysis
4.1 Bargaining Power of Suppliers: Low to Medium
4.2 Bargaining Power of Buyers: Medium to High
4.3 Barriers to Entry: Medium
4.4 Intensity of Rivalry: High
4.5 Threat of Substitutes: Medium

5 Deals and News
5.1 Aviva Launches Life Insurance Radio Advertising Campaign
5.2 Royal London Completes Co-Op Acquisitions
5.3 Aegon Improves Financial and Non-Medical Underwriting Limits for Protection
5.4 LV= Develops Corporate Life Product
5.5 Aviva Predicts Rise in Non-Advised Protection Sales As It Closes Direct Advice Arm
5.6 Ageas Launches Business Protection Product Suite
5.7 Ageas Adds ‘Life of Another’ Option to Product Range
5.8 Zurich and Guardian Launch Life Navigator Campaign

6 Regulation and Compliance
6.1 Regulatory Changes
6.1.1 Risk selection by gender has been outlawed
6.1.2 Retail Distribution Review
6.1.3 ‘I minus E’ taxation change
6.1.4 Consumer Insurance Act
6.1.5 Mortgage Market Review
6.1.6 Solvency II

7 Economic Backdrop
7.1 Real GDP Growth
7.2 Housing and Mortgage Market
7.1 Demographics

8 Company Profiles
8.1 Aegon UK Plc
8.1.1 Aegon UK Plc – key facts
8.1.2 Aegon UK Plc – main products 
8.1.3 Aegon UK Plc – main competitors
8.1.4 Aegon UK Plc – key employees
8.2 Aviva Plc – Company Overview 
8.2.1 Aviva Plc – key facts 
8.2.2 Aviva Plc – main products 
8.2.3 Aviva Plc – main competitors 
8.2.4 Aviva Plc – key employees 
8.3 Ageas UK Ltd – Company Overview
8.3.1 Ageas UK Ltd – key facts 
8.3.2 Ageas UK Ltd – main products 
8.3.3 Ageas UK Ltd – main competitors
8.3.4 Ageas UK Ltd – key employees
8.4 Friends Life Group Plc – Company Overview
8.4.1 Friends Life Group Plc – key facts
8.4.2 Friends Life Group Plc – main products 
8.4.3 Friends Life Group Plc – main competitors 
8.4.4 Friends Life Group Plc – key employees
8.5 Legal and General Group – Company Overview 
8.5.1 Legal and General Group – key facts
8.5.2 Legal and General Group – main products
8.5.3 Legal and General Group – main competitors
8.5.4 Legal and General Group – key employees 
8.6 Liverpool Victoria Group – Company Overview 
8.6.1 Liverpool Victoria Group – key facts 
8.6.2 Liverpool Victoria Group – main products 
8.6.3 Liverpool Victoria Group – main competitors
8.6.4 Liverpool Victoria Group – key employees 
8.7 Lloyds Banking Group – Company Overview 
8.7.1 Lloyds Banking Group – key facts 
8.7.2 Lloyds Banking Group – main products 
8.7.3 Lloyds Banking Group – main competitors 
8.7.4 Lloyds Banking Group – key employees 
8.8 Prudential Plc – Company Overview 
8.8.1 Prudential Plc – key facts 
8.8.2 Prudential Plc – main products 
8.8.3 Prudential Plc – main competitors 
8.8.4 Prudential Plc – key employees 
8.9 Royal London Group – Company Overview 
8.9.1 Royal London Group – key facts 
8.9.2 Royal London Group – main products 
8.9.3 Royal London Group – main competitors 
8.9.4 Royal London Group – key employees 
8.10 Zurich Financial Services Ltd – Company Overview 
8.10.1 Zurich Financial Services Ltd – key facts 
8.10.2 Zurich Financial Services Ltd – main products 
8.10.3 Zurich Financial Services Ltd – main competitors 
8.10.4 Zurich Financial Services Ltd – key employees 

9 Statistics 
9.1 Review Period 
9.2 Forecast Period 

10 Appendix 
10.1 Methodology 
10.2 Contact Timetric 
10.3 About Timetric 
10.4 Timetric’s Services 
10.5 Disclaimer

List of Table

Table 1: Insurance Industry Definitions 
Table 2: Term Life Assurance – SWOT Analysis
Table 3: Recent and Upcoming Regulatory Changes
Table 4: Aegon UK Plc, Key Facts 
Table 5: Aegon UK Plc, Main Products
Table 6: Aegon UK Plc, Key Employees 
Table 7: Aviva Plc, Key Facts 
Table 8: Aviva Plc, Main Products 
Table 9: Aviva Plc, Key Employees 
Table 10: Ageas UK Ltd, Key Facts 
Table 11: Ageas UK Ltd, Main Products 
Table 12: Ageas UK Ltd, Key Employees 
Table 13: Friends Life Group Plc, Key Facts 
Table 14: Friends Life Group Plc, Main Products 
Table 15: Friends Life Group Plc, Key Employees 
Table 16: Legal and General Group, Key Facts 
Table 17: Legal and General Group, Main Products 
Table 18: Legal and General Group, Key Employees 
Table 19: Liverpool Victoria Group, Key Facts 
Table 20: Liverpool Victoria Group, Main Products 
Table 21: Liverpool Victoria Group, Key Employees 
Table 22: Lloyds Banking Group, Key Facts 
Table 23: Lloyds Banking Group, Main Products 
Table 24: Lloyds Banking Group, Key Employees 
Table 25: Prudential Plc, Key Facts 
Table 26: Prudential Plc, Main Products 
Table 27: Prudential Plc, Key Employees
Table 28: Royal London Group, Key Facts
Table 29: Royal London Group, Main Products
Table 30: Royal London Group, Key Employees
Table 31: Zurich Financial Services Ltd, Key Facts
Table 32: Zurich Financial Services Ltd, Main Products
Table 33: Zurich Financial Services Ltd, Key Employees 
Table 34: UK Term Life Assurance – New Business Premiums (GBP Thousand), 2008–2012 
Table 35: UK Term Life Assurance – New Business Premiums (GBP Thousand), 2013–2017

List of Chart

Figure 1: UK Term Life Assurance (Excluding Accelerated CI) – Total New Business Premiums (GBP Million), 2008–2012 
Figure 3: UK Long-Term Protection Market – New Business Regular Premiums by Category (GBP Million), 2008–2012 
Figure 4: Number of New Term Life Policies Sold by FSA-Regulated Life Insurers, Excluding Accelerated CI (Thousands), 2008–2012 
Figure 5: New Business Premiums for UK Term Life Assurance, Excluding Accelerated CI (GBP Million), 2013–2017 
Figure 6: Top 10 Term Life Assurance Providers Based on Total New Business Premium (Excluding Accelerated CI), 2012 (%) 
Figure 7: UK Term Life Assurance – Five Forces Analysis 
Figure 8: The UK’s Insurance Regulatory Framework 
Figure 9: Real GDP Growth (%), 2008–2017 
Figure 10: Simple Average House Prices in the UK (GBP), 1991–2012 
Figure 11: Number of First-Time Homebuyers (Thousands), 2002–2012 
Figure 12: Total Gross Mortgage Lending (GBP Million), 2002–2012 
Figure 13: Growing and Aging Population, 1995–2012 
Figure 14: UK Population Aged Over 65 (%), 1995–2017 
Figure 15: UK Overall Life Expectancy (Years), 1995–2017 
Figure 16: Improving Living Standards in the UK (GBP Thousand), 1997–2011 

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