Insight into Pakistan Life

Insurance Sector

April 2013

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Snapshot
Life Insurance Key concepts
Global Scenario of life Sector
Life Sector Highlights in selected regions
Sector Profile
Competitive Analysis
Performance Analysis of life Sector
Profitability
Assets Allocation and Investment Strategy

Key strengths of life sector in Pakistan

Risks analysis
Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Life Insurance Concepts

The insurance company pays in case of demise of the policyholder or at the
time of maturity of the policy
The Payment of benefit is contingent upon termination or continuation of
human life.
Investment linked contract: the benefit is calculated with reference to either (i)
a running account, or (ii) units.
Participating life Insurance: The policyholder has an entitlement to participate
in distributions by the life insurer of profits or surpluses. This excludes
investment-linked contracts, health contracts, group life contracts and group
health.
Mortality Risk, Morbidity Risk, Longevity Risk
Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis prfitability

Performance
Analysis - Assets

Strengths
and Risk

Life insurance differentiated in Pakistan

Life Insurance Business Classes 1
1 Ordinary life business;
H
U
2 Capital redemption business;
M
A
3 Pension fund business; and
N
4 Accident and health business.

Company registered as General

Insurance and term of contract
is not greater than one year

General Insurance Business Classes 1

1 Fire and property damage business;
2 Marine, aviation and transport business;
3 Motor third party compulsory business;
4 Liability business;
5 Workers compensation business;
6 Credit and suretyship business;
7 Accident and health business; and
8 Agriculture insurance including crop insurance;
9 Miscellaneous business;

Insurance of
agricultural
Assets
(e.g. livestock)

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis prfitability

Performance
Analysis - Assets

Strengths
and Risk

Life insurance products

Risk and earnings profile

Risk Protection

Products

Risk of a Life
Insurance
Company

Deffered Fixed and variable

Annuities
Unit-Linked Savings
Guaranteed interest contracts
Defined Contribution Pension

Term Assurance
Group Life
Disability
Long term Care
Critical illness
Payout Annuities

Whole Life
Universal Life
Variable Life
Endowment Insurance
Combined Life Annuity

Mortality
Morbidity
Longevity
Lapse

Mortality
Morbidity
Longevity
Lapse
Interest Rate
Equity Market

Lapse
Interest Rate
Equity Market

Underwriting result
Investment Income

Investment Income
Fee Income

Main Source of Underwriting result

earning
Investment Income
Life
Insurance
Concepts

Savings

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis prfitability

Performance
Analysis - Assets

Strengths
and Risk

Global Scenario of
Life Insurance Sector

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Life Insurance | Global Mix

2011
Markets Picked
up for
comparison

Regions

Premium
(USD bln)

Market
Share

Premium
% of GDP

25%
36%
35%
2%
2%

3.0%
4.0%
4.2%
2.5%
2.8%
3.8%

Premium USD (market share | penetration | Density)

United States: 554 (21%| 3.6% | 1,737) America

Germany: 114 (4% | 3.2% | 1,396 )
Europe
India: 60 (2.3% | 3.6% | 68.7)
Asia
Pakistan: 0.8 (0.03% | 0.7% | 7.7)

Africa
Oceania
WORLD

661
940
924
47
47
2,619

Premium
Per Capita
(USD)

704
1,082
224
45
1,298
376

Globally, life insurance accounts for 57% of total premium

PREMIUM GROWTH
During 2011, the life sector premium dropped by 3% in real terms (2010: growth of 2.9%);
business in western Europe witnessed a significant dip of 9.5%, while South and East Asia
plunged by 10.6% in real term.
Premium Growth during CY11 in Pakistan (24%) was superior to that of India (negative
6.6%), US (growth 7.3%), UK (growth 4.1%) and Germany (0.1%).
Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Demographics compared
Population

Mix

World

Pakistan

India

US

Germany

7,016,238,890

190,291,129
(ranked 7th)

1,205,073,612
(ranked 2nd)

313,847,465
(ranked 3rd)

81,147,265
(ranked 16th)

1.01 male(s)/female

Population growth
Death rate

1.06 male(s)/female 1.08 male(s)/female 0.97 male(s)/female 0.99 male(s)/female

1.1%

1.55%

1.31%

0.9%

-0.2%

7.99 deaths/1,000

6.8/ 1,000

7.4/ 1,000

8.4/ 1,000

11.0/ 1,000

52%

38%

32%

84%

74%

n.a

20%

34%

12%

24%

Urbanization
Savings as %GDP 5

Age Profile of population

0-14

Pakistans potential market;

- younger population, higher growth rate
- Lower death rate
- Growing urbanization

Germany

13%

11%

20%

World

Pakistans
Sector
Profile

55-64

65 and above

42%

14%

29%

13%

Competitive
Analysis

41%

21%

12%

18%

35%

Pakistan

Global
Scenario of
life Sector

25-54

34%
US

India

Life
Insurance
Concepts

15-24

14%

40%

22%

7%

35%

6%

5% 4%

9%
26%

17%

Performance
Analysis profitability

41%

Performance
Analysis - Assets

8%

8%

Strengths
and Risk

Life Sector Highlights

In Selected Regions

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

US Life Sector Highlights6

Life (20%), Annuities (53%), and Health (27%)
Regular Premium (77%), single premium (33%)
Individuals (63%), Group (37%)
Net Gain from Operations: Life (5%), Annuities (2%), and Health
(6%)

US - Claims Experience
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

26%

2%

Matured endowments

24%

Policyholder dividends

1%

36%
70%
49%

Surrenders
41%

Payment to
beneficiaries

22%

Life

Life
Insurance
Concepts

0%

0%

Commission
Ratio: 8%

Home- and
field-office
expenses :
9%

0%
10%

Voluntary
termination
Rate: 6.1%

Annuity Health Aggregate

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

US Life Sector Highlights (continued)

Assets - Separate Account
Other invested assets
6%

Non-invested assets
1%

Government securities
3%

Other
14%

Stocks
79%

Corporate securities
6%

Mortgage-backed
securities
5%

Note: The general account supports contractual obligations for

guaranteed, fixed-dollar benefit payments, such as life
insurance policies. The separate account supports
liabilities associated with investment risk pass-through
products or lines of business

Net return on invested assets

Total Assets: 4.4%
General Account: 5.3%
Weighted Average Maturity of bonds: 10 years
Bond Quality: 93% investment grade, and 0.2% default
Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Europe Life Sector Highlights

7

Channels

Largest

Most diversified Channel Mix

Bancassurance

Malta (92%)

Poland

32% Direct and Banca each

Brokers

UK (78%)

Croatia

39% Direct

Agents

Slovakia (60%)

Sweden 44% Others

Direct Selling

Croatia (39%)

Lex

Other intermediaries

Sweden (44%)

46% Agents

Germany 48% Agents

Persistency: Financial Services Authority 2011 Survey (UK)

Reasons why consumers let their policies lapse 8
Suitability
and
affordability

Life
Insurance
Concepts

Product
Changes in
performance personal
circumstances

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Changes in
product
design

Performance
Analysis profitability

Sales
Channel

Economic
environment

Performance
Analysis - Assets

Strengths
and Risk

Europe Life Sector Highlights

Persistency: Financial Services Authority 2011 Survey (UK)
Persistency (Average 1993-2010) 9
After Years (%)

Company representatives

Independent financial advisers

Direct offer advertisements

1 year 2 years 3 years 4 years 1 year 2 years 3 years 4 years 1 year 2 years 3 years 4 years
Regular premium
Endowment

92.2

86.1

80.2

73.7

95.1

90.0

84.4

78.6

93.9

88.7

83.8

79.1

Whole life

90.9

82.5

74.5

67.6

94.2

89.0

83.8

79.4

88.3

83.7

80.8

78.6

Other Life

87.1

74.8

62.6

53.1

91.4

82.6

74.6

67.5

98.1

94.8

90.6

85.9

98.4

95.9

92.5

88.1

Single premium
All others

Germany10 | Key take aways from

Claims Experience
60%

56%

50%
41%

Other Operating
Expenses
ratio: 2.4%

Commission
Ratio: 10%

40%
30%
21%

20%
20%
10%

16%

14%
4%

4%

0%
2010
Dea th

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

2011
ma turity

surrender

Others

Performance
Analysis - Assets

Strengths
and Risk

India | Pakistans neighbor

11

Liberalized in early 2000s | one state owned Life Insurance Corporation (LIC) still dominates the market
LIC dominates the market with ~70% market share | top five private sector market share 50%
Product mix shifting to non-linked plans as indicated by first year premium
Private sector makes use of relatively diverse mix of distribution channels
Premium (%)
12

Distribution Channels

individual
agents

LIC

banks

corporate
agents

brokers

direct
selling

97

44

39

Private sector

India Premium Mix

India - Premium Mix

India - Premium Mix

100%
90%

Group, 17%

36%

80%

59%

70%
60%

72%

76%

50%
45%

40%
30%
20%

16%

10%
0%

8%
Linked

18%

24%

20%

Non-Linked

Linked

Non-Linked

Private Sector

Individuals,
83%

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Single Premium

Competitive
Analysis

21%

3%

Performance
Analysis profitability

LIC

First Year

Renewal

Performance
Analysis - Assets

Strengths
and Risk

India | Pakistans neighbor (.continued)

India - Policyholders Account 13

FY12

Tota l

LIC

-1%

-3%

-31%

-42%

Priva te sector

FY11

Tota l

54%

59%

-6%

-2%

LIC -2%

Priva te sector

-50%

-41%

Global
Scenario of
life Sector

5% 18%

-1% -28%

35%

0%

25%

31%

6% 18%

Competitive
Analysis

93%
96%

72%

96%

75%

66%

75%

Commission Ra tio
Investment Income

Pakistans
Sector
Profile

94%

3%

7%8%

50%

94%

65%

6%11%

55%

Benefit ra tio
Reserve ra tio

Life
Insurance
Concepts

42%

55%

7%7%

49%

-47%

-25%

6%10%

Operating
Ratio

96%

100%

125%

150%

Opera ting Expenses ra tio

Other income/expense ra tio

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

India | Pakistans neighbor

India - Asset Allocatio (policyholders)14

4%

6%

100%
90%

32%

80%
70%

8%

60%
18%

94%

50%
40%
30%

39%

20%
10%
0%

ULIPs Funds*

Tra ditiona l Products

Central Government Securities
Infra structure Investments
Other Investments

State Government & Other Approved Securities

Approved Investments

* Unit Linked Funds

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Life Insurance Sector

In Pakistan
15

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Pakistan Life sector

Liberalized in early 90s | only state owned insurer is State Life Insurance
Corporation (SLIC)
SLIC dominates the market with ~63% market share | private sector concentrated in
two companies (market share end-Dec12: 73%)
Sector Structure and growth
100,000

50%

Number of partcipants
90,000

45%
3%

80,000

40%

2%

70,000

33%

35%

6
PKR bln

30%
1%

50,000

25%

0%

33%

31%

40,000

20%
0%

2
30,000

32%
15%

34%

63%

31%
20,000

0
CY06

CY07

CY08

CY09

CY10

CY11

Private Non-takaful*

CY12

Private Takaful
-

Private Non-takaful

Public (SLIC)
Nominal GPW Growth

Global
Scenario of
life Sector

72%

69%

Pakistans
Sector
Profile

Competitive
Analysis

66%

5%

CY06

CY07

CY08

130

516

1,532

2,523

6,149

8,389

11,505

13,227

16,589

22,497

30,439

15,992

18,717

22,695

28,367

35,639

44,812

55,733

20%

22%

27%

23%

28%

29%

28%

Private Takaful

*Excluding Asia Care

Life
Insurance
Concepts

10%

68%
68%

10,000

Public (SLIC)

65%

28%

Performance
Analysis profitability

CY09

CY10

Performance
Analysis - Assets

CY11

CY12E

0%

Strengths
and Risk

GPW Growth

60,000

Pakistan Life sector

98% of investment linked premium pertains
to unit linked life schemes
At end-Mar13, the product slate comprises
~152 insurance plans, including lately
influxed bancassurance schemes (~84)
premium from endowment plans fetches
more than 33% of the total industrys
premium (in CY11).
life sector has tide knots with more than 1720 commercial banks, fetching approximately
68% of the private sector premium
Bank deposits grew by CAGR 10% -11%
(since CY07)
the health insurance growing rapidly,
however, general insurance sector is working
with relatively more vigor and zest.
Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Public sector (SLIC)

Individuals Health and
Pension
3%

Group
14%

Individuals Conventional
83%

Private Sector
Individuals Health and
Pension
0%

Individuals Conventional
3%

Group
13%

Individuals Investment
Linked
84%

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Competitive Analysis of the Sector

Suppliers
Reinsurer
Risk sharing
High cost if not
reinsured

License
Product design approval

Moderate Power

Moderate Power

Commission structure is higher

in Pakistan | higher commission
ratio than India

When Compared with Indias

IRDA and Pakistans SBP for
banks

Low Power
Low dependence of life insurer |
low cession level

SECP (in the shoes of

regulator)

Distribution Channel
Agents
Banca

Moderate to low Risk

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Competitive Analysis of the Sector

Customers and Demand Dynamics

Individuals
Accepts premium rates quoted by
Actuary/ company
Can substitute life schemes with
those of other saving schemes
offered by banks and mutual
funds, etc

Group | Corporate, FIs and

banks
Negotiates rates
Often switch companies | low
persistency
High concentration risk

Low Demand and few players | Moderate Risk

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Competitive Analysis of the Sector

Barriers to Entry
BARRIERS TO ENTRY
RISK
High
High

Moderate

Operational

Moderate

Low
Legal

Regulatory

Low
9-10yrs break even
Strong IT infrastructure
requirements
SECP puts limit on expenses
High capital injections in
initial years

Less lengthy licensing procedures than banks

and AMCs
Commence operations 0.5-1year after
incorporation
PKR 500mln (4% of avg premium) Vs. India
Rs. 1,000mln (0.8%)
Solvency requirements

Life
Insurance
Concepts

Pakistans
Sector
Profile

Global
Scenario of
life Sector

Competitive
Analysis

Performance
Analysis Profitability

Private sector allowed in 90s

Conventional insurers
allowed Takaful window
case in court
Composite Insurance not
allowed

Performance
Analysis - Assets

Strengths
and Risk

Performance Analysis Premium Mix and Growth

Premium Growth

Growth pattern of Public sector premium has

remained more stable than the private sector

40%
35%
30%
25%
20%
15%
10%
5%
0%

Private sector first year premium is majorly

driven by unit-linked products, reflecting
changing trend in product mix

40%
35%
30%
25%
20%
15%
10%
5%
0%

CY07

Influx of Single Premium products unit linked

CY08

Private sector

Private Sector- Individual Premium Mix

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

2%
37%

1%

1%
47%

56%

26%
21%

5%

9%

38%

37%

14%
35%

22%

20%

19%

36%

34%

31%

CY10

CY11

CY12

20%

35%

31%

CY10

CY11

24%
CY12

Conventional
First Year Premium

Life
Insurance
Concepts

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Global
General
Insurance

Subsequent renewals

Pakistans
Sector
Profile

Public sector

CY11

CY12E

Total Nominal Growth

Public sector - Individual

Premium Mix
50%

50%

53%

19%

21%

16%

30%

30%

31%

CY10

CY11

First Year Premium

9M12 E

second Year renewal

Subsequent Renewals

Single

Competitive
Analysis

CY10

Conventional

Unit-linked
Second Year Premium

CY09

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Performance Analysis Claims Experience

Public Sector- Claims Experience

Private Sector - Claims Experince

80%

120%

70%

100%

60%

22%

50%

26%

27%

60%

30%

40%
44%

10%
0%

12%
2%
5%

12%
2%
8%

14%
1%
5%

19%

CY10

CY11

CY12

16%

2%

10%
5%
2%

CY10

CY11

CY12

Conventional

Unit-linked

Global
General
Insurance

40%

20%
0%

2%
CY10

CY11

CY12

11%
25%
6%

12%
20%
5%

CY10

CY11

94%

86%

CY10

CY11

Group

Death Maturity Surrenders Others*

Life
Insurance
Concepts

42%

4%

80%

40%

20%

6%

Pakistans
Sector
Profile

* includes experience
refund

Competitive
Analysis

Conventional
Group
Death Maturity Surrenders Others

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Performance Analysis Profitability

Operating
ratio

CY12

Statutory Funds
Private sector

-31%

CY11

Total

-54%

SLIC

-60%

SLIC

41%

-77%

Private sector

48%
-21% 26%

-100% -75% -50% -25%

0%

25%

73%

25% 14%

24% 12%

92%

70%

25% 14%

43%
-20% 23%

Total
CY10

37%

-69%

Private sector

Life
Insurance
Concepts

22% 21% 11%

96%

83%

92%

53%

26% 14%

75%

26% 15%
26% 13%
50%

95%

97%
99%

87%

93%

49%
75%

100% 125% 150% 175% 200%

Claims ratio

Commission Ratio

Operating Expenses ratio

Reserve ratio

Investment Income

Other income/expense ratio

Global
General
Insurance

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Performance Analysis Assets

Assets Allocation | Investment Book
2%
11%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

8%

10%
6%

29%

9%
1%

2%
65%

PKR mln
Investments
Shareholders Funds
Statutory Funds

69%

Total Assets
Shareholders Funds
Statutory Funds

72%
69%

22%

1%
9%

15%

Shareholders Fund

Statutory fund

Shareholders Fund

Private Sector
Equities

Real estate

Liquid Assets/
policyholders
liabilities

Statutory fund

Government securities

Security

Fixed income (includes TFCs)

4,752
323,802
328,554

5,145
396,656
401,801

6,616
413,593
420,209

6,425
339,072
345,497

1.0 times

1.0 times

Cash and bank

loans

Private Sector

CY11

Gov Sec

Life
Insurance
Concepts

CY12

SLIC

Public Sector

Weighted
Average
Maturity

CY11

CY12E

14.2years

Mix

CY11

12.8years

CY12

1.7years

Mix

Mix

0.6years

Mix

PIBS

96%

14.2yrs

97%

12.8yrs

41%

3.3yrs

8%

0.8yrs

T-bills

4%

0.0yrs

3%

0.0yrs

59%

0.5yrs

92%

0.6yrs

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Performance Analysis Investments

Life
Insurance
Concepts

Average Yield (%)

CY11

CY12

Statutory Funds investments

11.9%

12.6%

Shareholders Funds Investments

10.0%

14.0%

Comparison

CY11

CY12

Money Market Mutual Funds

12.1%

10.3%

Balanced Mutual Funds

-2.2%

24.5%

Asset allocation Mutual Funds

-5.5%

22.9%

Min Bank Deposit Rate

5%

6%

KSE-100 Index

-4%

49%

Discount Rate

13.1%

11.0%

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis profitability

Performance
Analysis - Assets

Strengths
and Risk

Key Strengths of the

sector in Pakistan

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Strengths
Tremendous Growth
Robust profitability

Conservative investments strategy

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Risk Analysis

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Risks
Persistency
Less efficiency with higher acquisition cost
Solvency requirements
catastrophic cover
Transparency limited disclosures of assets under
management. Takaful firms are better off.
Competition with substitutes | mutual funds

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Bibliography
1.

2.
3.

4.
5.
6.
7.

8.
9.
10.
11.
12.
13.
14.
15.

Insurance Ordinance section 3 (Division of insurance business into life and non-life) and section 4 (Classes of life and
non-life business)
Swiss Re Sigma no. 1/2012: understanding profitability in life insurance | Figure 16 | Page 21
Analysis based on data published by Swiss Re in Sigma 3/12 titled world insurance 2011 | statistical appendix updated
Jan 2013
Demographic Analysis based on data extracted from 2012 estimates of The Center of Intelligence, United States of
America [https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html]
The World Bank: Gross savings are calculated as gross national income less total consumption, plus net transfers
Analysis of American Life sector is based upon figures and information extracted from US Factbook 2012, issued by
American Council of Life Insurers
CEA Statistics N 46 European Insurance in Figures January 2013 | Table 20 Table 20: Breakdown of life insurance
premiums by distribution channel 2010 | Page 63
Financial Services Authority 2011 Survey of the persistency of Life and Pensions policies | Section 3: Reasons why
consumers let their policies lapse | Page 8,9,10
Financial Services Authority 2011 Survey of the persistency of Life and Pensions policies | Annexures | Page 13-16
Statistical Yearbook of German Insurance 2012
Insurance Regulatory and Development Authority, India | Annual Report 2001-2012
Insurance Regulatory and Development Authority, India | Annual Report 2001-2012 | Table 11.3 | Page 11
Insurance Regulatory and Development Authority, India | Annual Report 2001-2012 | Statement 21 | Page 162
Insurance Regulatory and Development Authority, India | Annual Report 2001-2012 | table 1.43 | Page 60
Analysis based on PACRAs inhouse research | figures compiled from annual financial statements of industry participants

Life
Insurance
Concepts

Global
Scenario of
life Sector

Pakistans
Sector
Profile

Competitive
Analysis

Performance
Analysis Profitability

Performance
Analysis - Assets

Strengths
and Risk

Analysts

Amara S. Gondal
amara.gondal@pacra.com

Jhangeer Hanif
jhangeer@pacra.com

Abdul Hayee
Abdul.hayee@pacra.com

Anam Pirzada
anam@pacra.com

Noman Umar
Noman.umar@pacra.com

Contact Number: +92 42 3586 9504

DISCLAIMER
PACRA has used due care in preparation of this document. Our information has been obtained from sources
we consider to be reliable but its accuracy or completeness is not guaranteed. The information in this
document may be copied or otherwise reproduced, in whole or in part, provided the source is duly
acknowledged. The presentation should not be relied upon as professional advice.