Table of Contents 1 Executive Summary 2 Introduction 2.1 What is this Report About? 2.2 Definitions 2.3 Methodology 3 Market Analysis 3.1 Market Size 3.1.1 Purchased life annuities (PLA) 3.1.2 Compulsory purchase annuities (CPA) 3.2 Conventional Annuities (CPA) 3.3 Investment–Linked Annuities (CPA) 3.4 Bulk Transfer and Deferred Annuities 4 Income Drawdown 5 ABI Annuity and Drawdown Sales 6 Market Drivers 7 Market Outlook 8 Distribution Channels 9 Competitive Landscape 9.1 Review – The Best Performers of 2014 9.2 Bulk Annuities – The Best Performers of 2014 9.3 Drawdown – The Best Performers of 2014 9.4 UK Life Insurers¡¯ Post-Budget Strategies 9.5 Product Innovation 9.6 Annuities – SWOT Analysis 10 Deals and News 10.1 MGM Merges with Stonehaven and Rebrands 10.2 Zurich to Transfer GBP1.2 Billion Annuity Book to Rothesay Life 10.3 Aviva Investors Gets GBP20 Billion Boost from Friends Life Deal 11 Regulation and Compliance 11.1 Regulatory Framework 11.2 Regulatory Changes 11.2.1 New retirement options available from April 2015 11.2.2 55% pensions ¡®death tax¡¯ abolished 11.2.3 Changes to the annual allowance 11.2.4 Lifetime allowance to be reduced 11.2.5 Secondary annuity market proposals 12 Economic Backdrop 12.1 Real GDP Growth 12.2 Demographics 12.2.1 Aging population 12.3 Labor Market 12.4 GDP per Capita and Household Disposable Income 13 Company Profiles 13.1 Aegon UK Plc – Company Overview 13.1.1 Aegon UK Plc – key facts 13.1.2 Aegon UK Plc – main products 13.1.3 Aegon UK Plc – main competitors 13.1.4 Aegon UK Plc – key employees 13.2 Aviva Plc – Company Overview 13.2.1 Aviva Plc – key facts 13.2.2 Aviva Plc – main products 13.2.3 Aviva Plc – main competitors 13.2.4 Aviva Plc – key employees 13.3 Canada Life Ltd – Company Overview 13.3.1 Canada Life Ltd – key facts 13.3.2 Canada Life Ltd – main products 13.3.3 Canada Life Ltd – main competitors 13.3.4 Canada Life Ltd – key employees 13.4 Friends Life Group Ltd – Company Overview 13.4.1 Friends Life Group Ltd – key facts 13.4.2 Friends Life Group Ltd – main products 13.4.3 Friends Life Group Ltd – main competitors 13.4.4 Friends Life Group Ltd – key employees 13.5 Just Retirement Ltd – Company Overview 13.5.1 Just Retirement Ltd – key facts 13.5.2 Just Retirement Ltd – main products 13.5.3 Just Retirement Ltd – main competitors 13.5.4 Just Retirement Ltd – key employees 13.6 Legal & General Group Plc – Company Overview 13.6.1 Legal & General Group Plc – key facts 13.6.2 Legal & General Group Plc – main products 13.6.3 Legal & General Group Plc – main competitors 13.6.4 Legal & General Group Plc – key employees 13.7 Liverpool Victoria Group – Company Overview 13.7.1 Liverpool Victoria Group – key facts 13.7.2 Liverpool Victoria Group – main products 13.7.3 Liverpool Victoria Group – main competitors 13.7.4 Liverpool Victoria Group – key employees 13.8 Lloyds Banking Group Plc – Company Overview 13.8.1 Lloyds Banking Group Plc – key facts 13.8.2 Lloyds Banking Group Plc – main products 13.8.3 Lloyds Banking Group Plc – main competitors 13.8.4 Lloyds Banking Group Plc – key employees 13.9 Partnership Life Assurance Company Ltd – Company Overview 13.9.1 Partnership Life Assurance Company Ltd – key facts 13.9.2 Partnership Life Assurance Company Ltd – main products 13.9.3 Partnership Life Assurance Company Ltd – main competitors 13.9.4 Partnership Life Assurance Company Ltd – key employees 13.10 Prudential Plc – Company Overview 13.10.1 Prudential Plc – key facts 13.10.2 Prudential Plc – main products 13.10.3 Prudential Plc – main competitors 13.10.4 Prudential Plc – key employees 14 Statistics 14.1 Review Period 2010–2014 15 Appendix 15.1 Methodology 15.2 Contact Timetric 15.3 About Timetric 15.4 Timetric¡¯s Services 15.5 Disclaimer List of Tables
Table 1: Insurance Industry Definitions Table 2: UK Conventional Annuities – New Business Premiums by Product Type (GBP Thousand), 2010 – 2014 Table 3: UK Overall Annuity Sales – Quarter 1 2013 – Quarter 4 2014 Table 4: UK Drawdown Sales – Quarter 1 2013 – Quarter 4 2014 Table 5: UK Annuities – Top-10 Providers by New Business Premium, 2013 and 2014 Table 6: Annuities and Retirement Income Options – SWOT Analysis Table 7: Aegon UK Plc – Key Facts Table 8: Aegon UK Plc – Main Products Table 9: Aegon UK Plc – Key Employees Table 10: Aviva Plc – Key Facts Table 11: Aviva Plc – Main Products Table 12: Aviva Plc – Key Employees Table 13: Canada Life Ltd – Key Facts Table 14: Canada Life Ltd – Main Products Table 15: Canada Life Ltd – Key Employees Table 16: Friends Life Group Ltd – Key Facts Table 17: Friends Life Group Ltd – Main Products Table 18: Friends Life Group Ltd – Key Employees Table 19: Just Retirement Ltd – Key Facts Table 20: Just Retirement Ltd – Main Products Table 21: Just Retirement Ltd – Key Employees Table 22: Legal & General Group Plc – Key Facts Table 23: Legal & General Group Plc – Main Products Table 24: Legal & General Group Plc – Key Employees Table 25: Liverpool Victoria Group – Key Facts Table 26: Liverpool Victoria Group – Main Products Table 27: Liverpool Victoria Group – Key Employees Table 28: Lloyds Banking Group Plc – Key Facts Table 29: Lloyds Banking Group Plc – Main Products Table 30: Lloyds Banking Group Plc – Key Employees Table 31: Partnership Life Assurance Company Ltd – Key Facts Table 32: Partnership Life Assurance Company Ltd – Main Products Table 33: Partnership Life Assurance Company Ltd – Key Employees Table 34: Prudential Plc – Key Facts Table 35: Prudential Plc – Main Products Table 36: Prudential Plc – Key Employees Table 37: UK Annuities – New Business Premiums (GBP Thousand), 2010–2014 List of Figures
Figure 1: UK Annuities (Excluding Bulk and Deferred) – New Business Premiums (GBP Million), 2010–2014 Figure 2: UK Purchased Life Annuities – New Business Premiums (GBP Million), 2010–2014 Figure 3: UK Compulsory Purchase Annuities – New Business Premiums (GBP Million), 2010–2014 Figure 4: UK Conventional Annuities – New Business Premiums (GBP Million), 2010–2014 Figure 5: UK With–Profits Annuities – New Business Premiums (GBP Million), 2010–2014 Figure 6: UK Bulk Transfer Annuities – New Business Premiums (GBP Million), 2010–2014 Figure 7: UK Deferred Annuities – New Business Premiums (GBP Million), 2010–2014 Figure 8: UK Income Drawdown – New Business Premiums (GBP Million), 2010–2014 Figure 9: UK Annuity Rates, Gilt Yields and FTSE100, Since 1990 Figure 10: UK Annuity and Income Drawdown Product Sales by Type of Selling Firm (Thousands), April 2013 to March 2014 Figure 11: UK Annuities (Excluding Bulk and Deferred) – Top-10 Providers by New Business Premium, 2014 Figure 12: UK Annuities (Excluding Bulk and Deferred) – New Business Premium by Provider, 2013 and 2014 Figure 13: UK Bulk and Deferred Annuities – New Business Premium by Provider, 2013 and 2014 Figure 14: UK Drawdown – New Business Premium by Provider, 2013 and 2014 Figure 15: UK Insurance Regulatory Framework Figure 16: UK Real GDP (Billion) and Quarter-on-Quarter Growth (%), 2007–2014 Figure 17: UK Growing and Aging Population (Years), 1995–2014 Figure 18: UK Population Aged Over 65 Years (%), 2007–2018 Figure 19: UK Overall Life Expectancy (Years), 2007–2018 Figure 20: UK Employment and Unemployment Rates (%), Q1 2006–Q1 2015 Figure 21: UK Average Earnings and CPI Annual Growth Rates (%), Q1 2006–Q1 2015 Figure 22: UK Improving Living Standards (GBP), 1997–2013
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