Who Owns Whom

The Life Insurance Industry Including Reinsurance 2021

Louise Mitchell | South Africa | 18 January 2021

Full Report

R 9 500.00(ZAR) estimated $ 600.28 (USD)*

Industry Overview

R 6 650.00(ZAR) estimated $ 420.19 (USD)*

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Report Coverage

This report focuses on the life insurance industry including reinsurance, and examines the state and size of the sector, key performance indicators, corporate actions and various influencing factors. There are profiles of 45 companies including large traditional insurers such as Sanlam and Old Mutual and relatively new players such as African Rainbow Capital, which was launched in 2019. There are also profiles of reinsurers such as Swiss Re and Munich Reinsurance.

The Life Insurance Industry including Reinsurance in South Africa

Life cover plays a central role in safeguarding financial security as it provides an income stream to dependants who would otherwise suffer financial loss in the event of the death, disability or serious illness of a breadwinner. In 2020, 65 primary life insurers, five life cell captives, five composite reinsurers (offering life and non-life reinsurance), two life reinsurers, and one life microinsurer were registered with the Financial Services Conduct Authority. The life insurance sector is dominated by large companies such as Sanlam, Discovery and Old Mutual.

Pandemic Effects

The coronavirus pandemic has put pressure on new business, lapse rates and potential future claims in the life insurance sector. It has caused extreme equity market and interest rate volatility, which affects the performance of the industry players. Gross written premiums are expected to decline as customers’ income is affected by unemployment. Liquidity constraints are highly likely in the event of product cancellation, an increase in surrenders, and decline in renewals and new business due to economic conditions.

Risks

Given the economic environment, long-term insurers are particularly exposed to market risk as well as lapse and surrender risk. As unemployment increases, many insurance policies lapse as policyholders cash in their savings or invest elsewhere. Other underwriting risks including mortality and morbidity catastrophes.

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Historical Reports

The Life insurance Industry Including Reinsurance 2019-01-31

R 1 900.00(ZAR) estimated $120.06 (USD)*

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The Life Insurance Industry including Reinsurance 2017-05-22

R 1 900.00(ZAR) estimated $120.06 (USD)*

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The Life insurance Industry Including Reinsurance 2015-12-02

R 1 900.00(ZAR) estimated $120.06 (USD)*

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Table of Contents

PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 4
2.2. Geographic Position 5
3. SIZE OF THE INDUSTRY 5
4. STATE OF THE INDUSTRY 8
4.1. Local 8
4.1.1. Corporate Actions 10
4.1.2. Regulations 11
4.1.3. Enterprise Development and Social Economic Development 15
4.2. Continental 17
4.3. International 18
5. INFLUENCING FACTORS 21
5.1. Coronavirus 21
5.2. Economic Environment 22
5.3. Investment Performance 23
5.4. Financial Inclusion 23
5.5. Environmental, Social and Governance (ESG) 24
5.6. Rising Input Costs 25
5.7. Crime 25
5.8. Cyber Risk 25
5.9. Technology, Research & Development (R&D) and Innovation 26
5.10. Labour 27
6. COMPETITION 29
6.1. Barriers to Entry 30
7. SWOT ANALYSIS 30
8. OUTLOOK 31
9. INDUSTRY ASSOCIATIONS 31
10. REFERENCES 32
10.1. Publications 32
10.2. Websites 32
APPENDIX 1 34
Classes and Sub-Classes of Insurance Business for Life Insurance under Schedule 2 of the Insurance Act, 2017 34
APPENDIX 2 - SUMMARY OF NOTABLE PLAYERS 38
Primary Insurers 38
Reinsurance Companies 41
COMPANY PROFILES 43
1 LIFE INSURANCE (RF) LTD 43
3SIXTY LIFE LTD 45
ABSA LIFE LTD 47
AFRICAN RAINBOW LIFE LTD 49
AFRICAN UNITY LIFE LTD 51
AIG LIFE SOUTH AFRICA LTD 53
ALEXANDER FORBES INVESTMENTS LTD 55
ALEXANDER FORBES LIFE LTD 57
ALLAN GRAY LIFE LTD 58
ASSUPOL LIFE LTD 60
AVBOB MUTUAL ASSURANCE SOCIETY 62
BIDVEST LIFE LTD 65
BRIGHTROCK LIFE LTD 67
CLIENTELE LIFE ASSURANCE COMPANY LTD 69
CORONATION LIFE ASSURANCE COMPANY LTD 71
DISCOVERY LIFE LTD 73
FEDGROUP LIFE LTD 75
GENERAL REINSURANCE AFRICA LTD 77
GIC RE SOUTH AFRICA LTD 80
GUARDRISK LIFE LTD 83
HANNOVER REINSURANCE GROUP AFRICA (PTY) LTD 85
HOLLARD LIFE ASSURANCE COMPANY LTD 87
HOLLARD SPECIALIST LIFE LTD 90
INVESTEC LIFE LTD 93
LAND BANK LIFE INSURANCE COMPANY SOC LTD 95
LIBERTY HOLDINGS LTD 97
LION OF AFRICA LIFE ASSURANCE COMPANY LTD 103
MOMENTUM METROPOLITAN LIFE LTD 105
MUNICH REINSURANCE COMPANY OF AFRICA LTD 108
NEDGROUP LIFE ASSURANCE COMPANY LTD 110
NEDGROUP STRUCTURED LIFE LTD 112
OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LTD 114
OUTSURANCE LIFE INSURANCE COMPANY LTD 119
PROFESSIONAL PROVIDENT SOCIETY INSURANCE COMPANY LTD 121
PRUDENTIAL PORTFOLIO MANAGERS (SOUTH AFRICA) LIFE LTD 124
PSG KONSULT LTD 126
RAND MUTUAL ASSURANCE COMPANY LTD (THE) 130
RGA REINSURANCE COMPANY OF SOUTH AFRICA LTD 133
SANLAM LIFE INSURANCE LTD 136
SCOR AFRICA LTD 141
STANDARD GENERAL INSURANCE COMPANY LTD (THE) 143
STRATEGIC INVESTMENT SERVICE (PTY) LTD 145
SWISS RE AFRICA LTD 146
SYGNIA LIFE LTD 148
VODACOM LIFE ASSURANCE COMPANY (RF) LTD 150