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Synopsis
Timetric’s 'Life Insurance in Finland, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Finnish life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also gives a comprehensive overview of the Finnish economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Life Insurance in Finland, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Finnish life insurance segment, including:

- The Finnish life insurance segment’s growth prospects by life insurance category

- Key trends, drivers and challenges for the life insurance segment

- A comprehensive overview of the Finnish economy and demographics

- Details of the competitive landscape in the life insurance segment in Finland

- Details of regulatory policy applicable to the Finnish insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Finland:

- It provides historical values for the Finnish life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Finnish life insurance segment, and market forecasts to 2019.

- It profiles the top life insurance companies in Finland and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Finnish life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Finnish life insurance segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Finnish insurance industry, and their impact on companies and the industry's future.

Key Highlights
- Life insurance accounted for 80.6% of the Finnish insurance industry’s gross written premium in 2014.

- Despite the 2012–2014 recession in the national economy, the life segment grew as a result of increased purchases of unit-linked individual life products.

- The superannuation category accounted for 69.3% of the life insurance segment’s gross written premium in 2014.

- A well-established public pension system is a challenge to private pension providers in Finland.

- Low interest rates will impact sales of linked insurance products, with consumer interest falling as returns reduce.

- Solvency II was implemented on January 1, 2016.

- New pension reforms will come into force on January 1, 2017.

Table Of Contents

Life Insurance in Finland, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.5 Individual Life Insurance
4.5.1 Individual whole life insurance
4.5.2 Individual pension insurance
4.5.3 Individual endowment insurance
4.5.4 Other individual life insurance
4.6 Group Life Insurance
4.6.1 Group superannuation insurance
4.6.2 Other group life insurance
4.7 Life Insurance Growth Prospects by Product Type
4.7.1 Individual single-premium insurance
4.7.2 Individual non-single-premium insurance
4.7.3 Group single-premium insurance
4.7.4 Group non-single-premium insurance
4.7.5 Total linked insurance business
4.7.6 Total non-linked insurance business
5 Competitive Landscape and Strategic Insights
5.1 Overview
5.2 Leading Companies in the Finnish Life Insurance Segment
5.2.1 Varma Mutual Pension Insurance Company - company overview
5.2.2 Ilmarinen Mutual Pension Insurance Company - company overview
5.2.3 Elo Mutual Pension Insurance Company - company overview
5.2.4 Nordea Life Assurance Finland Ltd - company overview
5.2.5 OP Life Assurance Company Ltd - company overview
5.2.6 Mandatum Life Insurance Company Ltd - company overview
5.2.7 Etera Mutual Pension Insurance Company - company overview
5.2.8 Veritas Pension Insurance Company Ltd - company overview
5.2.9 LocalTapiola Mutual Life Insurance Company - company overview
5.2.10 Fennia Life Insurance Company Ltd - company overview
6 Governance, Risk and Compliance
6.1 Legislation Overview and Historical Evolution
6.2 Latest Changes in Regulations
6.3 Regulations and market practice by Type of Insurance
6.3.1 Life insurance
6.3.2 Property insurance
6.3.3 Motor insurance
6.3.4 Liability insurance
6.3.5 Marine, aviation and transit insurance
6.3.6 Personal accident and health insurance
6.4 Compulsory Insurance
6.4.1 Motor third-party liability insurance
6.4.2 Workers' compensation insurance
6.4.3 Pension insurance for private employers
6.4.4 Air carriers and aircraft operators insurance
6.4.5 Professional indemnity insurance for alternative investment fund managers
6.4.6 Professional liability insurance for insurance brokers
6.5 Supervision and Control
6.5.1 International Association of Insurance Supervisors (IAIS)
6.5.2 European Insurance and Occupational Pension Authority (EIOPA)
6.5.3 Federation of European Risk Management Associations (FERMA)
6.5.4 Financial Supervisory Authority
6.5.5 The Federation of Finnish Financial Services (FFI)
6.6 Non-Admitted Insurance Regulations
6.6.1 Overview
6.6.2 Intermediaries
6.6.3 Market practices
6.6.4 Fines and penalties
6.7 Company Registration and Operations
6.7.1 Types of insurance organization
6.7.2 Establishing a local company
6.7.3 Foreign ownership
6.7.4 Types of license
6.7.5 Capital requirements
6.7.6 Solvency margins
6.7.7 Reserve requirements
6.7.8 Investment regulations
6.7.9 Statutory return requirements
6.7.10 Fee structure
6.8 Taxation
6.8.1 Insurance premium or policy taxation
6.8.2 Withholding tax on insurance premium paid overseas
6.8.3 Corporate tax
6.8.4 VAT
6.8.5 Captives
6.9 Legal System
6.9.1 Introduction
6.9.2 Access to court
6.9.3 Alternative dispute resolution (ADR)
7 Definitions and Methodology
7.1 Definitions
7.2 Methodology
8 Appendix
8.1 Contact Timetric
8.2 About Timetric
8.3 Timetric's Services
8.4 Disclaimer

List of Tables
Table 1: Finnish Life Insurance - Key Facts, 2014
Table 2: Finnish Humanitarian Aid by Country, 2015
Table 3: Finnish Government Credit Ratings
Table 4: Finnish Life Insurance - Gross Written Premium by Category (EUR Billion), 2010-2014
Table 5: Finnish Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 6: Finnish Life Insurance - Gross Written Premium by Category (EUR Billion), 2014-2019
Table 7: Finnish Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 8: Finnish Life Insurance - New Business Direct Written Premium (EUR Billion), 2010-2014
Table 9: Finnish Life Insurance - New Business Direct Written Premium (EUR Billion), 2014-2019
Table 10: Finnish Life Insurance - Sum Assured (EUR Billion), 2010-2014
Table 11: Finnish Life Insurance - Sum Assured (EUR Billion), 2014-2019
Table 12: Finnish Life Insurance - Paid Claims (EUR Billion), 2010-2014
Table 13: Finnish Life Insurance - Paid Claims (EUR Billion), 2014-2019
Table 14: Finnish Life Insurance - Incurred Loss (EUR Billion), 2010-2014
Table 15: Finnish Life Insurance - Incurred Loss (EUR Billion), 2014-2019
Table 16: Finnish Life Insurance - Number of Policies per Capita, 2010-2014
Table 17: Finnish Life Insurance - Number of Policies per Capita, 2014-2019
Table 18: Finnish Life Insurance - Commissions and Expenses (EUR Billion), 2010-2014
Table 19: Finnish Life Insurance - Commissions and Expenses (EUR Billion), 2014-2019
Table 20: Finnish Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%),, 2010-2014
Table 21: Finnish Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 22: Finnish Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2010-2014
Table 23: Finnish Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2014-2019
Table 24: Finnish Life Insurance - Total Assets (EUR Billion), 2010-2014
Table 25: Finnish Life Insurance - Total Assets (EUR Billion), 2014-2019
Table 26: Finnish Life Insurance - Total Investment Income (EUR Billion), 2010-2014
Table 27: Finnish Life Insurance - Total Investment Income (EUR Billion), 2014-2019
Table 28: Finnish Life Insurance - Net Written Premium (EUR Billion), 2010-2014
Table 29: Finnish Life Insurance - Net Written Premium (EUR Billion), 2014-2019
Table 30: Finnish Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2010-2014
Table 31: Finnish Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 32: Finnish Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2014-2019
Table 33: Finnish Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 34: Finnish Individual Whole Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 35: Finnish Individual Whole Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 36: Finnish Individual Pension Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 37: Finnish Individual Pension Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 38: Finnish Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 39: Finnish Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 40: Finnish Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 41: Finnish Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 42: Finnish Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2010-2014
Table 43: Finnish Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 44: Finnish Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2014-2019
Table 45: Finnish Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 46: Finnish Group Superannuation Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 47: Finnish Group Superannuation Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 48: Finnish Other Group Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 49: Finnish Other Group Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 50: Finnish Individual Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 51: Finnish Individual Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 52: Finnish Individual Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 53: Finnish Individual Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 54: Finnish Group Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 55: Finnish Group Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 56: Finnish Group Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 57: Finnish Group Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 58: Finnish Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
Table 59: Finnish Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
Table 60: Finnish Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
Table 61: Finnish Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
Table 62: Finnish Life Insurance - Number of Pensioners, 2011-2015
Table 63: Finnish Life Insurance - Gross Written Premium (EUR billion), 2011-2015
Table 64: Finnish Life Insurance - Segment Shares (%), 2014
Table 65: Varma Mutual Pension Insurance Company, Key Facts
Table 66: Varma Mutual Pension Insurance Company, Key Financials (EUR Million), 2010-2014
Table 67: Ilmarinen Mutual Pension Insurance Company, Key Facts
Table 68: Ilmarinen Mutual Pension Insurance Company, Key Financials (EUR Million), 2010-2014
Table 69: Elo Mutual Pension Insurance Company, Key Facts
Table 70: Elo Mutual Pension Insurance Company, Key Financials (EUR Million), 2010-2014
Table 71: Nordea Life Assurance Finland Ltd, Key Facts
Table 72: Nordea Life Assurance Finland Ltd, Key Financials (EUR Million), 2010-2014
Table 73: OP Life Assurance Company Ltd, Key Facts
Table 74: OP Life Assurance Company Ltd, Key Financials (EUR Million), 2010-2014
Table 75: Mandatum Life Insurance Company Ltd, Key Facts
Table 76: Mandatum Life Insurance Company Ltd, Key Financials (EUR Million), 2010-2014
Table 77: Etera Mutual Pension Insurance Company, Key Facts
Table 78: Etera Mutual Pension Insurance Company, Key Financials (EUR Million), 2010-2014
Table 79: Veritas Pension Insurance Company Ltd, Key Facts
Table 80: Veritas Pension Insurance Company Ltd, Key Financials (EUR Million), 2010-2014
Table 81: LocalTapiola Mutual Life Insurance Company, Key Facts
Table 82: LocalTapiola Mutual Life Insurance Company, Key Financials (EUR Million), 2010-2014
Table 83: Fennia Life Insurance Company Ltd, Key Facts
Table 84: Fennia Life Insurance Company Ltd, Key Financials (EUR Million), 2010-2014
Table 85: Finland - Insurance Regulatory Framework Key Features
Table 86: Finland - Life Insurance Regulatory Framework
Table 87: Finland - Property Insurance Regulatory Framework
Table 88: Finland - Motor Insurance Regulatory Framework
Table 89: Finland - Liability Insurance Regulatory Framework
Table 90: Finland - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 91: Finland - Insurance Premium Taxation
Table 92: Finland - Corporate Tax Rates for the Financial Year 2016
Table 93: Insurance Industry Definitions

List of Figures
Figure 1: Finnish Real GDP (EUR Billion), 2010-2019
Figure 2: EUR - US$ Exchange Rate, 2010-2019
Figure 3: Finnish Consumer Price Inflation, 2010-2019
Figure 4: Finnish Current Account Balance as Percentage of GDP (%), 2010-2014
Figure 5: Finnish Unemployment Rate, 2010-2019
Figure 6: Finnish Population by Age Group, 1991-2025
Figure 7: Finnish Life Insurance - Earnings-Related and National Pension Scheme Expenditure (EUR Million), 2010-2015
Figure 8: Finnish Life Insurance - Expenditure by Public Pension Classes (EUR Billion), 2015
Figure 9: Finnish Life Insurance - Gross Written Premium by Category (EUR Billion), 2010-2019
Figure 10: Finnish Life Insurance - Gross Written Premium by Category (% Share), 2014 and 2019
Figure 11: Finnish Life Insurance - Gross Written Premium Dynamics by Segment (2010-2019)
Figure 12: Finnish Life Insurance - New Business Direct Written Premium (EUR Billion), 2010-2014
Figure 13: Finnish Life Insurance - New Business Direct Written Premium (EUR Billion), 2014-2019
Figure 14: Finnish Life Insurance - Sum Assured (EUR Billion), 2010-2014
Figure 15: Finnish Life Insurance - Sum Assured (EUR Billion), 2014-2019
Figure 16: Finnish Life Insurance - Paid Claims (EUR Billion), 2010-2014
Figure 17: Finnish Life Insurance - Paid Claims (EUR Billion), 2014-2019
Figure 18: Finnish Life Insurance - Incurred Loss (EUR Billion), 2010-2014
Figure 19: Finnish Life Insurance - Incurred Loss (EUR Billion), 2014-2019
Figure 20: Finnish Life Insurance - Number of Policies per Capita, 2010-2014
Figure 21: Finnish Life Insurance - Number of Policies per Capita, 2014-2019
Figure 22: Finnish Life Insurance - Commissions and Expenses (EUR Billion), 2010-2014
Figure 23: Finnish Life Insurance - Commissions and Expenses (EUR Billion), 2014-2019
Figure 24: Finnish Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 25: Finnish Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 26: Finnish Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2010-2014
Figure 27: Finnish Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2014-2019
Figure 28: Finnish Life Insurance - Total Assets (EUR Billion), 2010-2014
Figure 29: Finnish Life Insurance - Total Assets (EUR Billion), 2014-2019
Figure 30: Finnish Life Insurance - Total Investment Income (EUR Billion), 2010-2014
Figure 31: Finnish Life Insurance - Total Investment Income (EUR Billion), 2014-2019
Figure 32: Finnish Life Insurance - Net Written Premium (EUR Billion), 2010-2014
Figure 33: Finnish Life Insurance - Net Written Premium (EUR Billion), 2014-2019
Figure 34: Finnish Life Insurance - Investment Portfolio (EUR Billion), 2010-2014
Figure 35: Finnish Life Insurance - Investment Portfolio, 2010 and 2014
Figure 36: Finnish Life Insurance - Penetration (%), 2010-2014
Figure 37: Finnish Life Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 38: Finnish Life Insurance - Number of Active Policies (Thousand), 2010-2014
Figure 39: Finnish Life Insurance - Number of Active Policies (Thousand), 2014-2019
Figure 40: Finnish Life Insurance - Number of New Policies Sold (Thousand), 2010-2014
Figure 41: Finnish Life Insurance - Number of New Policies Sold (Thousand), 2014-2019
Figure 42: Finnish Life Insurance - Total Investments (EUR Billion), 2010-2014
Figure 43: Finnish Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2010-2019
Figure 44: Finnish Individual Life Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 45: Finnish Individual Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 46: Finnish Individual Whole Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 47: Finnish Individual Whole Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 48: Finnish Individual Pension Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 49: Finnish Individual Pension Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 50: Finnish Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 51: Finnish Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 52: Finnish Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 53: Finnish Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 54: Finnish Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2010-2019
Figure 55: Finnish Group Life Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 56: Finnish Group Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 57: Finnish Group Superannuation Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 58: Finnish Group Superannuation Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 59: Finnish Other Group Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 60: Finnish Other Group Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 61: Finnish Individual Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 62: Finnish Individual Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 63: Finnish Individual Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 64: Finnish Individual Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 65: Finnish Group Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 66: Finnish Group Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 67: Finnish Group Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2010-2014
Figure 68: Finnish Group Non-Single-Premium Insurance - Direct Written Premium (EUR Billion), 2014-2019
Figure 69: Finnish Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
Figure 70: Finnish Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
Figure 71: Finnish Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
Figure 72: Finnish Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
Figure 73: Finnish Life Insurance - Segment Shares (%), 2014
Figure 74: Finland - The Three Pillars of Solvency II
Figure 75: Finland - Insurance Supervision and Control at Various Levels
Figure 76: Finland - Insurance Regulatory Frameworks for Company Registration and Operation

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