1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
  4. > Bancassurance in the Asia-Pacific Region: Strategies of the Region%s Top 150 Retail Banking Groups

Bancassurance in the Asia-Pacific Region: Strategies of the Region's Top 150 Retail Banking Groups is a report and PartnerBASE™ dataset that provides a detailed overview of the bancassurance strategies of 150 of the leading consumer banking groups in the Asia-Pacific region. In total, the research investigates 385 country-specific retail banking units since some of these groups are active in retail banking in multiple territories; for example, the study analyses the bancassurance operations of HSBC in a total of 12 countries. For each country-specific unit, it ascertains which of 18 different insurance types are offered, the operating model used where they are available (differentiating, for example, between external, joint venture and captive underwriting partners) and the identity of the insurance providers in each case.

Table Of Contents

Bancassurance in the Asia-Pacific Region: Strategies of the Region%s Top 150 Retail Banking Groups
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
This study is the first ever analysis of the bancassurance strategy of major Asia-Pacific banking groups 3
Methodology 4
Survey of banks and other lending institutions 4
Product definitions 4
Accident insurance 4
Card protection insurance 4
Creditor insurance 4
Critical illness insurance 6
Household insurance 6
Income protection insurance 6
Investment-related life insurance 6
Health / hospital cash plans 7
Medical expenses insurance 7
Personal motor insurance 7
Professional indemnity insurance 7
Retirement savings 7
Risk life insurance 7
Trade credit insurance 7
Travel insurance 8
Other commercial non-life insurance 8
Operating model definitions 8
Weighted provider share of partnerships 8
Abbreviations and exchange rates 9
PartnerBASE 10
Finaccord 10
2.0 GROUP STRATEGY OVERVIEW 11
Introduction 11
Captive and joint venture underwriters 11
More than half of the 150 banking groups own at least one captive or joint venture underwriter 11
In India, the regulatory environment is an important determinant of insurance company ownership 11
while strategic considerations have driven Chinese banks to develop insurance businesses 11
Captive and joint venture insurers in the region underwrote over USD 140 billion in premiums in 2013 12
By total value of premiums, Japan Post Bank is the largest bancassurer in the Asia-Pacific region 13
…and AXA is the insurance group with the most joint venture arrangements 16
Strategic partnerships 18
38 of the 150 banking groups investigated are classifiable as having strategic bancassurance partnerships 18
Among insurance providers, LIC, Allianz and Prudential hold the most such relationships 18
All partnerships 21
…and eight of the 20 most visible insurance groups originate from Japan 21
Mergers and acquisitions 22
Merger and acquisition activity is often prompted by ambitions in bancassurance 22
Provision rates of insurance products 22
12 policy types are available from over a third of the 385 country-specific banking units analysed 22
General purpose liability and property insurance for business customers is promoted by slightly fewer 23
Distribution opportunities are apparent for both mainstream and niche insurance types 23
3.0 GROUP STRATEGY ANALYSIS 25
Introduction 25
ABA Bank 26
Overview of retail operations and summary of bancassurance strategy 26
The involvement in bancassurance of ABA Bank remains at an embryonic stage 26
ACLEDA Bank 29
Overview of retail operations and summary of bancassurance strategy 29
ACLEDA Bank has established an exclusive partnership with Prudential 29
AEON Financial Services 32
Overview of retail operations and summary of bancassurance strategy 32
Most insurance products are intermediated by a captive broking operation 32
Affin Holdings 35
Overview of retail operations and summary of bancassurance strategy 35
Most insurance products are sourced from a joint venture with AXA 35
Agrani Bank 38
Overview of retail operations and summary of bancassurance strategy 38
Agrani Bank represents a potential future opportunity for insurance providers 38
Agribank 40
Overview of retail operations and summary of bancassurance strategy 40
Agribank makes exclusive use of a captive underwriter 40
Agricultural Bank of China 43
Overview of retail operations and summary of bancassurance strategy 43
The group has acquired a majority stake in a life insurance company… 43
although it continues to use a number of other insurance providers 43
Agricultural Promotion Bank 46
Overview of retail operations and summary of bancassurance strategy 46
All products marketed are sourced from one insurance provider 46
Allahabad Bank 49
Overview of retail operations and summary of bancassurance strategy 49
Allahabad Bank is one of several co-owners of Universal Sompo… 49
…although state-owned LIC is the bank's main life insurance partner 49
Alliance Financial Group 52
Overview of retail operations and summary of bancassurance strategy 52
Alliance Financial Group maintains partnerships with multiple external underwriters 52
Allied Bank 55
Overview of retail operations and summary of bancassurance strategy 55
Allied Bank has established bancassurance agreements with two external partners 55
AmBank Group 58
Overview of retail operations and summary of bancassurance strategy 58
AmBank Group has set up joint ventures with two major international insurance groups 58
American Express (Asia-Pacific region businesses) 61
Overview of retail operations and summary of bancassurance strategy 61
American Express collaborates with a broad range of providers for insurance products 61
among which ACE and AXA are prominent in weighted terms 61
Andhra Bank 64
Overview of retail operations and summary of bancassurance strategy 64
Andhra Bank owns a life insurance underwriter jointly with Bank of Baroda and Legal and General… 64
… but utilises an external underwriter for non-life insurance 64
ANZ (Asia-Pacific region businesses) 67
Overview of retail operations and summary of bancassurance strategy 67
Across nine retail banking operations, ANZ works with a variety of external underwriters 67
Axis Bank 70
Overview of retail operations and summary of bancassurance strategy 70
Axis Bank has established ties with three different insurance partners 70
Bangkok Bank 73
Overview of retail operations and summary of bancassurance strategy 73
Bangkok Bank holds minority stakes in both of its strategic bancassurance partners 73
Bank Danamon 76
Overview of retail operations and summary of bancassurance strategy 76
Bank Danamon sources non-life insurance policies from a captive underwriter… 76
… but uses an external partner for life insurance 76
Bank Mandiri 79
Overview of retail operations and summary of bancassurance strategy 79
Most insurance products marketed are underwritten by joint venture partners… 79
… although a few come from other sources 79
Bank of Baroda 82
Overview of retail operations and summary of bancassurance strategy 82
The bank's life insurance joint venture was established in 2010… 82
… but non-life policies originate from an external (state-owned) partner 82
Bank of Beijing 85
Overview of retail operations and summary of bancassurance strategy 85
Bank of Beijing's joint venture secures around 70% of total premiums from the bancassurance channel 85
Bank of Ceylon 88
Overview of retail operations and summary of bancassurance strategy 88
Given that it has around 11 million customers, Bank of Ceylon's potential could be significant 88
Bank of China 90
Overview of retail operations and summary of bancassurance strategy 90
The group sources insurance products from a combination of captive and external underwriters… 90
… with the precise arrangements varying across the seven countries in which it is active 90
Bank of Communications 93
Overview of retail operations and summary of bancassurance strategy 93
Bank of Communications combines usage of several different operating models… 93
… including a joint venture co-owned by Commonwealth Bank Group 93
Bank of India 96
Overview of retail operations and summary of bancassurance strategy 96
Dai-Ichi Life and Union Bank of India are co-owners of a life insurance joint venture… 96
… with National Insurance Company used for non-life policies 96
Bank of Jiangsu 99
Overview of retail operations and summary of bancassurance strategy 99
China Life is most prominent among the external underwriters utilised by Bank of Jiangsu 99
Bank of Kyoto 102
Overview of retail operations and summary of bancassurance strategy 102
In keeping with most Japanese banks, Bank of Kyoto has distribution ties with multiple external underwriters 102
Bank of Nanjing 105
Overview of retail operations and summary of bancassurance strategy 105
Bank of Nanjing sells life insurance policies underwritten by several external providers 105
Bank of Ningbo 108
Overview of retail operations and summary of bancassurance strategy 108
New China Life is most prominent among the insurance providers employed by Bank of Ningbo 108
Bank of Shanghai 111
Overview of retail operations and summary of bancassurance strategy 111
Insurance products are offered through links with three external underwriters 111
Bank of the Philippine Islands 114
Overview of retail operations and summary of bancassurance strategy 114
BPI has created joint ventures with two international insurance groups 114
Bank of Yokohama 117
Overview of retail operations and summary of bancassurance strategy 117
Bank of Yokohama's approach to bancassurance is typical of that of major Japanese banking groups 117
Bank Pour Le Commerce Exterieur 120
Overview of retail operations and summary of bancassurance strategy 120
The bank operates a joint venture underwriter in partnership with Vietnam's BIDV 120
Bank Rakyat Indonesia 123
Overview of retail operations and summary of bancassurance strategy 123
Most (but not all) insurance products originate from the bank's captive underwriters 123
BCA 126
Overview of retail operations and summary of bancassurance strategy 126
BCA has set up a captive non-life insurance underwriter and also holds a strategic partnership with AIA… 126
… although product distribution opportunities also exist for other insurance providers 126
BDO Unibank 129
Overview of retail operations and summary of bancassurance strategy 129
In addition to its joint venture with Generali, the bank also works with several external underwriters 129
BEA Group 132
Overview of retail operations and summary of bancassurance strategy 132
The group makes use of two captive underwriters in Hong Kong… 132
… but co-operates with a number of external underwriters in China 132
Beijing Rural Commercial Bank 135
Overview of retail operations and summary of bancassurance strategy 135
The bank's involvement in bancassurance is limited to life and health insurance 135
BIDV 138
Overview of retail operations and summary of bancassurance strategy 138
All insurance products are underwritten by entities owned or co-owned by the bank… 138
…although it signed a new joint venture agreement with MetLife in September 2013 138
BNI 141
Overview of retail operations and summary of bancassurance strategy 141
BNI Life has been reconfigured as a joint venture underwriter co-owned by Sumitomo Life… 141
… although it is not the only insurance provider used by the bank 141
BS Financial Group 144
Overview of retail operations and summary of bancassurance strategy 144
The regulatory environment is a principal determinant of this bank's approach to bancassurance 144
BSN 147
Overview of retail operations and summary of bancassurance strategy 147
BSN has been expanding its joint venture relationship with Prudential 147
Cambodia Post Bank 150
Overview of retail operations and summary of bancassurance strategy 150
Having launched in September 2013, this bank represents a new distribution opportunity for insurers 150
Canadia Bank 152
Overview of retail operations and summary of bancassurance strategy 152
BIDV is the majority owner of the insurance provider used exclusively by this bank 152
Canara Bank 155
Overview of retail operations and summary of bancassurance strategy 155
Insurance policies are sourced from both a joint venture underwriter and several external partners… 155
… most notably United India Insurance 155
Chiba Bank 158
Overview of retail operations and summary of bancassurance strategy 158
Chiba Bank maintains loose distribution partnerships with a large array of insurance companies 158
China Bohai Bank 161
Overview of retail operations and summary of bancassurance strategy 161
China Bohai Bank sources all of its insurance products from just one underwriter 161
China CITIC Bank 164
Overview of retail operations and summary of bancassurance strategy 164
The group's joint venture achieved premiums of close to USD 700 million in 2013… 164
… utilising a multi-channel distribution strategy that also includes agents and direct marketing 164
China Construction Bank 167
Overview of retail operations and summary of bancassurance strategy 167
China Construction Bank acquired direct exposure to insurance through a transaction in 2010… 167
… with Pacific Antai having since been rebranded as CCB Life 167
China Everbright Bank 170
Overview of retail operations and summary of bancassurance strategy 170
The bank's joint venture with Sun Life Financial secured premiums of almost USD 500 million in 2013… 170
… although revenues are also generated from distribution deals with other insurers 170
China Guangfa Bank 173
Overview of retail operations and summary of bancassurance strategy 173
China Guangfa Bank collaborates with a diverse array of external underwriters… 173
… including Anbang, China Life, CITIC Prudential, MetLife and Taiping 173
China Merchants Bank 176
Overview of retail operations and summary of bancassurance strategy 176
In China, most insurance products sold are underwritten by the bank's joint venture with Cigna… 176
..while in Hong Kong the group operates both a captive and a joint venture underwriter 176
China Minsheng Bank 179
Overview of retail operations and summary of bancassurance strategy 179
China Minsheng Bank co-operates for bancassurance with a variety of external underwriters 179
China Zheshang Bank 182
Overview of retail operations and summary of bancassurance strategy 182
All insurance products marketed are underwritten by one external provider 182
Chong Hing Bank 185
Overview of retail operations and summary of bancassurance strategy 185
Chong Hing Bank sources insurance products from captive and joint venture underwriters 185
Chongqing Rural Commercial Bank 188
Overview of retail operations and summary of bancassurance strategy 188
There ought to be opportunities to market new types of insurance via Chongqing Rural Commercial Bank 188
CIMB Group 191
Overview of retail operations and summary of bancassurance strategy 191
Sun Life Financial is the group's strategic partner for bancassurance… 191
… although other providers are also used for selected products 191
Citigroup (Asia-Pacific region businesses) 194
Overview of retail operations and summary of bancassurance strategy 194
In the Asia-Pacific region the group has entered into a strategic partnership with AIA… 194
… albeit this had not yet been fully implemented as at the final quarter of 2014 194
Commercial Bank of Ceylon 197
Overview of retail operations and summary of bancassurance strategy 197
The bank utilises four external underwriters in its home market 197
Commonwealth Bank Group (Asia-Pacific region businesses) 200
Overview of retail operations and summary of bancassurance strategy 200
The group has established a joint venture underwriter in Indonesia… 200
and has itself entered into a joint venture with a major bank in China 200
Corporation Bank 203
Overview of retail operations and summary of bancassurance strategy 203
Corporation Bank maintains distribution agreements with two government-owned insurance providers 203
Credit Saison 206
Overview of retail operations and summary of bancassurance strategy 206
Insurance products marketed by Credit Saison originate from a wide range of different providers 206
CTBC Financial Holding 209
Overview of retail operations and summary of bancassurance strategy 209
The group's insurance subsidiary acquired Manulife's Taiwanese operations in July 2013 209
Dah Sing Banking Group 212
Overview of retail operations and summary of bancassurance strategy 212
Dah Sing Banking Group adheres to utilisation of a captive bancassurance underwriter 212
DBS 215
Overview of retail operations and summary of bancassurance strategy 215
DBS works with two main partners for bancassurance in its home market… 215
… although one of these could change during 2015 215
DGB Financial Group 218
Overview of retail operations and summary of bancassurance strategy 218
Local regulations determine that that the group employs a variety of different insurance providers… 218
… although it is also considering the acquisition of its own insurance company 218
DongA Bank 221
Overview of retail operations and summary of bancassurance strategy 221
A single insurance provider is used for all insurance products marketed 221
Evergrowing Bank 224
Overview of retail operations and summary of bancassurance strategy 224
Life insurance products are sourced from five different insurance partners 224
Federal Bank 227
Overview of retail operations and summary of bancassurance strategy 227
Ageas and IDBI Bank are co-owners of the bank's life insurance joint venture… 227
… with Bajaj Allianz utilised for non-life insurance 227
Fukuoka Financial Group 230
Overview of retail operations and summary of bancassurance strategy 230
For insurance purposes, the group's banks act in the manner of multi-tied agents 230
Government Savings Bank 233
Overview of retail operations and summary of bancassurance strategy 233
GBS works with one life and one non-life insurance company 233
Guangzhou Rural Commercial Bank 236
Overview of retail operations and summary of bancassurance strategy 236
China Life, New China Life and PICC are the most prominent partners working with this bank 236
Habib Bank 239
Overview of retail operations and summary of bancassurance strategy 239
In Pakistan, its domestic market, Habib Bank has teamed up with Jubilee for insurance services 239
Hana Financial Group 242
Overview of retail operations and summary of bancassurance strategy 242
The group has acquired the stake in its joint venture formerly owned by HSBC… 242
… but works with numerous other insurance providers in its home market 242
Hatton National Bank 245
Overview of retail operations and summary of bancassurance strategy 245
Hatton National Bank sources insurance products exclusively from a captive underwriter 245
HDFC Bank 248
Overview of retail operations and summary of bancassurance strategy 248
The group has joined forces with ERGO and Standard Life to form joint venture underwriters 248
… which achieved premiums of USD 4.64 billion in the most recent financial year 248
Hiroshima Bank 251
Overview of retail operations and summary of bancassurance strategy 251
Hiroshima Bank works with a broad range of external providers to promote insurance products 251
Hokuhoku Financial Group 254
Overview of retail operations and summary of bancassurance strategy 254
Hokuhoku Financial Group sources insurance from a variety of non-captive underwriters 254
Hong Leong Financial Group 257
Overview of retail operations and summary of bancassurance strategy 257
Together with Japan's MSandAD, the group has established three joint venture underwriters 257
HSBC (Asia-Pacific region businesses) 260
Overview of retail operations and summary of bancassurance strategy 260
HSBC has divested a number of insurance interests in the Asia-Pacific region… 260
… although still has its own subsidiaries in selected markets 260
Hua Nan Financial 263
Overview of retail operations and summary of bancassurance strategy 263
Hua Nan Financial works with several external underwriters in addition to its own captive 263
Hua Xia Bank 266
Overview of retail operations and summary of bancassurance strategy 266
A customer base of around 19.3 million should make Hua Xia Bank an interesting bancassurance partner 266
Huishang Bank 269
Overview of retail operations and summary of bancassurance strategy 269
Huishang Bank relies on bancassurance partnerships with three external underwriters… 269
… including one co-owned by Bank of Beijing and BNP Paribas 269
ICBC 272
Overview of retail operations and summary of bancassurance strategy 272
The group's joint venture with AXA has already become a significant underwriter in the Chinese market… 272
… although it competes with other underwriters to sell through the bank's branches 272
ICICI Bank 275
Overview of retail operations and summary of bancassurance strategy 275
Most of ICICI Bank's involvement in bancassurance is co-ordinated through two joint ventures 275
Indian Bank 278
Overview of retail operations and summary of bancassurance strategy 278
This government-owned bank sticks mainly to use of state-owned insurance providers 278
Indian Overseas Bank 281
Overview of retail operations and summary of bancassurance strategy 281
The bank's joint venture underwriter remains a relatively small player in the Indian market 281
Industrial Bank 284
Overview of retail operations and summary of bancassurance strategy 284
The group is active in both life and non-life insurance, working in this context with several external firms 284
Industrial Bank of Korea 287
Overview of retail operations and summary of bancassurance strategy 287
For the time being, the growth potential of IBK Insurance is restricted by local bancassurance regulations 287
Islami Bank Bangladesh 290
Overview of retail operations and summary of bancassurance strategy 290
The Sharia-compliant bank could constitute a future distribution partner for insurance providers 290
Janata Bank 292
Overview of retail operations and summary of bancassurance strategy 292
Janata Bank lays claim to a base of around 6 million customers in its home market 292
Japan Post Bank 294
Overview of retail operations and summary of bancassurance strategy 294
Japan Post Insurance is the largest bancassurance underwriter in the Asia-Pacific region… 294
… and sells through a variety of distribution channels over and above Japan Post itself 294
JCB 297
Overview of retail operations and summary of bancassurance strategy 297
In line with other Japanese banking organisations, JCB holds partnerships with multiple underwriters 297
Joyo Bank 300
Overview of retail operations and summary of bancassurance strategy 300
In the realm of bancassurance, Joyo Bank does not limit itself to one particular partner 300
Kasikorn Bank 303
Overview of retail operations and summary of bancassurance strategy

View This Report »

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
24/7 Customer Support

Talk to Ahmad

+1 718 618 4302

Purchase Reports From Reputable Market Research Publishers
Agriculture Bank Insurance Joint Stock Corporation - Company Capsule, Timetric

Agriculture Bank Insurance Joint Stock Corporation - Company Capsule, Timetric

  • $ 99
  • Industry report
  • August 2016
  • by Timetric

Synopsis Timetric's "Agriculture Bank Insurance Joint Stock Corporation - Company Capsule" contains in depth information and data about the company and its operations. The profile contains a company overview, ...

Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2020

Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2020

  • $ 1450
  • Industry report
  • November 2016
  • by Timetric

Synopsis Timetric’s 'Personal Accident and Health Insurance in Colombia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Colombian life insurance segment, ...

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2020

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2020

  • $ 1450
  • Industry report
  • November 2016
  • by Timetric

Synopsis Timetric’s 'Non-Life Insurance in Colombia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Colombian non-life insurance segment, and a comparison ...


ref:plp2014

Reportlinker.com © Copyright 2016. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.