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Unit-Linked business in Poland - A success story?

Unit-Linked business in Poland - A success story?. Stefanie Sperber, Teamleader Northern Eastern Europe. Unit-Linked business in Poland - A success story?. Introduction | Milesstones of development | Challenges | Conclusion. Unit Linked – a success story?.

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Unit-Linked business in Poland - A success story?

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  1. Unit-Linked business in Poland - A success story? Stefanie Sperber, Teamleader Northern Eastern Europe

  2. Unit-Linked business in Poland - A success story?

  3. Introduction | Milesstones of development | Challenges | Conclusion Unit Linked – a success story? • Unit-linked life insurance is a combination of risk cover and investment (endowment) where the policyholder bears the investment risk. • The portion of the premiums after deduction of all expenses and the premium for the risk cover is allocated to unit funds. • Investment returns may or may not be guaranteed Customer Bank Insurance company

  4. Introduction | Milesstones of development | Challenges | Conclusion Development of Unit-Linked Premium in Poland compared to France Source: CEA, KNF (Financial Supervision Authority in Poland)

  5. Unit-Linked business in Poland - A success story?

  6. Introduction | Milesstones of development | Challenges | Conclusion Milestones of the development of Unit-Linked business in Poland 2008 2013 2004 1993 1999

  7. Introduction | Milesstones of development | Challenges | Conclusion Distribution Channels: Key factor for a positive UL development Source: CEA

  8. Introduction | Milesstones of development | Challenges | Conclusion Bancassurance channel: High importance of Unit-Linked business • In 2012 Unit-Linked policies constituted 88 % of the premium acquired in the bancassurance channel by insurance companies • Average amount of premium spent for UL was in 2012 around PLN 25 000 (EUR 6 250) per year • In 2012 investment policies had only a share of 8 % of the total number of policies sold Source: PIU; bancassurance report 2 Q 2013

  9. Introduction | Milesstones of development | Challenges | Conclusion Some facts about Unit-linked business in the Polish market in 2012 • Total premium volume of Unit-linked amounted to 3bn EUR (+14,3 % of 2011) • Distribution channel • Mainly sold via bancassurance channel • Single/regular payment (49,6 %/50,4 %) • Individual policies/ Group policies (59 %/41% of total premium) • Group Employee Pension Programme (PPE) (Pillar III – Poland; Pillar II - EU) • Employers are responsible for creating this type of programme in the company • Max. 7 % on gross remuneration (additional fee – paid by employee - is possible) • Money saved in PPE is free of tax from capital profits • Not yet very popular (3 % of total UL premium)=> Current discussion about the system – higher importance in the future is requested

  10. Introduction | Milesstones of development | Challenges | Conclusion Key factors of successful providers

  11. Unit Linked business in Poland - A success story?

  12. Introduction | Milesstones of development | Challenges | Conclusion Challenges in order to maintain interest of customers towards Unit-Linked European Parliament is working on regulations regarding information to clients purchasing any investment product (PRIPs)

  13. Introduction | Milesstones of development | Challenges | Conclusion The Polish solution is 1) an unified information for all unit linked policies Valid as of 01.04.2014 Introduction is planned earlier than in the EU Except one all insurance companies agreed Regulations are stricter than required by EU legislation (PRIPs)

  14. Introduction | Milesstones of development | Challenges | Conclusion The Polish solution is 2) good practice for the bancassurance market Valid as of 01.01.2013 Recommen-dations of PIU only!

  15. Unit Linked business in Poland - A success story?

  16. Introduction | Milesstones of development | Challenges | Conclusion Conclusion and “lessons learned” from the Polish market

  17. Introduction | Milesstones of development | Challenges | Conclusion Unit Linked – a success story? Insurance company Bank Customer

  18. Introduction | Milesstones of development | Challenges | Conclusion DISCLAIMER “The information provided in this presentation does in no way whatsoever constitute legal, accounting, tax or other professional advice by SCOR SE and its affiliated companies SCOR Global P&C SE and SCOR GLOBAL LIFE SE (“SCOR”). While SCOR has endeavoured to include in this presentation information it believes to be reliable, complete and up-to-date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such information. Therefore, in no case whatsoever will SCOR be liable to anyone for any decision made or action taken in conjunction with the information in this presentation or for any related damages.”

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