20_folker_henke by yaofenji

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									German Insurance Association




                 IX International Yalta Finance Forum
                 14th – 18th September 2009, Yalta

                 The Role of German Life Insurers
                 in the German Pension System

                 Volker Henke
                 German Insurance Association – GDV, Berlin
German Insurance Association                           2




Policies 2008

 Life Insurance                             92.8 mn
 Supplementary policies                     32.8 mn
     (for example occupational disability,
     accident)


 Pension funds / Pensionskassen              3.5 mn


 For Reference:
     Population in Germany                   82 mn
German Insurance Association                3




Protection through life insurance

Insured amount per resident (portfolio)

Total life insurance

2000                             22,790 €

2008                             31,310 €



Capital accumulation contracts

2000                             17,900 €

2008                             21,060 €
German Insurance Association                             4




Payments to insured persons 2007


Mandatory Pensions             213 bn €

Life insurance                 66 bn € (2008: 72 bn €)
German Insurance Association                         5




Financial assets of private households 2008


Total                          4,413 bn €



of this

with insurance companies       1,263 bn € (28.6 %)

- of this life companies        715 bn € (16.2 %)
 German Insurance Association                                                                         6




 Gross premiums written and benefits paid
 in Euro millions

90,000

80,000                                                                             75,434    76,293
                                                                 72,636   74,872
70,000                                65,018 67,618    68,399
               61,225 62,387                                                              71,828
60,000                                                                  66,462
                                             65,233 64,418 64,007                66,161
50,000
                                    56,244
40,000 49,405            52,340

30,000

20,000

10,000

 0,000
             2000           2001      2002     2003   2004       2005     2006     2007     2008

                         benefits                            premiums
     German Insurance Association                                                                           7




    New business, premiums in EURO billions
14,000
13,000
12,000                                                                                             12,391
11,000                                                                                    11,916
                                                        11,392                  11,564
10,000
 9,000
                                                                      9,075
 8,000                                               8,512
 7,000                                         8,070
                                                              7,433
 6,000                                     7,368
                                     7,047
 5,000                     6,727 6,745                                                         6,867
                       6,584                                                6,520    6,407
 4,000                                                            5,672
                 5,719
 3,000 5,046
 2,000       3,748
 1,000
 0,000
          1995 2000 2001 2002 2003 2004 2005 2006 2007 2008
                                    regular premium                 single premium
       German Insurance Association                                                                                              8




       New business by type of insurance
       endowment insurance, annuity insurance and unit-linked life insurance, number of
       contracts in %

100%



80%                                                                                                                       35.9

60%

        93.4
40%
                                                                                                                         40.9
20%

                                                                                                                         18.0
 0%
         1990     1995     1996       1997   1998     1999     2000   2001   2002   2003   2004   2005   2006   2007   2008

           endowment insurance                                               annuity insurance
           unit-linked endowment insurance *)                                unit-linked annuity insurance


       *) up to 2000 including unit-linked annuity insurance
 German Insurance Association                                                                                        9




Life insurance*: Gross premiums written broken down by type
of business in 2008
Total: 76.3 bn €
                                                                                    Group insurance;
       Annuity and pension                                                              12.8%
        insurance; 27.7%
                                            21.2 bn. €                 9.8 bn. €
                                                                                                    Supplementary
                                                                                           5,1     insurance; 7.3%
                                                                                          bn.
                                                                                      5.55,1 €


                                    bn. €
                                11.59,19.1
                                                                       28.3 bn. €

   Unit-linked
 endowment and
annuity insurance;
      15.0%
                                                                                        Endowment
                                                                                     insurance; 37.2%

Source: GDV         *without pension funds / staff pension insurance
  German Insurance Association                                                    10




Financial crisis and life insurance in Germany

 No liquidity problems for life insurers
 Safe investments (shares less than 5 % of the portfolio)
 Share of ABS-products in the investment portfolio was only 1.5 % at the
    end of 2008
 Net interest 3.6 % in 2008 (- 1 %-point)
 But due to buffers the profits allocated for the clients could be kept almost
    stable

								
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