Global Variable Universal Life Insurance Market Overview:
Variable universal life insurance is one of the types of permanent life insurance policy that provides flexible and fixed premium payments. This insurance provides features including flexible premiums, investment variety, cash value, and flexible death benefits. Here in this insurance premiums are mostly flexible and allows the investment in cash value. It gives a higher return as compared to other permanent life insurance policies with the fluctuations in the market. Some of the players profiled in the study are Munich Re Group (Germany), Allstate Corporation (United States), Prudential Financial, Inc. (United States), Lincoln National Corporation (United States), American International Group, Inc. (United States), Axa S.A. (France), Manulife Financial Corporation (Canada), Aviva plc (United Kingdom), Zurich Insurance Group Ltd. (Switzerland), MetLife, Inc. (United States) and Allianz SE (Germany).
On the basis of geography, the market of Variable Universal Life Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Offline Distribution will boost the Variable Universal Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Investment Variety will boost the Variable Universal Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Demand for Flexible Maximum and Minimum Premium Payment Options
- Growing Investment of People on Permanent Life Insurance with Higher Returns
- The popularity of Flexible Premium Variable Universal Life Insurance is High
- Complexity Involved in the Variable Universal Life Insurance
- Surging Demand for Variable Universal Life Insurance from Developing Nations
- Regulatory Compliances Associated with Variable Universal Life Insurance
Key Market Developments:
On 12th November 2020, Prudential Financial, Inc. and Tata Consultancy Services announced that they are entering into an agreement that will see TCS acquire the staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), PFI’s subsidiary based in Letterkenny, Ireland. The enhanced partnership builds on a long relationship between the two organizations and will see over 1,500 of Pramerica’s staff in Ireland transfer to TCS.
On 8th June 2020, Lincoln Financial Group announced that it will launch the next generation of its Lincoln AssetEdge Variable Universal Life (VUL) insurance offering. As many investors are faced with the dilemma of staying invested in the market during a time of elevated volatility, AssetEdge VUL (2020) features three new indexed accounts that offer policyowners more ways to help grow their retirement savings with a level of protection during market downturns.
Variable Universal Life Insurance Providers, Variable Universal Life Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Variable Universal Life Insurance market on the basis of product [Flexible-Premium Universal Life Insurance and Fixed Premium Universal Life Insurance] , application [Agency, Digital and Direct Channels, Brokers and Bancassurance], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Variable Universal Life Insurance market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Variable Universal Life Insurance industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are .
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Variable Universal Life Insurance market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.