【出版时间及名称】：2010年3月亚太保险行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：96
        【目录或简介】：

Asia/Pacific Insurance
A Roadmap to Life in Asia
Major changes unfolding: The Asian life insurance
industry is undergoing transitions that could reshape the
landscape of some of the most important markets in the
region. In this report, we aim to provide investors with a
detailed guide to the growth expectations, profitability
and margin trends, as well as key opportunities and risks
across the various markets in Asia.
Defining the growth trajectory. Swiss Re forecasts
imply that Asia’s life insurance market could more than
double over the next decade. While growth in mature
markets like Hong Kong, Singapore and Korea is
expected to slow to high single digits, the developing life
markets such as China and India are likely to expand by
more than 12% a year in the coming decade and propel
the region’s growth forward.
Profitability and quality of earnings. In our view,
prospects for the profitability of the life insurance
industry across most markets are favourable,
underpinned by good product mix and margins, solid
sources of earnings (skewed toward technical margins)
and low tax rates (less than 10% in Hong Kong). While
competition across the region is intensifying, we see
limited risk of margin pressure in the medium term.
The opportunities. We see accident and health (where
we expect high growth and profit margins), Takaful
insurance (particularly in Malaysia and Indonesia), and
wealth management (especially in Singapore and Hong
Kong, given their concentrations of high net worth
individuals) as the key growth opportunities in the
region.
The potential pitfalls. In our view, the major risks to the
life business in Asia are 1) the emergence of
bancassurance; 2) intensifying competition; and 3) asset
and liability management risks.

Contents
A Roadmap to Life in Asia............................................................................................................................................. 4
A&H: One of Asia’s Most Attractive Products ............................................................................................................. 9
Robust Growth for Asia in the Next Decade .............................................................................................................. 10
In-depth Market Analysis............................................................................................................................................. 16
Hong Kong: Good Product Mix Plus Low Tax Equals High Margin........................................................................... 17
Singapore: Becoming Asia’s Wealth Management Hub............................................................................................ 29
Thailand: Dominated by AIA ..................................................................................................................................... 35
Korea: Structurally Improving.................................................................................................................................... 41
China: Big, Simple, but Challenging .......................................................................................................................... 47
Malaysia: Takaful Insurance the Key to Future Growth............................................................................................. 53
Australia: Sophisticated Market with Mandated Growth ............................................................................................ 57
India: Booming Market, Large Potential, but Patience Required............................................................................... 59
Indonesia: Significant Growth Opportunities Ahead .................................................................................................. 61
Japan: Most Mature Market in the Region................................................................................................................. 65
Philippines: In Early Stages of Development............................................................................................................. 67
Taiwan: Mature and Least Favourable Market .......................................................................................................... 69
Vietnam: A Long Way to Go ..................................................................................................................................... 75
Key Regional Players................................................................................................................................................... 76
Aegon........................................................................................................................................................................ 77
Allianz........................................................................................................................................................................ 78
Aviva.......................................................................................................................................................................... 81
ING............................................................................................................................................................................ 84
Prudential .................................................................................................................................................................. 87
Standard Life............................................................................................................................................................. 91
Global Life Insurers: Valuation Comparisons............................................................................................................ 92