重塑欧洲人寿保险业

© Oliver WymanCONTENTSExecutive summaryIndustry challenges22 Lost yearsLong-term value growth is about customersPut the customer at the heart of the businessThe conglomerate challengeStructure around your growth businessFund the transformationConclusion 34791216192025 © Oliver WymanEXECUTIVE SUMMARY1ListedEuropeanfirms,allowingforreinvestmentofdividends.SeeExhibit7onpage11.2OliverWymananalysis.3OliverWymananalysis.Splitapproximately€100billionfortheFinancialConsolidatorbusinessesand€300billionforConsumerGrowthbusinesses.Time to deliver on shareholder valueFor the last 20+ years, the European life insurance and pension industry has struggled togenerate market growth and shareholder returns. The industry average shareholder returns(since the year 2000) were just 0.8% per annum (p.a.),1and assets under management (AUM)only mirror equity market growth. In comparison, other retail sectors such as leisure goodsand healthcare provision have outperformed and delivered 7.4% and 4.8% p.a. returns,respectively, over the same period by implementing customer-centric retail business models.The life insurance industry has not been sufficiently customer-centric and has persistedwith existing business models, selling outdated products through traditional channels withvery little end-client focus or engagement and a high-cost base. New competitors in wealthand asset management have grown rapidly, capturing the most profitable customers andbuilding lucrative businesses.However, there is a massive opportunity for insurers to drive transformative growth andnew value creation. According to our analysis, the market cap of the European life andpensions industry couldincrease by €400 billion over the next five years, more thandoubling.3We believe that insurers could be poised for long-term growth by rethinking theircore value proposition around solving customer’s most pressing problems.We believe:•Insurers are faced with a stark choice of focusing on financial consolidation orcustomer-centric growth— both are critical to shareholder returns•Traditional life companies should recognise themselves as financial conglomerates,spanning several businesses with different abilities to support shareholder income andvalue growth•Refocusing on growth, ageing populations and privatisationcan bring hugegrowth opportunities. Innovation and experimentation are required to build the futurepropositions that will deliver wins for all stakeholders•The European Life Insurance industry should take the lead in transforming theprivate retirement system.Insurers have an opportunity to build valuable growth retailbusinesses anchored around a retirement franchise•Activating a CustomerFirst mindsetwill drive both short- and long-term value creation.Insurers need to realign corporate strategy with investments that are deeply tied tocustomers’ needs•Private equity is a catalyst and force for change both in terms of drivingconsolidation and iterating and reinventing business models.The path to a morevibrant future requires significant risk taking and tough choices topursue 2 © Oliver WymanIn this report, we show how shareholders can drive transformative growth by puttingcustomers first. We set out market insights, industry analysis, and three key operatingmodel changes insurers can take to meet evolving customer needs and drive new businessvalue creation. For those insurers that embrace the challenge — of fortifying both financialconsolidation and customer-centric growth businesses — success is dependent on the deliveryof simultaneous transformations and a complete reform of their conglomerate structure.INDUSTRY CHALLENGESLife insurance companies are conglomerates of very different businessesCurrent market caps of mainstream life insurers imply that there is no shareholder value inhelping new customers with their protection and retirement needs. To address the causesof this, we first recognise that most life and pensions companies are conglomerates ofbusinesses with very different growth and income generation opportunities. These businessesdiffer in capital requirements, levers of value creation (see Exhibit1), and the key operationalcapabilities required. As a result, they necessitate separate management. It is often difficultfor shareholders and analysts to comprehend the value of individual businesses within theconglomerate and how they contribute to the whole. In other sectors, this lack of transparencyhas been a key contributor to break-up and de-merger transactions.Exhibit 1: The different businesses embedded in a life conglomerate typically fall intotwo broad categories• Customer-centric growth business•Profitable retail growthCustomer-centric growth businessBasis ofvaluationCommercialpurposeValuecreationleversFinancial consolidation business•Potential to achieve valuations similarto a wealth provider or fast-growingretail franchise•Based on revenue and profit multiples•Value enhanced through:-Customer growth-Customer profitability-Retention-Operation