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市場調查報告書
2011年英國擔保債券市場：債券市場之成長機會
UK Guaranteed Bonds 2011: Growth opportunities in the bond market
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2011年英國擔保債券市場：債券市場之成長機會 是由出版商Datamonitor在2011年09月所出版的。
這份英文市場調查報告書價格從美金4495起跳。
投資債券市場直接受到不景氣影響。擔保債券也因此呈現整體之衰退。但Datamonitor預測擔保債券部門今後5年將可成為具有大幅成長機會之債權類別。
本報告為，匯整企圖拓展目標層極小市場之擔保債券供應商所需最新產業分析，以下列摘要形式闡述。
概要
實施概要
- 過去5年以年複合率24%縮小之英國投資債券市場
- 供應商應該明確告知投資人於不同環境之有力投資物件為何
- 若可整合債權中不同環境之有力投資物件，投資債券仍具有活路
市場情形
- 整合市場空間中具有利位置之壽險及投資債券
- 受投資信託公司影響，去5年快速下滑之投資債券市場
- 於整體零售投資市場中缺乏透明度之投資債券
- 2008年後，投資債券歡迎度急速下降
- 2008年後，擔保債券不受投資人歡迎
- 討厭風險，以安全度為優先之消費層支撐了過去債權之歡迎度
- 但供應商理解到保護自己不受風險比過度保證之負擔更困難
- 根據ABI（Association of British Insurers）之定義，擔保債券類別包含保證對象之所得、成長率、股票債券
- 非仲介管道成功銷售擔保債券
- 反應市場建議需求，IFA（獨立財務顧問）握有大半擔保債券市場
- 透過非仲介管道，越來越受到重視之2010年擔保債券市場
競合企業動態
- 英國過內（境內）市場為數甚少之擔保債券供應商
- 遵循RDR（Retail Distribution Review：金融產品銷售改革）價格改造而加強之投資債券市場
- 隨保證要素而突顯優勢選項之投資信託公司
挑戰及機會
- 今後擔保債券之銷售點非「保證」，則仍有市場機會
- 機會：投資債券明確具有有利之投資環境
- 機會：擔保債券為退休後之合適選擇
- 機會：RDR之結果，因擔保債券利息課稅金額下降，使其吸引力增加
- 機會：平台將為今後供應商之重點
- 挑戰：對具大型投資組合之動態投資人而言，擔保債券可能成為最佳選擇
附錄
圖表
Synopsis
This Datamonitor report aids providers in identifying potential routes to expand the very narrow target market that guaranteed bonds currently service.
Description
Economic turmoil has been detrimental to the investment bond market and new business for guaranteed bonds has reflected this overall decline. However, Datamonitor is forecasting the guaranteed sector to be a bond category with significant growth potential over the coming five years.Detailed market sizing, competitor shares and forecasts are an invaluable guide for an investment bond provider.In-depth insight into the investment bond market highlights future opportunities for all industry stakeholders.Detailed analysis of clear circumstances where investment bonds and guaranteed bonds in particular are an advantageous investment.The investment bond market survived another tumultuous year in 2011; the market declined by a compound annual growth rate of 24% between 2006 and 2010 as uncertainty about the recovery of the financial markets continues.Providers will find it increasing hard to write guaranteed business under regulatory pressures for greater capital adequacy and financial strength of providers. However, they can be proven resilient by providers making investors aware of particular circumstances in which bonds would be an advisable investment product.Identify the investment bond category that is showing the fastest growth and the reasons why.Gain insight on the key players in the investment bond market and their strategies for success.Assess strategies to combat barriers to consumer engagement with life-based investment bonds.
TOC
OVERVIEW
EXECUTIVE SUMMARY
- The UK investment bond market has declined at a compound annual growth rate of 24% over the past five years
- Providers should make investors aware of clear circumstances in which a bond is an advantageous investment
- There is still life for investment bonds as there are clear circumstances in which it is an advantageous investment
MARKET CONTEXT
- Investment bonds are life assurance products that sit competitively within the collectives market space
- There are a range of investment bond products in the market
- The investment bond market has plummeted in relation to mutual funds over the past five years
- Investment bonds are decreasing in visibility in the total retail investment fund market
- Investment bonds have sharply declined in popularity since 2008
- The guaranteed sector has particularly fallen out of favor with investors since 2008
- Risk-averse consumers who prefer safer or guaranteed returns ensured the earlier popularity of the bond
- However, providers have found it difficult to protect themselves against the risk of guarantees becoming too onerous
- The guaranteed bond category under the ABI encompasses guaranteed income, growth, and equity bonds
- The non-intermediated channel has been successful in the distribution of guaranteed bonds
- IFAs dominate sales of investment bonds, reflecting the need for advice in the market
- However, distribution of guaranteed bonds was focused through the non-intermediated channel in 2010
COMPETITOR DYNAMICS
- There are few providers of guaranteed bonds in the UK onshore market
- Aviva provides tailored options for the active or passive investor
- The Friends Guaranteed Bond appeals more to cautious investors with no income requirements
- MetLife's guaranteed investment bond offers three index portfolios which vary in their exposure to the stock market
- Santander offers two fixed-term investments with capital guarantees
- Many guaranteed products use the principles of Constant Proportion Portfolio Insurance
- The investment bond market is seeing enhancements, with Retail Distribution Review-friendly pricing structures
- Competitive alternatives come from mutual funds with guaranteed elements
CHALLENGES AND OPPORTUNITIES
- The future success of guaranteed bonds is not "guaranteed" but opportunities exist for the market
- Investors will continue to question the role of unit-linked bonds in the future, as they lack elements of protection against market volatility
- Money market bonds will continue to be seen as the refuge of choice during the ongoing economic uncertainty
- Guaranteed bonds will see a sharp increase in new business premiums in 2011 due to a new entrant
- A with-profits revival will not come to fruition and instead there will be renewed interest in distribution bonds
- The appropriateness of a guaranteed bond for any individual investor is complex to determine but it remains a viable investment product
- Prevailing economic conditions will continue to pose a key challenge to the market
- Guaranteed bond providers should put efforts into making consumers aware of the importance between risk and return
- The sale of investment bonds will continue to be firmly focused through the IFA channel
- Opportunity: there are clear circumstances in which an investment bond is an advantageous investment
- Investors in mutual funds pay tax on gains and on income, which gives bonds an advantage
- A higher rate tax payer can receive income from a bond and defer tax
- Bonds can be assigned to avoid an income tax charge
- A bond is an efficient investment for inheritance tax planning
- Opportunity: guaranteed bonds are a suitable alternative to retirement planning
- The ability to withdraw money in the lifetime of the investment makes guaranteed bonds attractive to the changing retirement planning landscape
- A guaranteed bond can help a retired person to avoid the age allowance trap
- Investment bonds are not included as means for individuals needing long-term care
- Opportunity: the Retail Distribution Review will make guaranteed bonds more attractive through lower product charges
- Industry concerns around the Retail Distribution Review include poor returns and high exit fees
- The Retail Distribution Review is examining both the advice and distribution of retail investment products
- The RDR creates three tiers of advice for consumers
- Opportunity: wrap platforms continue to be a central theme for providers
- There are eight key areas where a wrap platform will help to overcome challenges for guaranteed bond providers
- However, the wrap market under the RDR remains controversial
- Challenge: guaranteed bonds may no longer be appropriate for an active investor with a large investment portfolio
- The tax advantages of guaranteed bonds may not apply to investors with large portfolios
- Guaranteed bonds also need to attract the less affluent consumer
APPENDIX
- Supplementary data
- Product definitions
- Life-based savings products
- Life assurance
- Single premium life
- With-profits bond
- Unit-linked bond
- Guaranteed income and growth bonds
- Guaranteed equity bonds
- Distribution bonds
- Purchased life annuities
- Other bonds
- Annual premium life
- Endowment policy
- Whole of life insurance
- Term assurance
- Income protection
- Critical illness
- Collective life
- ISAs
- Personal pensions
- Stakeholder pensions
- Group personal pensions
- Department for Work and Pensions rebate
- Employer-sponsored stakeholder (ESS) pension
- Self-invested personal pensions (SIPPs)
- Free-standing additional voluntary contributions (FSAVCs)
- ABI definitions of distribution channels
- Independent financial advisors
- Direct sales forces
- Tied agents
- Multi-tied agents
- Bancassurance
- Direct marketing
- Telesales
- Other
- Further reading
- Datamonitor research
- Secondary sources
- Ask the analyst
- Disclaimer
TABLES
- Table: Total retail investment fund market: investment bonds and mutual funds (£m gross), 2006-10
- Table: New business premiums from investment bonds (£m APE), 2006-10
- Table: Investment bonds' share of market, 2006-10
- Table: Forecast new business premiums for investment bonds (£m APE), 2011f-15f
- Table: Forecasts of UK macroeconomic variables, 2011f-15f
- Table: Forecast investment bonds new business segmented by distribution channel (£m APE), 2011f-15f
- Table: New business premiums of investment bonds split by distribution channel (£m APE) 2006-10
- Table: New business premiums of guaranteed bonds split by distribution channel (£m APE) 2006-10
FIGURES
- Figure: Mutual funds have remained a viable investment vehicle compared to investment bonds
- Figure: The investment bond market has declined sharply over the last five years
- Figure: Guaranteed bonds observed a steep decline in new business in 2010
- Figure: Guaranteed bonds have lost market share since 2007
- Figure: IFAs dominate the sales of investment bonds
- Figure: The non-intermediated channel dominated the distribution of guaranteed bonds in 2010
- Figure: The Aviva Guaranteed Selection offers capital guarantee and growth potential
- Figure: Aviva and The Co-operative Investments make investment bonds accessible
- Figure: The Co-operative Investments provides a wealth of information about the investment options available
- Figure: MetLife's index portfolios offer investors varying exposure to equity
- Figure: The investment bond market will grow by 2% over the next five years
- Figure: Going forward, investment bonds will still predominantly be distributed by IFAs
- Figure: There are key instances in which investment bonds maintain an advantage
- Figure: Funds accepted into the guaranteed bond category of the Association of British Insurers
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