Malaysia Life & Annuity Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Malaysian life and annuity insurance market is segmented by product type (conventional, investment-linked, and annuities), by user type (individual and group),, and by distribution channel (direct, brokers, banks, online, and other distribution channels). The report offers market size and forecasts for the Malaysia Life and Annuity Insurance Market in terms of volume (number of products) and value (USD million) for all the above segments.

Malaysia Life & Annuity Insurance Market Size

Malaysia Life And Annuity Insurance Market Summary
Study Period: 2019- 2028
CAGR: > 7 %

Major Players

Malaysia Life And Annuity Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Malaysia Life & Annuity Insurance Market Analysis

The Malaysia Life and Annuity Insurance Market has generated a premium of USD 2.9 billion in the current year and is poised to register a CAGR of 7% for the forecast period.

Even though the pandemic made it hard to do business, the life insurance industry as a whole did better in the fiscal year that ended in December 2021, with double-digit growth of 12.4% compared to 2020.

The industry recorded RM 12.8 billion in new business total premiums from RM 11.4 billion in 2020, while new business sum assured grew by 5.4% from RM 437.2 billion in 2020 to RM 461.1 billion in 2021. New policies issued in 2021 amounted to 1.9 million, an increase of 53.5% from 1.2 million policies in 2020. This was made possible by the introduction of the Perlindungan TenangVoucher (PTV) program in September 2021.

The total in-force premiums increased by 8%, from RM 43.4 billion in 2020 to RM 46.8 billion in 2021. The sum assured in force grew by 5.6%, amounting to RM 1,779.5 billion in 2021 compared with RM 1,685.8 billion in 2020, while the total number of policies in force registered a modest increase of 4.1% from 12.8 million policies in 2020 to 13.4 million policies in 2021.

The formation of the Professional Standards Committee (PSC) in August 2021 to take on the functions of the former Financial Services Professional Board (FSPB) (which ceased operations in December 2020) is a significant development in pursuit of the industry’s agenda to advocate professional ethical standards among life insurance companies in Malaysia.

Malaysia Life & Annuity Insurance Industry Segmentation

Life and annuity insurance refers to a financial product that features a predetermined periodic payout amount until the death of the annuity owner or annuitant.

Life and annuity insurance is one of the most widely demanded products as people adopt digitalization. The Malaysian life and annuity insurance market is segmented by product type (conventional, investment-linked, and annuities), by user type (individual and group), and by distribution channel (direct, brokers, banks, online, and other distribution channels). The report offers market size and forecasts for the Malaysia Life and Annuity Insurance Market in terms of volume (number of products) and value (USD million) for all the above segments.

By Product Type
Conventional
Investment Linked
Annuity
By End-User Type
Individual
Group
By Distribution Channel
Direct
Brokers
Banks
Online
Other Distribution Channels

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Malaysia Life & Annuity Insurance Market Trends

The life Insurance Segment in Malaysia is Dominated by Endowment and Unit-linked Products

The life insurance segment in Malaysia is dominated by endowment and unit-linked products, driven by the better returns on these products as compared to bank deposits. To build on the popularity of these products and increase sales, many insurers offer attractive add-ons that include guaranteed annual cash payments, higher returns on maturity, and a higher sum assured in case of accidental death.

Malaysia Life And Annuity Insurance Market: Annual Premium of Endowment Policies in Malaysia, in USD million, 2019-2022

New Businesses Entering The Life-Insurance Segment

New business total premiums recorded double-digit growth of 12.4%, from RM 11.4 billion in 2020 to RM 12.8 billion in 2021. The growth was driven by the strong rebound of investment-linked policies, which rose 31.2% to reach RM 6.6 billion in 2021. Group policies recorded a moderate growth of 7.7% in new business total premiums to RM 4.1 billion in 2021, while traditional policies charted a decline of 17.3%.

Malaysia Life And Annuity Insurance Market: Total Premiums of New Life Insurance Business in Malaysia, In USD million, 2019-2022

Malaysia Life & Annuity Insurance Industry Overview

Companies across the world have huge investments in this segment of the market. In Malaysia, the life and annuity insurance market has many companies fragmented over minor shares. Allianz Malaysia Berhad, AmMetLife, Axa, Etiqa Life Insurance Berhad, Sun Life Malaysia, Zurich Life Insurance, and Prudential Assurance Malaysia are among the cyber insurance companies.

Adoption of technological platforms and upgrading to new technology leads to an increase in the revenue of insurance firms. Innovation and technological advancement are taking off as COVID-19 and urbanization strike the general population, leading to the adoption of life insurance to mitigate the risk.

Malaysia Life & Annuity Insurance Market Leaders

  1. Allianz life insurance malaysia berhad

  2. Ammetlife insurance berhad

  3. AXA Affin life insurance berhad

  4. Etiqa Life Insurance Berhad

  5. Sun life malaysia assurance berhad

*Disclaimer: Major Players sorted in no particular order

Malaysia Life And Annuity Insurance Market Concentration

Malaysia Life & Annuity Insurance Market News

  • July 2022: Liberty Mutual Insurance, which is the sixth-largest global property and casualty insurer, acquired a 100% share of AmGeneral with Am holding a 30% interest in the business through the consideration shares received as part of the deal. AmGeneral serves the Malaysia insurance market with 33 branch locations.
  • August 2022: Generali acquired majority stakes in AXA’s property/casualty and life businesses in Malaysia, which will position it as a top-tier general insurer in the country, The combined acquisition transaction resulted in USD 261.2 Million as acquisition cost.

Malaysia Life & Annuity Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Value Chain Analysis

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Bargaining Power of Buyers

      2. 4.5.2 Bargaining Power of Suppliers

      3. 4.5.3 Threat of New Entrants

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insights of Technology Innovations in the Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Conventional

      2. 5.1.2 Investment Linked

      3. 5.1.3 Annuity

    2. 5.2 By End-User Type

      1. 5.2.1 Individual

      2. 5.2.2 Group

    3. 5.3 By Distribution Channel

      1. 5.3.1 Direct

      2. 5.3.2 Brokers

      3. 5.3.3 Banks

      4. 5.3.4 Online

      5. 5.3.5 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Allianz Malaysia Berhad

      2. 6.2.2 AmMetLife

      3. 6.2.3 Axa

      4. 6.2.4 Etiqa Life Insurance Berhad

      5. 6.2.5 Sun Life Malaysia

      6. 6.2.6 Zurich life insurance

      7. 6.2.7 Prudential Assurance Malaysia

      8. 6.2.8 Mayban Life Assurance*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

**Subject to Availability
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Malaysia Life & Annuity Insurance Market Research FAQs

The Malaysia Life And Annuity Insurance Market is studied from 2019 - 2028.

The Malaysia Life And Annuity Insurance Market is growing at a CAGR of >7% over the next 5 years.

Allianz life insurance malaysia berhad, Ammetlife insurance berhad, AXA Affin life insurance berhad, Etiqa Life Insurance Berhad, Sun life malaysia assurance berhad are the major companies operating in Malaysia Life And Annuity Insurance Market.

Malaysia Life & Annuity Insurance Industry Report

Statistics for the 2023 Malaysia Life & Annuity Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Malaysia Life & Annuity Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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