The right choice is becoming increasingly important in the pension policy - VersicherungsJournal Deutschland

8.2.2019 – For the first time in many years the declaration on the participation of life insurers on a broad front has stabilized. The reason lies mainly in the modified calculation of the extra interest reserve. The business outlook is again considered to be more positive. Assekurata has expanded its already extensive market research into the bonuses and guarantees.


"Light at the end of the corridor", Assekurata Insurance Rating Agency GmbH sees their current market research into policyholders and guarantees in life insurance. The policyholders have then stabilized on a broad front – and by 2020, according to the estimates of the Kölnnalists, much to ensure that the situation remains at the very least.

Already very reserved

Reiner Will (Image: Lier)
Reiner Will (Image: Lier)

According to the managing director of Assekurata, Drs. Reiner will mainly change the modified calculation method for additional interest stock (ZZR) (Insurance Journal 20.9.2018). Only € 6 billion is expected to be added for 2018 and 2019, after € 15.4 billion previously.

But that too is economically demanding & # 39; says Will. After all, supply will probably cost the industry 2018 0.65 percentage points of the capital gain. Thanks to the relief, however, the participation position remains stable at least once, so that the product landscape does not deteriorate any further.

In the meantime, 80 percent of the shares are in the Nachreservierung. Because companies with a high interest old shares have already had to create more ZZR than companies that have built up their stocks in recent years, the range is of course large: the possession of the run-off Entis Lebensversicherung AG (formerly Protektor) has been fully re-booked, while Credit Life AG ​​has the lowest percentage of almost 40 percent.

On average, life insurers have a maximum interest rate of 2.75 (2.80) per cent. The ZZR has reduced this obligation to 1.90 percent.

Stable on a wide front

54 (55) of the 82 companies applied for took part in the investigation. 32 companies still offer a traditional annuity policy with a maximum interest rate on new contracts. For these products, the current interest rates for all tariff generations and product types in the arithmetic mean of the study dropped to 2.49 (2.51) percent in 2019, or 2.84 (2.85) percent on a weighted average basis. This has already become clear (VersicherungsJournal 8.1.2019).

Assekurata Market Survey Surplus Participation (Image: Assekurata)
Assekurata market study profit sharing (Image: Assekurata). Click on the image to enlarge.

With the anticipated lateral movement of capital market interest rates, "there is not much to suggest that the shareholding in surpluses will continue to fall in 2020," said head of department Lars Heermann at the launch of the market survey.

Real money lost

Lars Heermann (Image: Lier)
Lars Heermann (Image: Lier)

In turn, the illustrated contribution yield was also calculated. This invoice is based on the model contract of a private pension insurance with a saving period of 25 years. With 2.20 (2.19) percent this interest is well above inflation.

With almost two percent inflation, customers at Signal Iduna Lebensversicherung a.G., Condor Lebensversicherungs AG, Inter Lebensversicherung AG, R + V Lebensversicherung AG, SV Sparkassenversicherung Lebensversicherung AG, Volkswohl-Bund Lebensversicherung a.G. and the Nürnberger Lebensversicherung AG really money.

The comparison of returns in the past is poor: for contracts with a term of twelve and twenty years, the effective premium interest rate remains below the respective discount rate. Only contracts with a duration of 30 years, with a return of 3.85% on the model contract, are slightly above the 3.50% interest rate that applied at the time of the conclusion of the agreement in 1988.

There are "serious differences" in what the providers generate for their customers. So the selection of providers remains an important topic, so Will. While HDI Lebensversicherung AG generates less than one percent return on a term, Debeka Lebensversicherungs-Verein a.G. to a good three percent.

The mood is getting better

However, the right choice also remains important for the product types, as the study shows. For example, the 30 rates of the New Classics on the current interest rate remain at 2.40 (2.39) percent below the classic rates.

The index policy has a current interest rate of 2.80 percent. New in the research is the analysis of the most important yield credits of the index policy: 80 percent of the examined rates have a zero return in 2018. The guaranteed contribution margins are slightly negative for both product types (detailed coverage follows).

After the business expectations and the assessment of the current business situation in the previous year were zero, both factors are now valued more favorably by the companies.

The industry has great hopes for company pensions, followed by fund policies and rates to ensure disability or the workforce. In the previous year, unit-linked products were by far the most promising. However, the values ​​are clearly negative for traditional rates with traditional guarantees.

Who has not provided data

Do not participate: Aachen Münchener Lebensversicherung AG, Athora Lebensversicherung AG, Basler Lebensversicherungs-AG, Bavarian civil servants Life insurance a. G., Credit Life AG, Delta Direct Life insurance AG Munich, German life insurance AG, Dialog life insurance AG, direct life insurance AG, Ergo life insurance AG , Frankfurter life insurance AG, Frankfurt Munich life insurance AG, Generali life insurance AG, Itzehoer life insurance AG Karlsruher Life insurance AG, Landeslebenshilfe VVaG, life insurance of 1871 aG Munich, Münchener Verein Lebensversicherung aG, Nürnberger Beamten Lebensversicherung AG, Plus Lebensversicherungs AG, Rheinland Lebensversicherung AG, Skandia Lebensversicherung AG, Süddeutsche Lebensversicherung aG, Universa Lebensversicherung aG, Victoria Lebensversicherung AG, VPV Lebensversicherungs-AG, WWK Lebensversicherung aG and Zurich Deutscher Herold Lebensversicherung AG.

New or new participants are the two run-off Entis Lebensversicherung AG and Heidelberger Lebensversicherung AG as well as Hansemerkur Lebensversicherung AG,

The "Market Study 2019: Excessive participation and guarantees" Light at the end of the Corridor "can be ordered via this link on Assekurata net from 1.089 euros.


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