sales growth by region ’04 – ’08
% increase
80
60
40
20
0
-20
’04 ’05 ’06
Source: Acuity, Zurich International Life
tant in gaining experience
in a range of markets.
Following the Zurich takeover,
the company used
this experience to select
and focus on a smaller
number of core international
markets, predominantly
the Middle East and
Asia Pacific, which now
account for the majority of
ZIL’s new business.
ZIL’s approach to distribution
has been diverse,
consisting of a mix of IFAs
in all regions, bank adviser
and bank ‘white label’
arrangements in the Middle
East and Asia, and direct
sales in the Middle East
until 2006. It is well represented
in the Middle East
where it has had a branch
licence in the UAE since
1984 and now has offices in
each of the Emirates of
’07
Dubai, Abu Dhabi and
Sharjah as well as two
administration offices in the
Dubai International Financial
Services Centre. ZIL
also has a branch in Bahrain
and since December 2007
authorisation to operate in
the Qatar Financial Centre
under a branch licence.
In Asia Pacific, the company
has had a branch
operation in Hong Kong
since the mid ’80s and a
branch licence in Singapore
since 2006. In 2008, the
Taiwan financial regulator
approved ZIL’s application
for a branch licence.
l key to success
’08
ZIL targets expatriates and
globally minded or mobile
individuals and corporates.
The original expatriate
assets under management ’04 – ’08
4
2
£bn 3
1
0
’04 ’05 ’06 ’07
Source: Acuity, Zurich International Life
Middle East
Asia Pacific
Other
’08
focus has changed over the
years to the extent that
expats now account for
less than 50% of business
in Hong Kong and nonresident
Indians account
for 40% of ZIL business
across all its regions.
Zurich offers a full range
of single and regular premium
products, most of
which are available in all
its major regions.
Single premium business
is dominated by the
fettered International
Wealth Account product.
Its sales are heavily influenced
by the strong corporate
relationships that ZIL
has developed with a range
of banks in the regions,
with the funds of these
banks included in the
range available to the
underlying clients. The
Elite International Bond is
a lower minimum premium
fettered bond with a more
restricted fund range.
Vista is ZIL’s regular
savings plan. In 2008 the
product’s rider protection
benefits were ‘unbundled’
from the product leaving it
as a pure savings product.
Vista is sold both in association
with the International
Term Assurance product
and on a standalone basis.
ZIL also offers the flexible
whole of life protection
plan Futura, which is popular
with nonresident
Indians in the Middle East.
For corporate customers,
the core product offerings
are fully portable executive
group international pension
and risk solutions.
l Prepared to invest
ZIL employs more than 700
people worldwide with
over 400 on the Isle of
Man, and is one of the
largest offshore companies
in terms of ‘live’ customers,
with approximately 175,000
profiles
worldwide. Most of its
service is now provided by
administration centres in
Dubai with support from
its offshoring partner in
Bangalore, India. As part of
this devolved operational
policy, the Middle East and
AsiaPacific businesses are
largely ‘stand alone’.
Founded in 1872, Zurich
Financial Services Group is
one of the world’s leading
financial services providers.
It is one of the largest Swiss
insurers offering insurance
and risk management solutions
for the majority of the
Fortune Global 100 companies.
The core businesses
of the group comprise both
general and life insurance,
a feature that has benefited
ZIS in that the parent has
been prepared to take a
longterm view on the company’s
development by
making significant investments
in terms of capital
and human resources.
In 2007, the Zurich
group announced its intention
to target markets for
new business growth, and
ZIL has recently received a
significant multimillion
dollar investment of new
development capital.
l Broad brush
As a group, Zurich targets
individuals, small and
midsized businesses, large
corporations and major
multinationals, with ZIL
reflecting this approach,
something that distinguishes
it from most of its direct
offshore competitors who
focus almost exclusively
on individual business.
Market diversity and a
willingness to invest in
longterm strategic decisions
has been the key to
the success and these same
virtues are likely to provide
a solid foundation for
future growth.
Bryan Low, managing director,
Acuity Consultants
Fact FILE
Company name and parent
group:
Zurich International Life Limited
head office: Douglas, Isle of
Man, tel +44 (0)1624 662 266
no. of employees: Over 700
Core markets: Hong Kong,
Singapore, Bahrain, Qatar and
United Arab Emirates
Branches/rep offices:
Isle of Man (’82), Hong Kong
(’86), Bahrain (’86), Dubai
(’88), Abu-Dhabi (’88), Sharjah
(’88), Singapore (’05), Qatar
(’07), Taiwan (’08)
key products (individual):
Regular premium: Vista
Individual lump sum: Int’l
Wealth Account
Flexible Contribution Plan
Elite International Bond
Whole of life: Futura
Term assurance: Int’l Term
Assurance
key products (group):
Group savings: Magnus,
Int’l Pension Plan
Group insurance: Int’l Group
Protection
Website:
www.zurich.com/international
AuguST 2009 [www.international-adviser.com] INTERNATIONAL ADVISER
25
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