Whole Life Insurance Global Market Report 2023

Whole Life Insurance Global Market Report 2024 – By Type (Non-Participating Whole Life, Participating Whole Life), By Application (Agency, Brokers, Bancassurance, Digital And Direct Channels) – Market Size, Trends, And Global Forecast 2024-2033

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Whole Life Insurance Market Definition And Segments

Whole life insurance, often known as permanent life insurance, refers to life insurance plans that include an investment component and are designed to last until death. In contrast to term life insurance, which only covers a specified number of years, the insurance policy offers a death benefit when the policyholder passes away, as long as the appropriate payments are paid. A whole life insurance policy's premiums fund both an investment account and the policy's guaranteed death benefit.

The main types of whole life insurance are non-participating whole life and participating whole life. Non-participating whole life is one type of whole life insurance where policyholders do not receive dividends but premiums are generally lower. The various applications involved are agencies, brokers, bancassurance, and digital and direct channels.

The whole life insurance market covered in this report is segmented –

1) By Type: Non-Participating Whole Life, Participating Whole Life

2) By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels

The whole life insurance market size has grown steadily in recent years. It will grow from $175.67 billion in 2023 to $180.58 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to policy stability and guarantees, long-term financial security, legacy and estate planning, inflation hedge, conservative investment option.

The whole life insurance market size is expected to see steadily grown in the next few years. It will grow to $205.16 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to personalized solutions, increased longevity concerns, wealth transfer and estate planning, health and wellness incentives, shift in consumer preferences. Major trends in the forecast period include customization and personalization, innovative product offerings, tech integration in underwriting, evolving customer preferences, wealth transfer and estate planning.

The Rising Aging Population Is Anticipated To Fuel The Whole Life Insurance Market

The rising aging population is expected to propel the whole life insurance market. The aging population refers to a demographic shift characterized by a rising proportion or increase in the number of individuals within a society who are in the later stages of life, typically aged 65 and older. Whole life insurance serves as a financial planning tool for the aging population, offering lifetime coverage, cash value accumulation, and potential estate planning benefits. For instance, in October 2022, according to the World Health Organization, a Switzerland-based Intergovernmental organization, projected that by 2030, one out of every six individuals globally would be 60 years old or older. During this period, the proportion of the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, by the year 2050, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion. Therefore, the rising aging population is driving the growth of the whole life insurance market.

Increasing Urbanization Is Anticipated To Fuel The Whole Life Insurance Market

The increasing urbanization is expected to propel the whole life insurance market. Urbanization refers to the process by which rural areas become urbanized as a result of economic development and industrialization. Whole life insurance addresses financial needs in urbanization by providing stable, long-term coverage and investment components, catering to the evolving financial goals of urban residents. For instance, in April 2023, according to the World Bank Group, a US-based bank, reported that currently, more than half of the global population resides in urban regions. By 2045, this urban population is projected to surge to 6 billion, marking a 1.5 times increase. Therefore, the increasing urbanization is driving the growth of the whole life insurance market.

Major companies operating in the whole life insurance market report are China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., Allianz Life Insurance, Axa SA, Generali Group, Munich Re Group, Zurich Insurance Group Ltd., Nippon Life Insurance Company, Japan Post Holdings Company Ltd., Berkshire Hathaway Inc., Manulife Financial Corporation, China Pacific Insurance Co. Ltd., Chubb Corp., American International Group, Aviva Plc., Allstate Corporation, Swiss Reinsurance Company Ltd., Prudential Financial Inc., New York Life Insurance Company, Massachusetts Mutual Life Insurance Company, Guardian Life Insurance Company of America, Penn Mutual Life Insurance Company, Ohio National Life Insurance Company, State Farm Mutual Automobile Insurance Company, Pacific Life Insurance Company, John Hancock Financial Services, Principal Financial Group Inc., Nationwide Mutual Insurance Company, Thrivent Financial for Lutherans .

Technology Platform For The Whole Life Insurance Market

Major companies operating in whole life insurance are focusing on incorporating advanced technologies for simplified operations and strengthening their market position. For instance, in December 2022, Modern Life Insurance Group Inc., a US-based insurance group, announced the launch of its latest technology platform, where life insurance advisors can take advantage of a variety of cutting-edge tools and solutions from the new stack. These include the ability to manage all client and brokerage needs in one location, enhanced customer involvement, entirely digital applications, and comparison and pricing capabilities.

Comprehensive Insurance Product That Caters To The Needs Of Local Customers

Major companies operating in the whole life insurance market are providing comprehensive insurance products such as Insurance Plans with incremental Death Benefit that caters to the needs of local customers. An insurance plan with incremental death benefit refers to a policy that guarantees the death benefit, payable to beneficiaries, will progressively increase over time. For instance, in August 2023, China Pacific Life Insurance Company Limited, a China-based insurance group, launched a new whole life insurance product, 'Ever-growing Whole Life Insurance Plan,' featuring both protection and savings functions. The incremental feature ensures that the Death Benefit if the insured passes away after the premium payment period, will not be less than a percentage of the Notional Amount, continuously increasing life protection. The plan offers flexible options such as Currency Conversion, Terminal Dividend Lock-in, and Regular Withdrawal, catering to individual financial planning.

ICICI Lombard And Bharti AXA General Insurance Complete Merger, Expanding Distribution Channels And Digital Platform

In September 2021, ICICI Lombard General Insurance, an India-based general insurance company merged with Bharti AXA General Insurance for an undisclosed amount. Through the merger, distribution will be improved and supported by over 100,000 partners and a wide range of practical digital platforms. Bharti AXA General Insurance is an India-based life insurance company that provides a wide range of life insurance policies.

North America was the largest region in the whole life insurance market in 2023. Europe is expected to be the fastest-growing region in the whole life insurance market report during the forecast period. The regions covered in the whole life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the whole life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The whole life insurance market includes revenues earned by entities by providing universal life insurance, and variable life insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The whole life insurance market research report is one of a series of new reports from The Business Research Company that provides whole life insurance market statistics, including whole life insurance industry global market size, regional shares, competitors with whole life insurance market share, detailed whole life insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the whole life insurance industry. This whole life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Whole Life Insurance Market Report Scope
Report AttributeDetails
Market Size Value In 2024 $180.58 billion
Revenue Forecast In 2033 $205.16 billion
Growth Rate CAGR of 3.2% from 2024 to 2033
Base Year For Estimation 2023
Actual Estimates/Historical Data 2018-2023
Forecast Period 2024 - 2028 - 2033
Market Representation Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered 1) By Type: Non-Participating Whole Life, Participating Whole Life
2) By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels
Regional Scope Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies Profiled China Life Insurance Company Limited; MetLife Inc.; Ping An Insurance Company of China Ltd.; Allianz Life Insurance; Axa SA; Generali Group; Munich Re Group; Zurich Insurance Group Ltd.; Nippon Life Insurance Company; Japan Post Holdings Company Ltd.; Berkshire Hathaway Inc.; Manulife Financial Corporation; China Pacific Insurance Co. Ltd.; Chubb Corp.; American International Group; Aviva Plc.; Allstate Corporation; Swiss Reinsurance Company Ltd.; Prudential Financial Inc.; New York Life Insurance Company; Massachusetts Mutual Life Insurance Company; Guardian Life Insurance Company of America; Penn Mutual Life Insurance Company; Ohio National Life Insurance Company; State Farm Mutual Automobile Insurance Company; Pacific Life Insurance Company; John Hancock Financial Services; Principal Financial Group Inc.; Nationwide Mutual Insurance Company; Thrivent Financial for Lutherans
Customization ScopeRequest for Sample
Pricing And Purchase OptionsExplore Purchase Options

The major players in the global whole life insurance market are Allianz, Assicurazioni Generali, China Life Insurance, MetLife, PingAn

    Table Of Contents

    1. Executive Summary

    2. Whole Life Insurance Market Characteristics

    3. Whole Life Insurance Market Trends And Strategies

    4. Whole Life Insurance Market - Macro Economic Scenario

    4.1. Impact Of High Inflation On the Market

    4.2. Ukraine-Russia War Impact On the Market

    4.3. COVID-19 Impact On the Market

    5. Global Whole Life Insurance Market Size and Growth

    5.1. Global Whole Life Insurance Market Drivers and Restraints

    5.1.1. Drivers Of The Market

    5.1.2. Restraints Of The Market

    5.2. Global Whole Life Insurance Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)

    5.3. Global Whole Life Insurance Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

    6. Whole Life Insurance Market Segmentation

    6.1. Global Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Non-Participating Whole Life

    Participating Whole Life

    6.2. Global Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Agency

    Brokers

    Bancassurance

    Digital And Direct Channels

    7. Whole Life Insurance Market Regional And Country Analysis

    7.1. Global Whole Life Insurance Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    7.2. Global Whole Life Insurance Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8. Asia-Pacific Whole Life Insurance Market

    8.1. Asia-Pacific Whole Life Insurance Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8.3. Asia-Pacific Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    9. China Whole Life Insurance Market

    9.1. China Whole Life Insurance Market Overview

    9.2. China Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    9.3. China Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    10. India Whole Life Insurance Market

    10.1. India Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    10.2. India Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    11. Japan Whole Life Insurance Market

    11.1. Japan Whole Life Insurance Market Overview

    11.2. Japan Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    11.3. Japan Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    12. Australia Whole Life Insurance Market

    12.1. Australia Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    12.2. Australia Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    13. Indonesia Whole Life Insurance Market

    13.1. Indonesia Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    13.2. Indonesia Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    14. South Korea Whole Life Insurance Market

    14.1. South Korea Whole Life Insurance Market Overview

    14.2. South Korea Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    14.3. South Korea Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    15. Western Europe Whole Life Insurance Market

    15.1. Western Europe Whole Life Insurance Market Overview

    15.2. Western Europe Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    15.3. Western Europe Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    16. UK Whole Life Insurance Market

    16.1. UK Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    16.2. UK Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    17. Germany Whole Life Insurance Market

    17.1. Germany Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    17.2. Germany Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    18. France Whole Life Insurance Market

    18.4. France Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    18.5. France Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    19. Italy Whole Life Insurance Market

    19.7. Italy Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    19.8. Italy Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    20. Spain Whole Life Insurance Market

    20.10. Spain Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    20.11. Spain Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    21. Eastern Europe Whole Life Insurance Market

    21.1. Eastern Europe Whole Life Insurance Market Overview

    21.2. Eastern Europe Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    21.3. Eastern Europe Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    22. Russia Whole Life Insurance Market

    22.1. Russia Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    22.2. Russia Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    23. North America Whole Life Insurance Market

    23.1. North America Whole Life Insurance Market Overview

    23.2. North America Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    23.3. North America Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    24. USA Whole Life Insurance Market

    24.1. USA Whole Life Insurance Market Overview

    24.2. USA Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    24.3. USA Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    25. Canada Whole Life Insurance Market

    25.1. Canada Whole Life Insurance Market Overview

    25.2. Canada Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    25.3. Canada Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    26. South America Whole Life Insurance Market

    26.1. South America Whole Life Insurance Market Overview

    26.2. South America Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    26.3. South America Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    27. Brazil Whole Life Insurance Market

    27.1. Brazil Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    27.2. Brazil Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    28. Middle East Whole Life Insurance Market

    28.1. Middle East Whole Life Insurance Market Overview

    28.2. Middle East Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    28.3. Middle East Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    29. Africa Whole Life Insurance Market

    29.1. Africa Whole Life Insurance Market Overview

    29.2. Africa Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    29.3. Africa Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    30. Whole Life Insurance Market Competitive Landscape And Company Profiles

    30.1. Whole Life Insurance Market Competitive Landscape

    30.2. Whole Life Insurance Market Company Profiles

    30.2.1. China Life Insurance Company Limited

    30.2.1.1. Overview

    30.2.1.2. Products and Services

    30.2.1.3. Strategy

    30.2.1.4. Financial Performance

    30.2.2. MetLife Inc.

    30.2.2.1. Overview

    30.2.2.2. Products and Services

    30.2.2.3. Strategy

    30.2.2.4. Financial Performance

    30.2.3. Ping An Insurance Company of China Ltd.

    30.2.3.1. Overview

    30.2.3.2. Products and Services

    30.2.3.3. Strategy

    30.2.3.4. Financial Performance

    30.2.4. Allianz Life Insurance

    30.2.4.1. Overview

    30.2.4.2. Products and Services

    30.2.4.3. Strategy

    30.2.4.4. Financial Performance

    30.2.5. Axa SA

    30.2.5.1. Overview

    30.2.5.2. Products and Services

    30.2.5.3. Strategy

    30.2.5.4. Financial Performance

    31. Global Whole Life Insurance Market Competitive Benchmarking

    32. Global Whole Life Insurance Market Competitive Dashboard

    33. Key Mergers And Acquisitions In The Whole Life Insurance Market

    34. Whole Life Insurance Market Future Outlook and Potential Analysis

    34.1 Whole Life Insurance Market In 2028 - Countries Offering Most New Opportunities

    34.2 Whole Life Insurance Market In 2028 - Segments Offering Most New Opportunities

    34.3 Whole Life Insurance Market In 2028 - Growth Strategies

    34.3.1 Market Trend Based Strategies

    34.3.2 Competitor Strategies

    35. Appendix

    35.1. Abbreviations

    35.2. Currencies

    35.3. Historic And Forecast Inflation Rates

    35.4. Research Inquiries

    35.5. The Business Research Company

    35.6. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2018-2023, $ Billion
  • Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
  • Table 3: Global Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 4: Global Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 5: Global Whole Life Insurance Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 6: Global Whole Life Insurance Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 7: Asia-Pacific, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 8: Asia-Pacific, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 9: China, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 10: China, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 11: India, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 12: India, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 13: Japan, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 14: Japan, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 15: Australia, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 16: Australia, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 17: Indonesia, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 18: Indonesia, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 19: South Korea, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 20: South Korea, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 21: Western Europe, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 22: Western Europe, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 23: UK, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 24: UK, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 25: Germany, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 26: Germany, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 27: France, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 28: France, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 29: Italy, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 30: Italy, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 31: Spain, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 32: Spain, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 33: Eastern Europe, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 34: Eastern Europe, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 35: Russia, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 36: Russia, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 37: North America, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 38: North America, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 39: USA, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 40: USA, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 41: Canada, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 42: Canada, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 43: South America, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 44: South America, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 45: Brazil, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 46: Brazil, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 47: Middle East, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 48: Middle East, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 49: Africa, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 50: Africa, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 51: China Life Insurance Company Limited Financial Performance
  • Table 52: MetLife Inc. Financial Performance
  • Table 53: Ping An Insurance Company of China Ltd. Financial Performance
  • Table 54: Allianz Life Insurance Financial Performance
  • Table 55: Axa SA Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2018-2023, $ Billion
  • Figure 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
  • Figure 3: Global Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 4: Global Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 5: Global Whole Life Insurance Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 6: Global Whole Life Insurance Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 7: Asia-Pacific, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 8: Asia-Pacific, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 9: China, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 10: China, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 11: India, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 12: India, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 13: Japan, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 14: Japan, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 15: Australia, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 16: Australia, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 17: Indonesia, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 18: Indonesia, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 19: South Korea, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 20: South Korea, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 21: Western Europe, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 22: Western Europe, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 23: UK, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 24: UK, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 25: Germany, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 26: Germany, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 27: France, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 28: France, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 29: Italy, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 30: Italy, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 31: Spain, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 32: Spain, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 33: Eastern Europe, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 34: Eastern Europe, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 35: Russia, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 36: Russia, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 37: North America, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 38: North America, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 39: USA, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 40: USA, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 41: Canada, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 42: Canada, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 43: South America, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 44: South America, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 45: Brazil, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 46: Brazil, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 47: Middle East, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 48: Middle East, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 49: Africa, Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 50: Africa, Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 51: China Life Insurance Company Limited Financial Performance
  • Figure 52: MetLife Inc. Financial Performance
  • Figure 53: Ping An Insurance Company of China Ltd. Financial Performance
  • Figure 54: Allianz Life Insurance Financial Performance
  • Figure 55: Axa SA Financial Performance
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Frequently Asked Questions

What is the definition of the whole life insurance market?

Whole life insurance, often known as permanent life insurance, refers to life insurance plans that include an investment component and are designed to last until death. In contrast to term life insurance, which only covers a specified number of years, the insurance policy offers a death benefit when the policyholder passes away, as long as the appropriate payments are paid. A whole life insurance policy's premiums fund both an investment account and the policy's guaranteed death benefit. For further insights on the whole life insurance market, request a sample here

How will the whole life insurance market drivers and restraints affect the whole life insurance market dynamics? What forces will shape the whole life insurance industry going forward?

The whole life insurance market growth is aided by the increasing demand for whole life insurance products. For further insights on the whole life insurance market, request a sample here

What is the forecast market size or the forecast market value of the whole life insurance market?

The whole life insurance market is expected to reach $196.36 billion in 2027 at a rate of 2.8%. For further insights on the whole life insurance market, request a sample here

How is the whole life insurance market segmented?

The global whole life insurance market is segmented as
1) By Type: Non-Participating Whole Life, Participating Whole Life
2) By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels
For further insights on the whole life insurance market, request a sample here

Which region has the largest share of the whole life insurance market? What are the largest region's market size and growth rate?

North America was the largest region in the whole life insurance market in 2022. For detailed insights on the largest region's market size and growth rate, request a sample here.

Who are the major players in the whole life insurance market?

Key competitors in the whole life insurance market are China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., Allianz Life Insurance, Axa SA, Generali Group, Prudential PLC., Munich Re Group, Zurich Insurance Group Ltd., Nippon Life Insurance Company, Japan Post Holdings Company Ltd., Berkshire Hathaway Inc., Manulife Financial Corporation, China Pacific Insurance Co. Ltd., Chubb Corp., American International Group, Aviva Plc., Allstate Corporation, Swiss Reinsurance Company Ltd., Prudential Financial Inc.. For further insights on the whole life insurance market, request a sample here.

What are the key trends in the whole life insurance market?

Major trends influencing the whole life insurance market include advanced technologies. Major companies operating in whole life insurance are focusing on incorporating advanced technologies for simplified operations and strengthen their market position. For further insights on the whole life insurance market, request a sample here.

What are the major opportunities in the whole life insurance market? What are the strategies for the whole life insurance market?

For detailed insights on the major opportunities and strategies in the whole life insurance market, request a sample here.

How does the whole life insurance market relate to the overall economy and other similar markets?

For detailed insights on whole life insurance market's relation to the overall economy and other similar markets, request a sample here.

What are the latest mergers and acquisitions in the whole life insurance industry?

For detailed insights on the mergers and acquisitions in the whole life insurance industry, request a sample here.

What are the key dynamics influencing the whole life insurance market growth? SWOT analysis of the whole life insurance market.

For detailed insights on the key dynamics influencing the whole life insurance market growth and SWOT analysis of the whole life insurance industry, request a sample here.