The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 13, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Variable Life Insurance Global Market Report 2023, the market will grow from $115.7 billion in 2022 to $123.4 billion in 2023, at a compound annual growth rate (CAGR) of more than 6%. Further, the market will reach $156.9 billion in 2027, growing at a CAGR of more than 6%. North America held the largest variable life insurance market share in 2022.

The remarkable expansion of the insurance industry as a whole is a driving force behind the growth of the variable life insurance industry. Several factors contribute to this growth, including increased awareness of the importance of insurance, the rise of the middle class, and overall economic development. As the insurance industry expands, more individuals gain access to insurance products, including variable life insurance, which allows policyholders to invest a portion of their premiums in various investment options like stocks and bonds.

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Major variable life insurance companies are Allianz, AXA SA, Generali, Ping An Insurance, Aflac, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, Chubb, AIG, Aviva, Allstate, Swiss RE, and AIA Group.

The emergence of new product development has become a key trend in the variable life insurance market, gaining popularity among major companies operating in the industry. These companies are introducing innovative life insurance products to enhance their market position.

For example, Prudential Financial, Inc., a US-based insurance company, launched Prudential FlexGuard® Life in November 2022. This product is an index-variable universal life insurance policy designed to provide versatile coverage, growth potential, and accessibility to meet evolving customer requirements. Prudential FlexGuard® Life offers death benefit protection with fixed duration options, multiple methods to increase cash values, and the flexibility to access death benefits early in case of chronic or terminal illness, subject to the addition of the necessary rider. Customers can customize the policy according to their changing needs, including accessing cash values, leaving a legacy, and receiving living benefits.

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The global variable life insurance market is segmented as-

1) By Type: Fixed Premium, Variable Universal Life Insurance

2) By Components: Death benefits, Add-on benefits

3) By End-User: Agency, Brokers, Bancassurance, Digital and Direct Channel

The global variable life insurance market report has provided a comprehensive analysis of the market, highlighting its projected growth, key drivers, major players, emerging trends, and regional dynamics. By examining the market size and forecast, it is evident that the variable life insurance market is poised for significant expansion in the coming years.The report emphasizes the crucial role played by the rapid growth of the overall insurance industry in driving the variable life insurance market. Factors such as increasing awareness of insurance, the growth of the middle class, and economic development have contributed to the industry's expansion, granting more individuals access to insurance products, including variable life insurance.

Variable Life Insurance Global Market Report 2023 by The Business Research Company provides insights on the variable life insurance market size, variable life insurance market segments, variable life insurance market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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