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1、investmentresearchThisrepthasbeenpreparedbyUBSLimited.ANALYSTCERTIFICATIONREQUIREDDISCLOSURESBEGINONPAGE83.UBSdoesseekstodobusinesswithcompaniescoveredinitsresearchrepts.Asaresultinvestsshouldbeawarethatthefirmmayhaveaco

2、nflictofinterestthatcouldaffecttheobjectivityofthisrept.Investsshouldconsiderthisreptasonlyasinglefactinmakingtheirinvestmentdecision.??GlobalResearch6September2018UBSEvidenceLab:GlobalBanksShouldyouownabancassurerinyour

3、banksptfolioBancassuranceshoulddrivedevelopedmarketbankgrowthBancassuranceshoulddrivedevelopedmarketbank(DM)growthinthelikelyeventofpersistentlylowinterestratesoverthenextfewyears.Wethusaskourselvesthequestion:shouldaban

4、ksptfoliobemostlygearedtobancassurersAtfirstsightthisbusinessmodelmaylookhighlydesirable:itislessdependentoneconomiccyclethanretailbankinglesscapitalintensiveRoEaccretivecouldactasamitiganttoindustrywidedisruption.Yetita

5、lsocomeswithitsownchallenges.AccdingtoourUBSEvidenceLabconsumersurveyonly20%ofbankingcustomersvisitedtheirbranchatleastonceaweekin2017leadingbankstoreducetheirphysicalpresence.Bankshaveyettoregainthetrustlostsincethelast

6、financialcrisisconsumerprotectionisnowauniversalissue.Thisimpliesacombinationofpricepressurerisingcompetitionrisingoperationalriskfbancassurerswethink.LearningthelessonsofthewldsbestbancassurersWithinourcoverageuniversew

7、eestimatebancassurancecanrepresentupto50%ofabanksPoftenmeansanelementofrisksharingfthenonlifeproducts.Inthefuturewethinkasuccessfulbancassurerwillalsoneedtoidentifyopptunitiestoincreasetheperationrateinthenonlifesegmenti

8、nvestheavilyincybersecurityestablishatruemultichanneldistributionmodel.InDMwethinkCASAinFranceCaixaBankinSpainarewellpositioned.HereshowwedbepositionedWewouldfavourEMbancassurerslookingatlocaldynamicsourcountryscecard.Fi

9、rstthesavingsrategrowthprospectsarehigherinEM.SecondwethinkthereismegovernmentsupptinEMduetothegreaterneedffinancialinclusiveness.InDMtheregulatytrendseemsmeskewedtowardsconsumerprotectionpossiblydisruptingthetraditional

10、lyhighmarketshareofbancassuranceinsomesegmentsallowingfmecompetitionfromnewentrants.InEMwebelievewellcapitalisedbancassurerswithestablishedmarketshareshouldbebestpositionedtocapturelocalgrowth.Buthereagainitiscrucialthat

11、bancassuranceisattheceofthecustomerproposition.InouropinionthestocksmostfavourablyexposedtothisthemeareBancodoBrasilinBrazilFirstRinSouthAfrica.EquitiesGlobalBanksLraineQuoirezAnalystlraine.quoirez@33148883408IgnacioCere

12、zoAnalystignacio.cerezo@442075684409MichaelChristelisFIACFAAnalystmichael.christelis@27113227320JohanEkblomCFAAnalystjohan.ekblom@442075683580PhilipFinchStrategistphilip.finch@442075683456VishalGoyalCFAAnalystvishal.goya

13、l@912261556050JasonNapierCFAAnalystjason.napier@442075685037StephanPotgieterCFAAnalyststephan.potgieter@27113227315ColmKellyFIAFSAIAnalystcolm.kelly@442075680470JonnyUrwinAnalystjonny.urwin@442075679763UBSEvidenceLab:Glo

14、balBanks6September2018??3ExecutivesummaryBancassuranceconsistsofthesaleofretailinsuranceproductstocommercialbanksclientbase.iginatedinthe1970sinFrancethemodelhassincebeenadoptedbyanumberofotherEuropeancountriesaswellasot

15、herregionsparticularlyLatinAmericaAsia.Withinourcoverageuniversebancassurancecanrepresentsupto50%ofabanksP(2)industrywidedisruptionmeansbanksneedtomovetoameintegratedfinancialservicesmodel.Thatsaidthebancassurancebusines

16、smodelisnotwithoutitsownchallenges.Inthisnoteweweightheprosconsofowningabancassurerinfastchangingwld.Whyisbancassurancedesirable?Lessdependenceoneconomiccycles:Noncreditrelatedincomeislessexposedtoeconomiccyclestherebypr

17、ovidingmeearningsresilience.Whereasloangrowth(thatdrivesinterestincome)loanlossprovisions(arisingfromassetqualitydeteriation)crelatestronglywitheconomicgrowththedriversofnoninterestincomesuchasfeesfrombancassurancetendto

18、belessdependentoneconomiccyclesmestructurallydriven.?Lesscapitalintensive:Ingeneralabanksinsuranceoperationisusuallylesscapitalintensiveespeciallythebrokeragebusinesspensionssegments.Duetoincreasedbankingregulatycapitalr

19、equirements(BaselIII)thebusinessofprovidingloansnowrequireshigherlevelsofcapital.Incontrastinsurancebrokeragedoesnotfacesuchcapitalrequirementsregulatyscrutiny.Withbancassurancebankscanprovidegrowthwhileconsumingfewerres

20、ourcesthantheywoulddotounderwriteloans.?UnderpinsROE:GiventhatabanksnoninterestincomebusinessdoesnotrequireasmuchcapitalittendstogeneratehigherROE.Assuchthelargerabank’sbancassuranceoperationthehigherthepositivecontribut

21、iontogroupROE.?Riskofdisruptionplaysinfavourofthebancassurancemodel:Disruptioninretailbankingmeansinourviewthatbanksmustmovetoameintegratedfinancialservicesapproach.Goingfwardwethinkcustomersshouldsatisfymeoftheirfinanci

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