Life, annuity and pension firms are struggling to generate profits for shareholders, members and policyholders due to the global economic slowdown, increased competition and low interest rates. This confluence of factors is leading many insurers to reassess which products and markets are to be considered strategic, and how to best manage the discontinued, unprofitable and non-strategic portions of their business, according “Strategies and Options for Managing Closed Blocks: Life, Annuities, and Pensions Edition,” a new report from Celent.

Celent estimates that in terms of premiums, 40.4 percent of the total U.S. life insurance market (excluding critical illness and disability), and 39.6 percent of the UK life insurance market, (in terms of premiums for life, annuities and pensions) are derived from non-strategic or closed blocks.

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