From Generali to Poste Vita to Intesa Sanpaolo, bancassurance is betting on the potential of supplementary pensions

Milan, 02/05/2024 – In our country, compulsory pension provision is destined to decline, complementary pension provision is destined to grow, but only 9.4 million workers, equal to 1/3 of the total, protect their future with a supplementary pension ( 2022 data). If pension funds (closed, open, pre-existing, PIP – Individual pension plans) are characterized by a strong concentration, in bancassurance Generali follows the trend better with 19 billion euros of pension reserves in 2022 (25.8% of the market) compared to Life reserves (148.3 billion, 20.7% of the market), delta +5.1% of the pension market share compared to Life. Followed by Poste Vita (10.8 billion in forecast reserves, 14.7% of the market vs. 142.7 billion in life reserves, 19.9% of the market) and Intesa Sanpaolo (8.4 billion in forecast reserves, 11.4% of the market vs 136.5 billion Life Reserves, 19.1% of the market). Among the banks networks of financial advisors, Mediolanum stands out (4.9 billion Prev. Reserves, 6.6% of the market vs 24.8 billion Life Reserves, 3.5% of the market). This is what can be seen from the research “The supplementary pension market in Italy”, carried out by Excellence Consulting.

In the first part, the study by the Milanese company, which processes Ania, Covip and Ivass data as of December 2022, focuses on supplementary pensions, in the second on what the distribution channel is doing. From 2021 to 2022 in Italy, complementary pension schemes will increase by 5.4% and concern 9.24 million workers (1/3 of the total). The highest average contributions are observed in Lombardy and Lazio, with 3,350 and 3,010 euros respectively, followed closely by Emilia-Romagna with 2,920 and Piedmont with 2,810 euros. The most likely to expand from 2021 to 2022 are the negotiated pension funds (+9.9%, 3.7 million registered), which precede the open pension funds (+6%, 1.79 million registered), pre-existing pension funds (+4 .4%, 0.65 million members), New PIPs – Individual pension plans (+2.4%, 3.53 million members), Old PIPs (0.31 million members).

The photograph of the players by category highlights a high concentration of the market. The top 7 occupational pension funds (Cometa, Fonchim, Fonte, Laborfonds, Fondenergia, Fondoposte, Fopen) add up to 32% of members and 59% of assets (36,164 million vs 61,101 total market). The first 7 pre-existing pension funds (Previndai, Intesa Sanpaolo Defined Contribution Pension Fund, Unicredit Defined Contribution Pension Fund, “Mario Negri” Fund for commercial/shipping/transport companies, Previp, BCC Pension Fund, Previbank) 64% of members and 69 % of assets (38,534.8 million vs 56,160 total). The top 7 open pension funds (Arca, Intesa Sanpaolo Vita, Fideuram Vita, Amundi, Allianz, Azimut, Generali) account for 57% of members and 59% of assets (16,677.5 million vs 28,047 in total). The top 7 individual pension plans (Poste Vita, Generali, Alleanza Assicurazioni, Mediolanum, Allianz, Unipolsai, Gamalive) account for 76% of members and 78% of assets (35,626.4 million vs 45,492.2 million in total).

The key point of the research is the passage in which it is verified how the main banks and national insurance companies satisfy the demand for supplementary pensions. To do this, Excellence compares the market shares in traditional life policies (Branch 1, Unit Linked, Unite Linked with capitalisation, etc.) with those in supplementary pensions (PIP – Individual pension plan and FPA – Open pension fund). If it is true that Generali alone has a share of the pension market (19 billion, 25.8% of the market) higher than the life market (148.3 billion, 20.7% of the market), delta +5.1%, further growth potential shown by Poste Vita (10.8 billion in the Prev., 14.7% of the market vs. 142.7 billion in the Life, 19.9% of the market) and Intesa Sanpaolo (8.4 billion in the Prev., 11, 4% of the market vs 136.5 billion in Life, 19.9% of the market). For completeness, it is worth mentioning Allianz (5.1 billion in the Prev., 6.9% of the market vs 52.3 billion in the Life, 7.3% of the market) and Unipolsai (7.1 billion in the Prev., 9.7% of the market vs 38.5 billion in Life, 5.4% of the market). Among the network banks, the data for Mediolanum is interesting, recording 4.9% billion in Prev., 6.6% of the market vs 24.8 billion in Life, 3.5% of the market).

“From 2020 to 2050 – states Maurizio Primanni, CEO of Excellence Consulting – the gross replacement rate of compulsory social security will decrease from 71.7% to 58.4% in the private sector and from 54.9% to 46.7% among the self-employed (data from the General Accounting Office of the State), but supplementary social security in Italy is still at a standstill: supplementary social security forms in our country represent less than 10% of GDP at the end of 2022, in the UK over 100% and in the Netherlands more than 200%. Our research demonstrates that, if on the one hand there is awareness, both on the part of workers of the need for this choice, and on the part of distributors – in particular Generali, Poste Vita and Intesa Sanpaolo, and Mediolanum among the networks, – of great potential of this market, on the other hand there is the opportunity to accelerate the growth processes, improving the organizational models and commercial approaches dedicated to pensions.


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