Top Companies in Bancassurance Market | Top Key Players Statistics, Revenue, Past and Future data Analysis | Vantage Market Research
Bancassurance is a connection between insurance and the bank that offers the protection administration or protection plans to the bank clients.
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Market Overview:
The Global Bancassurance Market is valued at USD 1,251.4 Billion in the year 2021 and is projected to reach a value of USD 1,725.4 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.50% over the forecast period. Bancassurance refers to a financial endorsement connecting a bank and an insurance company, wherein the bank earns supplemental revenue and a profitable sum of money by selling the policies of the insurance firm. It comprises various insurance plans and policies, such as endowments, unit-linked insurance plans (ULIPs), marine, health, and property. It assists in growing the product portfolio of banks, increases the turnover without any capital outlay, and provides a high return on equity. Besides this, it assists insurance companies to grow their sales and profits by increasing the market reach and consumer base, which, in turn, obtains immense traction worldwide.
The Bancassurance market is expected to continue its influence in the forecast period as the multiple regions will permit the market to have various growth opportunities. Cross-country growth would be considerable and driven by the rising currencies, higher insurance penetration, as well as the growing population of middle-class families. In current years, with the growth of the private banking sector, the banking sector has encountered a systemic and functional change. Banking institutions have begun initiating enhanced products and customer service to vanquish the increasing competition. To encourage domestic business development, new legislation was also initiated by the governments of developing regions.
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Some of the key players operating in the Bancassurance Market are listed below
|
Company Name |
Revenue in the US |
|
$8 Billion |
|
$12 Billion |
|
$17 Billion |
|
$43 Billion |
|
$41 Billion |
|
$49 Billion |
|
$20 Billion |
|
$16 Billion |
|
$29 Billion |
|
$20 Billion |
ABN AMRO Bank N.V. operates as a bank. The Bank provides savings, credit and debit cards, loans, insurance, investments, mortgages, and pension plans and provisions, as well as renders online and mobile banking services. ABN AMRO Bank serves customers worldwide. The company was founded in 1991 and its headquarters is in the Netherlands.
Australia and New Zealand Banking Group Limited provide banking services. The Bank offers accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Australia and New Zealand Banking Group serve customers in New Zealand and Australia. The company was founded in 1835 and its headquarters is in London, United Kingdom.
Banco Bradesco S.A., together with its subsidiaries, provides various banking products and services to individuals, corporates, and businesses in Brazil and internationally. The company operates through two segments, Banking, and Insurance. It provides current, savings, click, and salary accounts; real estate credit, vehicle financing, payroll loans, mortgage loans, microcredit, leasing, and personal and installment credit; debit and business cards. Banco Bradesco S.A. was founded in 1943 and is headquartered in Osasco, Brazil.
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services. American Express Company was founded in 1850 and is headquartered in New York, New York.
Banco Santander SA is a banking services company, which engages in the provision of banking services to individuals, companies, and institutions. It operates through the following segments: Europe, North America, South America, and Global Platform. The Europe segment comprises business activities carried out in the region. The North American segment includes business activities in Mexico and the United States. The South America segment involves the financial activities of the Group through its banks and subsidiary banks in the region. The Santander Global Platform segment deals with global payments services, fully digital banks, and digital assets. The company was founded on March 21, 1857, and is headquartered in Madrid, Spain.
BNP Paribas SA engages in the provision of banking and financial services. The company operates through the following business: Retail Banking and Services, and Corporate Institutional Banking. The Retail Banking and Services business includes the retail banking networks and specialized financial services in France and around the world. The Corporate Institutional Banking business is a provider of financial solutions to corporate and institutional clients. It helps all its individuals, community associations, entrepreneurs, SMEs, and corporate and institutional clients to realize their projects through solutions spanning financing, investment, savings, and protection insurance. The company was founded in 1822 and is headquartered in Paris, France.
ING Group, a financial institution, provides various banking products and services. The company accepts various deposits, such as current and savings accounts; and offers business lending products, as well as consumer lending products, such as residential mortgage loans, term loans, and revolver and personal loans. It also provides debt capital market, working capital, export finance, daily banking, treasury and risk, and corporate finance solutions; and specialized lending, equity market, finance, payments, and cash management. ING Group was founded in 1762 and is headquartered in Amsterdam, the Netherlands.
Wells Fargo & Co. is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage products and services, and consumer and commercial finance. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.
Barclays PLC operates as a bank holding company that engages in the business of providing retail banking, credit cards, corporate & investment banking, and wealth management services. The firm operates through two divisions: Barclays UK and Barclays International. The Barclays UK division comprises the U.K. retail banking operations, U.K. consumer credit card business, U.K. wealth management business, and corporate banking for smaller businesses. The bank was founded on July 20, 1896, and is headquartered in London, the United Kingdom.
Intesa Sanpaolo S.P.A. attracts deposits and offers banking and financial services. The Bank offers consumer credit, asset management, internet banking, merchant banking, securities brokerage, factoring, and lease financing services, as well as manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and offices elsewhere in Europe, Asia, and the United States. The company was founded in 2007 and its headquarters are in Italy.
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