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The overall insurance industry’s rapid growth is likely to drive innovation in variable life insurance manufacturing, pushing the market throughout the forecast period.

The global variable life insurance market is expected to grow from $115.71 billion in 2022 to $123.41 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The global variable life insurance market size is expected to reach $156.97 billion in 2027 at a CAGR of 6.2%.

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Global Variable Life Insurance Market Segments Include:

• By Type: Fixed Premium, Variable Universal Life Insurance
• By Components: Death benefits, Add-on benefits
• By End-User: Agency, Brokers, Bancassurance, Digital and Direct Channel
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global variable life insurance market in 2021.

Major Market Players in the variable life insurance market include Allianz, AXA SA, Generali, Ping An Insurance, Aflac, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway.

In the variable life insurance industry, new product creation has emerged as a prominent trend that is gaining traction. To increase their market position, major players in the variable life insurance market are offering new innovative life insurance products. For example, Prudential Financial, Inc., a US-based insurance company, introduced Prudential FlexGuard® Life in November 2022, an innovative index-variable universal life insurance policy that provides a versatile blend of coverage, growth potential, and accessibility to cater to customers’ evolving life insurance needs. If the relevant rider is applied to the policy, Prudential FlexGuard® Life provides death benefit protection with set duration options, multiple strategies to improve cash values, and the flexibility to collect death benefits early in the case of chronic or terminal disease. Customers may take control of their future because the solution is customizable and can be adjusted to meet changing needs. It provides them with access to cash values when needed, providing them with a unique opportunity to leave a legacy and boosting their ability to obtain living benefits.

The Variable Life Insurance Global Market Report 2023  provides a variable life insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The variable life insurance market forecast analyzes variable life insurance market size, variable life insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Variable life insurance is a type of permanent life insurance that allows the policyholder to invest the policy’s cash value in a wide range of investment options, including stocks, bonds, and mutual funds. It is most effective for persons who can afford to pay potentially higher premiums and tolerate market volatility. A variable life insurance policy includes both an investment and life insurance.

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