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Tables of Contents for Bancassurance
Chapter/Section Title
Page #
Page Count
List of Tables
xiii
2
List of Figures
xv
2
Preface
xvii
 
1 Introduction
1
3
2 Evolution of the Bancassurance Concept
4
40
Introduction
4
1
2.1 The concept of bancassurance
4
9
Banking and insurance: differences and similarities
5
1
Differences between banking and insurance
5
1
Similarities between banking and insurance
6
1
Defination of the bancassurance concept
7
3
Historical developments of bancassurance
10
3
2.2 Evolution of the demand for financial services
13
8
Demographic changes
13
3
Trends in savings patterns
16
3
Increasing customer awareness
19
2
2.3 Evolution of the competitive environment in the financial services industry
21
15
Changes in the competitive environment of banks
21
1
Evolution of the competitive forces in the banking industry
21
5
Profitability trends in banking
26
2
Changes in the life insurance industry
28
1
The growth patterns in the life assurance market
28
3
Competition in the life assurance industry
31
2
The new face of distribution in life assurance
33
3
2.4 The success of bancassurance
36
8
The extent of the bancassurance phenomenon
36
2
Barriers to success in bancassurance
38
1
Customer resistance
38
1
Choice of organisational structures
39
1
Cultural conflicts in bancassurance
40
2
General insurance
42
1
Conclusion
43
1
3 Bancassurance in the United Kingdom
44
28
Introduction
44
1
3.1 Regulatory changes in the United Kingdom
44
7
The Financial Services Act (1986)
45
3
The Building Societies Act (1986)
48
3
3.2 Major bancassurers in the United Kingdom
51
14
The precursors
51
1
TSB Group
52
2
Barclays Bank
54
2
The second tier bancassurers
56
1
Lloyds Bank
56
1
Midland Bank
57
1
Britannia Building Society
58
1
National & Provincial Building Society
59
1
Woolwich Building Society
59
1
Royal Bank of Scotland
60
1
Recent additions to the bancassurance scene
61
1
National Westminster
61
1
Abbey National
62
1
The very latest bancassurers
62
1
Assurbanque' in the United Kingdom
63
2
3.4 Main features of bancassurance in the United Kingdom
65
7
Modes of entry in bancassurance
65
2
Organisational structures
67
1
Distribution: the key to success in bancassurance?
68
1
Main channels of distribution in bancassurance
68
1
Managerial efforts to achieve distribution synergies
69
1
Conclusion
70
2
4 Bancassurance in Europe
72
25
Introduction
72
1
4.1 Bancassurance in France
72
8
French bancassurers in the life sector
72
5
General insurance
77
2
French bancassurance environment
79
1
4.2 Bancassurance in Germany
80
2
German bancassurers
80
2
German bancassurance analysis
82
1
4.3 Bancassurance in Italy
82
3
Italy's bancassurers
82
2
Italian bancassurance development
84
1
4.4 Bancassurance in the Netherlands
85
4
Dutch bancassurers
85
3
Analysis of Dutch bancassurance
88
1
4.5 Bancassurance in Spain
89
3
Spanish bancassurers
89
2
Analysis of Spanish bancassurance
91
1
4.6 Bancassurance in Europe: a cross-country comparison
92
5
Country-specific factors in the bancassurance trend
92
2
Entry routes in different European countries
94
1
Level of bancassurance integration in Europe
95
1
Conclusion
96
1
5 The Theory of Corporate Diversification
97
41
Introduction
97
1
5.1 The nature of the corporate diversification process
98
10
Categories of diversification strategies
98
1
Classification of corporate diversification strategies
98
3
Rumelt's specialisation ratio
101
3
Entry vehicles
104
1
Entry through internal development
104
1
Entry through acquisition
105
1
Sequenced entry
106
1
Organisational structures
107
1
Vertical differentiation
107
1
Horizontal differentiation
108
1
5.2 Theoretical rationale for congolomerate diversification
108
14
Agency theory
110
3
Profitability of target
113
2
Synergies
115
2
Financial synergies
117
2
Risk-reduction motive
119
3
5.3 Empirical evidence
122
7
Testing various hypotheses of corporate diversification
122
1
Methodology
122
1
Results
123
3
Testing the performance of related and unrelated diversification
126
1
Methodology
126
3
Results
129
1
5.4 Applicability of corporate diversification literature to bancassurance diversification
129
9
The nature of the process of bank diversification in insurance
130
1
Theoretical motives for bancassurance diversification
130
1
Growth in size
131
2
Profitability of life insurance
133
1
Synergies
133
2
Financial motives
135
1
Risk reduction
136
1
Conclusion
137
1
6 Review of the Empirical Studies on Bank Diversification and Risk
138
49
Introduction
138
1
6.1 Background to corporate diversification
138
1
6.2 Bank risk and diversification: studies that use actual bank experiences
139
2
6.3 Bank diversification and risk: studies that use hypothetical business combinations
141
23
Variance-covariance analyses
145
1
Portfolio simulations
146
8
Merger simulations
154
10
6.4 Data issues
164
14
Market versus accounting data
164
4
Return measures
168
2
Risk measures
170
6
Industry weighted and unweighted averages
176
2
6.5 Literature appraisal and its applicability to bancassurance and risk
178
9
Bank diversification and risk: studies using actual bank experiences versus hypothetical combinations
178
2
Studies using hypothetical combinations: portfolio versus merger simulations
180
4
Applicability to the research question
184
1
Conclusion
185
2
7 The Risk Effects of Bank Diversification into Bancassurance
187
34
Introduction
187
1
7.1 Methodology
187
18
Methodology
188
1
Risk and return measures
189
1
Return
189
1
Standard deviation
190
1
Coefficient of variation
190
1
Z-score
191
1
Industry statistics
192
2
Accounting for life assurance
194
1
Industry structure -- mutual and composite insurers
194
1
Reporting practices
195
3
Designing proxies for life insurers' performance
198
4
Data
202
1
Banking sample
202
1
Life assurance sample
203
2
7.2 Descriptive statistics of sample firms
205
9
Sample firms as a percentage of total population
205
2
Asset growth and profitability trends
207
2
Sample performance
209
5
7.3 Results
214
7
Hypothetical industry 1: Building Societies-mutual Insurers
215
1
Hypothetical industry 2: Building Societies-proprietary life insurers
216
1
Hypothetical industry 3: Commercial banks-mutual Insurers
216
1
Hypothetical industry 4: Commercial banks-proprietary life insurers
217
2
Conclusion
219
2
8 Regulatory Issues
221
21
Introduction
221
1
8.1 Regulatory trends in the financial services industry
221
3
8.2 State of regulations regarding bancassurance
224
8
Regulations pertaining to production
224
1
Regulations pertaining to distribution
225
1
Regulations pertaining to ownership
226
1
EU regulations pertaining to bancassurance
227
5
8.3 The rise of regulatory concerns
232
7
Competition
232
1
Consumer protection
233
1
Risk of double gearing
234
2
Risk of contagion
236
2
Transparency and authority for supervision
238
1
8.4 Other regulatory issues
239
3
Conclusion
240
2
9 Conclusions
242
2
Bibliography
244
18
Index
262