2018保险100强品牌报告（英文版）.pdf

Insurance 1002018The annual report on the worlds most valuable insurance brandsMarch 2018Brand Finance Insurance 100 March 2018 3.Foreword.What is the purpose of a strong brand: to attract customers, to build loyalty, to motivate staff? All true, but for a commercial brand at least, the first answer must always be to make money. Huge investments are made in the design, launch, and ongoing promotion of brands. Given their potential financial value, this makes sense. Unfortunately, most organisations fail to go beyond that, missing huge opportunities to effectively make use of what are often their most important assets. Monitoring of brand performance should be the next step, but is often sporadic. Where it does take place, it frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly understood by non-marketers. As a result, marketing teams struggle to communicate the value of their work and boards then underestimate the significance of their brands to the business. Sceptical finance teams, unconvinced by what they perceive as marketing mumbo jumbo, may fail to agree necessary investments. What marketing spend there is, can end up poorly directed as marketers are left to operate with insufficient financial guidance or accountability. The end result can be a slow but steady downward spiral of poor communication, wasted resources, and a negative impact on the bottom line. Brand Finance bridges the gap between marketing and finance. Our teams have experience across a wide range of disciplines from market research and visual identity to tax and accounting. We understand the importance of design, advertising, and marketing, but we also believe that the ultimate and overriding purpose of brands is to make money. That is why we connect brands to the bottom line. By valuing brands, we provide a mutually intelligible language for marketing and finance teams. Marketers then have the ability to communicate the significance of what they do, and boards can use the information to chart a course that maximises profits. Without knowing the precise, financial value of an asset, how can you know if you are maximising your returns? If you are intending to license a brand, how can you know you are getting a fair price? If you are intending to sell, how do you know what the right time is? How do you decide which brands to discontinue, whether to rebrand and how to arrange your brand architecture? Brand Finance has conducted thousands of brand and branded business valuations to help answer these questions. Brand Finances research revealed the compelling link between strong brands and stock market performance. It was found that investing in highly-branded companies would lead to a return almost double that of the average for the S&P 500 as a whole. Acknowledging and managing a companys intangible assets taps into the hidden value that lies within it. The following report is a first step to understanding more about brands, how to value them and how to use that information to benefit the business. The team and I look forward to continuing the conversation with you.David Haigh CEO, Brand FinanceBrand Finance Insurance 100 March 2018 5.Brand Finance Insurance 100 March 2018 4.Foreword 3About Brand Finance 4Contact Details 4Definitions 6Executive Summary 8Full Table 12Methodology 14Understand Your Brands Value 15Consulting Services 16Communications Services 17Contents.About Brand Finance.Brand Finance is the worlds leading independent brand valuation and strategy consultancy. Brand Finance was set up in 1996 with the aim of bridging the gap between marketing and finance. For more than 20 years, we have helped companies and organisations of all types to connect their brands to the bottom line.We pride ourselves on four key strengths: Independence Technical Credibility Transparency Expertise.Brand Finance puts thousands of the worlds biggestbrands to the test every year, evaluating which are the strongest and most valuable.For more information, please visit our website:brandfinanceContact Details.For business enquiries, please contact:Richard HaighManaging Director rd.haighbrandfinanceFor media enquiries, please contact:Konrad JagodzinskiCommunications Director k.jagodzinskibrandfinanceFor all other enquiries, please contact:enquiriesbrandfinance+44 (0)207 389 9400linkedin/company/ brand-financefacebook/brandfinancetwitter/brandfinanceFor further information on Brand Finances services and valuation experience, please contact your local representative:Country Contact Email addressAsia Pacific Samir Dixit s.dixitbrandfinance +65 906 98 651 Australia Mark Crowe m.crowebrandfinance +61 282 498 320Brazil Geoffrey Hamilton-Jones g.hamilton-jonesbrandfinance +55 1196 499 9963Canada Bill Ratcliffe b.ratcliffebrandfinance +1 647 3437 266Caribbean Nigel Cooper n.cooperbrandfinance +1 876 8256 598China Scott Chen s.chenbrandfinance +86 1860 118 8821East Africa Jawad Jaffer j.jafferbrandfinance +254 204 440 053France Victoire Ruault v.ruaultbrandfinance +44 0207 389 9427Germany Holger Mhlbauer h.muehlbauerbrandfinance +49 1515 474 9834India Ajimon Francis a.francisbrandfinance +91 989 2085 951Indonesia Jimmy Halim j.halimbrandfinance +62 215 3678 064Ireland Simon Haigh s.haighbrandfinance +353 087 6695 881Italy Massimo Pizzo m.pizzobrandfinance +39 0230 312 5105Mexico & LatAm Laurence Newell l.newellbrandfinance +52 1559 197 1925Middle East Andrew Campbell a.campbellbrandfinance +971 508 113 341Nigeria Babatunde Odumeru t.odumerubrandfinance +234 012 911 988Romania Mihai Bogdan m.bogdanbrandfinance +40 728 702 705Spain Teresa de Lemus t.delemusbrandfinance +34 654 481 043 South Africa Jeremy Sampson j.sampsonbrandfinance +27 828 857 300Sri Lanka Ruchi Gunewardene r.gunewardenebrandfinance +94 114 941 670Turkey Muhterem Ilgner m.ilgunerbrandfinance +90 216 3526 729UK Richard Haigh rd.haighbrandfinance +44 0207 389 9400USA Amy Rand a.randbrandfinance +44 0207 389 9432Vietnam Lai Tien Manh m.laibrandfinance +84 473 004 468Brand Finance Insurance 100 March 2018 7.Brand Finance Insurance 100 March 2018 6.Definitions.Definitions. Brand Value+ Enterprise Value The value of the entire enterprise, made up of multiple branded businesses. Where a company has a purely mono- branded architecture, the enterprise value is the same as branded business value.+ Branded Business Value The value of a single branded business operating under the subject brand. A brand should be viewed in the context of the business in which it operates. Brand Finance always conducts a branded business valuation as part of any brand valuation. We evaluate the full brand value chain in order to understand the links between marketing investment, brand- tracking data, and stakeholder behaviour.+ Brand Contribution The overall uplift in shareholder value that the business derives from owning the brand rather than operating a generic brand.The brand values contained in our league tables are those of the potentially transferable brand assets only, making brand contribution a wider concept. An assessment of overall brand contribution to a business provides additional insights to help optimise performance.+ Brand Value The value of the trade mark and associated marketing IP within the branded business. Brand Finance helped to craft the internationally recognised standard on Brand Valuation ISO 10668. It defines brand as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.Bershire Hathaway Inc.GEICOBrand ValueGEICOGEICOEnterpriseValueBrandedBusinessValueBrandContributionBrand Strength IndexWidely recognised factors deployed by marketers to create brand loyalty and market share. Marketing Investment A brand that has high Marketing Investment but low Stakeholder Equity may be on a path to growth. This high investment is likely to lead to future performance in Stakeholder Equity which would in turn lead to better Business Performance in the future. However, high Marketing Investment over an extended period with little improvement in Stakeholder Equity would imply that the brand is unable to shape customers preference.Stakeholder Equity The same is true for Stakeholder Equity. If a company has high Stakeholder Equity, it is likely that Business Performance will improve in the future. However, if the brands poor Business Performance persists, it would suggest that the brand is inefficient compared to its competitors in transferring stakeholder sentiment to a volume or price premium.Business Performance Finally, if a brand has a strong Business Performance but scores poorly on Stakeholder Equity, it would imply that, in the future, the brands ability to drive value will diminish. However, if it is able to sustain these higher outputs, it shows that the brand is particularly efficient at creating value from sentiment compared to its competitors.MarketingInvestmentPerceptions of the brand among different stakeholder groups, with customers being the most important.Quantitative market and financial measures representing the success of the brand in achieving price and volume premium.StakeholderEquityBusinessPerformanceBrand StrengthBrand Strength is the efficacy of a brands performance on intangible measures, relative to its competitors. In order to determine the strength of a brand, we look at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding rating up to AAA+ in a format similar to a credit rating.Analysing the three brand strength measures helps inform managers of a brands potential for future success.InvestmentEquityPerformanceBrand Finance Insurance 100 March 2018 9.Brand Finance Insurance 100 March 2018 8.Executive Summary.Ping An Brand is Safe and WellPing An tops the 2018 Brand Finance Insurance 100 league table as the sectors most valuable brand for the second year running. The Chinese insurers brand value grew 60%, or US$9.8 billion, to an all-time high of US$26.2 billion. This result comes on the back of reporting the highest profit in the industry, with new business up 32%. This is due to China remaining more dynamic than more established Western markets and thanks to the brands successful policy of introducing and cross-selling new products.Rise of Chinese Brands In spite of a difficult year for many insurers, the values of the top 10 brands in the league table have risen by an average of 32%, with many brands changing ranks. Under economic pressures, competition in the sector is fierce and innovation is driving success, exemplified by Ping Ans dominance and the rise of China.The two brands breaking into the top 10 this year both come from China. CPIC (US$8.7 billion) and PICC Ping Ans brand is safe and well as the company celebrates its 30th anniversary this year. The brands growing market share and excellent financial results speak for themselves. Ping Ans equity with customers also continues to grow, but the brand needs to remain attentive to other stakeholders perceptions too and stay alert to challenges from competitors.David HaighCEO, Brand FinanceExecutive Summary.(US$7.2 billion) are now positioned sixth and ninth, respectively. Brands from mainland China outperformed brands from other parts of the world, growing at an average rate of 42%. This rise in Chinese brand values is largely due to the decrease in perceived risk, as the businesses grow and become more stable.GEICO Shows StrengthAt the same time, Ping An has been knocked back into second place in terms of brand strength, as GEICO became the strongest insurance brand in 2018 with a Brand Strength Index (BSI) score of 84.8 out of 100, and the only one achieving an AAA rating. Scoring very highly across multiple metrics in Brand Finances customer preference market research, GEICO has shown it is able to maintain high stakeholder equity while also growing the business at a consistent rate, and when up against a year with large natural disasters, including Hurricanes Harvey and Irma.Top 10 Most Valuable BrandsRank 2018: 1 2017: 1 BV 2018: $26,155m BV 2017: $16,324mBrand Rating: AAA-1+60%Rank 2018: 9 2017: 14 BV 2018: $7,208m BV 2017: $5,443mBrand Rating: AA9+32%Rank 2018: 10 2017: 7 BV 2018: $7,169m BV 2017: $7,202mBrand Rating: AA-100%Rank 2018: 7 2017: 9 BV 2018: $8,141m BV 2017: $6,616mBrand Rating: AA7+23%Rank 2018: 8 2017: 10 BV 2018: $7,674m BV 2017: $6,335mBrand Rating: AAA-8+21%Rank 2018: 6 2017: 16 BV 2018: $8,738m BV 2017: $5,301mBrand Rating: AA+6+65%Rank 2018: 2 2017: 2 BV 2018: $20,229m BV 2017: $15,197mBrand Rating: AAA-2+33%Rank 2018: 3 2017: 3 BV 2018: $14,393m BV 2017: $10,300mBrand Rating: AAA-3+40%Rank 2018: 4 2017: 5 BV 2018: $13,317m BV 2017: $9,437mBrand Rating: AA+4+41%Rank 2018: 5 2017: 4 BV 2018: $10,270m BV 2017: $9,881mBrand Rating: AA5+4%Brand Value Change 2017-2018 (%)Taiwan LifeCathay Life Insurance CoManulifeCPICPing AnHanwha Life InsuranceLondon Life InsuranceNN GroupIndustrial AllianceSun Life-8%-9%-10%-10%-10%-13%-19%-30%-33%-36%99%72%69%65%60%60%57%56%43%42%W.R. Berkley CorporationAflacScottish WidowsAfg (American Financial Group)ChubbLICNissayPhiladelphia Insurance CompaniesDai-Ichi LifeAgeasBrand Finance Insurance 100 March 2018 11.Brand Finance Insurance 100 March 2018 10.Executive Summary. Executive Summary.Top 10 Strongest BrandsBSI Score84.8BSI Score76.2BSI Score75.4BSI Score79.0BSI Score77.6BSI Score79.1BSI Score84.4BSI Score82.5BSI Score82.3BSI Score79.8Allianz and AXA record growthEuropean giants Allianz and AXA performed well across all geographies in the Brand Finance market research, both jumping up two grades in brand rating to AAA- and AA+ respectively, showing the established brands command global recognition and respect.Germanys Allianz has held on to second place in the brand value league table as it edged back above the US$20 billion mark after recording a decline in 2016 and 2017. The 33% year-on-year brand value gain, from US$15.2 billion to US$20.2 billion, was the result of stronger premiums, as Allianz looks for continued growth with significant investments in technology and new markets, including taking a stake in the UKs LV=. AXA moved up one position in the brand value table to fourth, trading places with pan-Asian life insurer AIA, following 41% growth to US$13.3 billion.MetLifes b