EXECUTIVE SUMMARY 2
MARKET OVERVIEW 7
Market definition 7
Research highlights 8
Market analysis 9
MARKET VALUE 10
MARKET SEGMENTATION I 11
FIVE FORCES ANALYSIS 12
Summary 12
Buyer power 13
Supplier power 14
New entrants 15
Substitutes 16
Rivalry 17
LEADING COMPANIES 18
Allianz AG 18
Liberty Holdings Limited 24
Sanlam Limited 28
Old Mutual 30
MARKET FORECASTS 33
Market value forecast 33
MACROECONOMIC INDICATORS 34
APPENDIX 36
Methodology 36
Industry associations 37
Related research 37
Disclaimer 38
ABOUT THE PUBLISHER 39
Premium Reports 39
Summary Reports 39
Our Consultancy39

LIST OF TABLES
Table 1: South Africa insurance market value: $ million, 2005–09 10
Table 2: South Africa insurance market segmentation I:% share, by value, 2009 11
Table 3: Allianz AG: key facts 18
Table 4: Allianz AG: key financials ($) 21
Table 5: Allianz AG: key financials (€) 21
Table 6: Allianz AG: key financial ratios 22
Table 7: Liberty Holdings Limited: key facts 24
Table 8: Liberty Holdings Limited: key financials ($) 25
Table 9: Liberty Holdings Limited: key financials (ZAR) 26
Table 10: Liberty Holdings Limited: key financial ratios 26
Table 11: Sanlam Limited: key facts 28
Table 12: Old Mutual: key facts 30
Table 13: Old Mutual: key financials ($) 31
Table 14: Old Mutual: key financials (£) 31
Table 15: Old Mutual: key financial ratios 32
Table 16: South Africa insurance market value forecast: $ million, 2009–14 33
Table 17: South Africa size of population (million), 2005–09 34
Table 18: South Africa GDP (constant 2000 prices, $ billion), 2005–09 34
Table 19: South Africa GDP (current prices, $ billion), 2005–09 34
Table 20: South Africa inflation, 2005–09 35
Table 21: South Africa consumer price index (absolute), 2005–09 35
Table 22: South Africa exchange rate, 2005–09 35

LIST OF FIGURES
Figure 1: South Africa insurance market value: $ million, 2005–09 10
Figure 2: South Africa insurance market segmentation I:% share, by value, 2009 11
Figure 3: Forces driving competition in the insurance market in South Africa, 2009 12
Figure 4: Drivers of buyer power in the insurance market in South Africa, 2009 13
Figure 5: Drivers of supplier power in the insurance market in South Africa, 2009 14
Figure 6: Factors influencing the likelihood of new entrants in the insurance market in South Africa, 2009 15
Figure 7: Factors influencing the threat of substitutes in the insurance market in South Africa, 2009 16
Figure 8: Drivers of degree of rivalry in the insurance market in South Africa, 2009 17
Figure 9: Allianz AG: revenues & profitability 22
Figure 10: Allianz AG: assets & liabilities 23
Figure 11: Liberty Holdings Limited: revenues & profitability 27
Figure 12: Liberty Holdings Limited: assets & liabilities 27
Figure 13: Old Mutual: revenues & profitability 32
Figure 14: South Africa insurance market value forecast: $ million, 2009–14 33