Luxembourg insurance company, Cardif Lux Vie has recorded revenues of €2.3 billion for 2016, up 4.7% on 2015, putting it second in the industry in Luxembourg.
Solid performances across its business lines saw the company pass a milestone of having €20 billion of assets under management, and a recorded net income before tax of €53.9 million, up more than 1.1% on the year before.
Cardif Lux Vie ascribed some of the across the board growth seen to ongoing investments being made as part of its transformation plan, including transaction security, improvement in client experience, and digitalisation.
Despite low interest rates and a lacklustre market, Cardif Lux Vie confirmed the success of its 2014-2016 development plan based on the international diversification of its clients' home markets, the markets on which its products are distributed, partners, and solutions proposed. The Wealth Management business registered an increase of nearly 5% in gross inflows compared with 2015. It ranks second on the Luxembourg market for new money in account units. Net inflows rose 22.3% to more than €821 million. Regarding investments in account units, the company's portfolio holds more than 4,250 dedicated internal funds, deposited with around a hundred custodians and managed by more than 230 asset managers.
Growth in recurrent savings premiums, a sharp rise in life insurance inflows, up 12.5% on 2015, and a significant amount of new business are three indications for an excellent 2016.
The Employee Benefits offering was overhauled to improve the client experience, with innovations to make the range of insurance products better suited to the Luxembourg social security system.
In Savings, Cardif Lux Vie's retail business registered revenues of €128 million, up more than 16% on 2015, putting the company in an industry leading position for the third year.
"Cardif Lux Vie produced very good results across all of its business lines in 2016, and confirmed its position as a major player in the Luxembourg insurance business,” said Jacques Faveyrol, CEO of Cardif Lux Vie.
“The Company is upholding its growth forecasts by making the investments needed to remain competitive over the long term. It is accelerating its IT transformation, the necessary cornerstone of its digitalisation strategy, and maintaining its commitment to programmes for managing regulatory change and improving the partner and client experience,” he added.
