Christian Gibot, CEO of Cardif Lux Vie; Credit: Cardif Lux Vie

Cardif Lux Vie, the Luxembourgish life insurance company owned by the BGL Group, today announced its 2020 results, the main highlights of which included assets under management amounting to €28 billion at the 2020 year-end, a revenue of €1.8 billion and net income of €39.1 million. 

In conditions dominated by the COVID-19 health crisis, Cardif Lux Vie collected €1.8 billion in premiums (down 18% compared to 2019). The company generated net income of €39.1 million (up 2.6%), whilst assets under management remained stable at €28 billion (up 0.4%).

In its efforts to be an environmentally and socially aware insurer, the company announced plans to accelerate the development of its responsible policy by investing an additional €400 million in activities having a positive impact by the end of 2025.

Wealth Management

Cardif Lux Vie’s Wealth Management business posted revenue of nearly €1.7 billion, 62% of which is in units of account (UC). The consequences of lockdowns and market volatility were visible early in the year, but the company performed well in the last quarter when it was able to improve its offering (policies, investment vehicles, CSR approach) and customer service, both of which form the basis for strong development over the coming years.

Local market

With €80.9 million in inflows on the local market, despite a dip in the Investment Savings business (down 44% compared to 2019) due to the difficulties arising from the health situation, Cardif Lux Vie recorded higher figures in Instalment Savings (up 7%) and Retirement Savings (up 3%) thanks to the resilience of the BNP Paribas Group’s bancassurance model, the alliance with the BGL BNP Paribas network and the development of Brokerage activities.

Christian Gibot, CEO of Cardif Lux Vie, commented: “In testing times, Cardif Lux Vie achieved respectable results in 2020 while constantly looking to protect its staff and maintain the level of service expected by its clients and partners. We went into 2021 and the next stage of our development with peace of mind, and the goal of being even more client-centric; of being a modern, innovative, responsible and committed company making insurance more accessible on all of the markets on which we operate".

As of 31 December 2020, Cardif Lux Vie counted 324 employees.