Alexandre Draznieks, CEO of Cardif Lux Vie; Credit: Cardif Lux Vie

On Tuesday 2 April 2024, Luxembourg insurance company Cardif Lux Vie, a subsidiary of BGL BNP Paribas, published its 2023 financial results.

The insurer ended 2023 with a turnover of €2.46 billion (down from €2.7 billion in 2022), assets under management of €30.2 billion (up from €29.2 billion) and a net profit of €41.6 million (down from €47.1 million).

According to Cardif Lux Vie, the company had "achieved a very good performance" in 2023 despite a "complex market environment", and it had "ended the year by reaffirming its position as a key player in the Luxembourg life insurance sector".

Wealth Management

Cardif Lux Vie reported that its Wealth Management business generated €2.4 billion in turnover, 58% of which was in unit-linked funds. The year was reportedly punctuated by a sustained sales drive and actions to develop the product range, both in general and unit-linked funds. The company added that it had responded to the new requirements of its partners and introduced "competitive innovations". In terms of distribution, the insurer has extended its geographical coverage and is continuing to roll out 100% digital services.

On the "data" side of Environment, Social and Governance (ESG), Cardif Lux Vie noted that it offers solutions for integrating ESG strategies with its partners, supporting them in their approach.

Local market

Business in the Luxembourg residents and Greater Luxembourg Region retail clients market totalled €77 million in 2023, up 8% from 2022. New money invested in Protection amounted to €7.6 million (down 36%), while the Savings business remained stable, with €41 million invested in Investment Savings and almost €28 million in Programmed Savings.

In terms of sustainability, Cardif Lux Vie noted that 2023 was marked by the renewal of the LuxFLAG ESG label for its pension insurance policies and obtaining the same label for its Programmed Savings insurance offer.

"2023 was a challenging year for us. Our ability to weather an unfavourable environment demonstrates, once again, that our business model is very robust, and that we can innovate and seize new opportunities with a great deal of agility. The momentum seen in the last quarter of 2023 means that we can look to the future with confidence," commented Alexandre Draznieks, CEO of Cardif Lux Vie. "We will continue to pursue our path of growth by investing to transform our production chain and strengthening our competitiveness. Broad geographical coverage, a tailor-made offering and a unique culture of partnership are invaluable assets in our bid to reach these aspiring goals."