OneLife Posts 194% Profit Increase to €5.3m in 2020

OneLife Company S.A., a Luxembourg life assurance specialist, has just published its annual accounts, which confirm 2020 as another year of strong financial performance despite the market volatility caused by the COVID-19 pandemic.

New premium income amounted to €834 million and was well-diversified across markets in 2020. 

In its primary markets, OneLife maintained its leading position in both Belgium and Denmark. New premiums increased year-on-year by 22% in Belgium.

In France, new premium income generated by the company’s LPS activity from Luxembourg increased by 69%. OneLife’s French branch also supported the ability to serve a diverse range of clientele. Overall, the new premiums on the French market grew by 4%. This growth in market share reflects the company’s commitment to strengthen its salesforce and enhance its value proposition for partners and clients.

The company’s additional core markets in the Nordics and Iberia saw healthy business development and the forging of relationships with new global institutional partners.

As a result, technical provisions grew by 3.3% to reach a new record of €7.7 billion.

In addition to the sales results, OneLife implemented different actions related to cost efficiency to support profitability which rose to €5.3 million in 2020 (compared to €1.8 million in 2019). Profits thus returned to 2018 levels (€5.2 million).

Solvency levels remained good at 137% despite the environment of uncertainty created by the pandemic.

Commenting on the results, Antonio Corpas, CEO of OneLife, stated: “OneLife’s robust results this year demonstrate the strength of the company’s business model and balance sheet as well as the expertise of our teams and the relevance of our value proposition in serving the needs of HNW individuals and their families across multiple jurisdictions". He continued: "OneLife demonstrated resilience and agility in 2020 through the adoption of enhanced ways of working and the fast implementation of change to ensure business continuity in the face of the crisis. OneLife therefore contributed strongly in 2020 to Groupe APICIL in terms of profitability as well as in enhancing the client and partner offering”.

During the course of 2020, OneLife also undertook improvements and added new services to its current proposition. Some examples included simplification and rationalisation of product documentation, daily valuation of certain fund types, a change in global custodian bank, the implementation of a Group Quality Programme and plans for new innovative product launches in 2021.

Furthermore, OneLife conducted alongside Groupe APICIL the building of its four-year strategic plan (Horizon 2024). This project will guide the company in its future development to continue to build a sustainable business model and to innovate in the provision of cross-border wealth solutions from Luxembourg.

Looking forward, OneLife is celebrating its 30th anniversary in 2021.