OneLife Company SA, a Luxembourg life assurance specialist, has published its annual financial statements, establishing 2021 as a record year in terms of financial and commercial performance, despite the global context still being disrupted by the COVID-19 pandemic and volatile markets.
In 2021, total premiums increased by 30% compared to the prior year, reaching €1.08 billion - a historic high for the 30th anniversary of the Luxembourg life assurance company.
With a record year in Belgium, OneLife has confirmed its status as a major player of Luxembourg unit-linked life assurance on this market. In France, the premiums generated under the Freedom to Provide Services (FPS) regime from Luxembourg passed a new threshold, confirming the success of the commercial strategy deployed over the past two years. The premiums collected in France by the French OneLife branch also produced excellent results. Similarly, premiums collected in the Nordic markets remained at sustained levels. Investments made and strategic partnerships established in the Iberian market and United Kingdom (UK) expatriate client segment augur well for 2022.
As a result of high premium collections and outperformance in the market, assets under management increased by 16%, reaching a new record of €9 billion.
Moreover, the net result of all the initiatives implemented by the company and its employees also generated record profitability with earnings of €14.1 million (compared to €5.3 million in 2020).
Lastly, the company confirmed its financial stability with a solvency II ratio of 138% at year end.
"These exceptional results are the fruit of an effective growth strategy and collective effort to develop bespoke solutions closely meeting the needs of our private and professional clients", stated Antonio Corpas, CEO of OneLife. "We would like to thank our partners for the trust they have placed in us, and also our teams for their commitment and enthusiasm over the years. While our company celebrated its 30th anniversary in 2021, the time has now come to launch a new development phase in order to confirm the intensification and diversification of our sources of premiums, and to actively contribute to the continued success of the Savings & Financial Services division of the APICIL Group".
In 2021, OneLife notably focussed on enhancing the client / partner experience on its digital platforms, on developing new products such as the pensions policy in Sweden, on innovative investment solutions and on simplifying its internal processes by committing to a continuous improvement certification programme. Such initiatives directly emanate from the APICIL Group strategic plan, Horizon 2024, which aims to build a long-term corporate model and offer innovative cross-border wealth management solutions from the base in Luxembourg. At the heart of the group’s DNA, the focus on corporate social responsibility (CSR) is also a priority: OneLife will continue its supporting actions notably in the areas of inclusion, occupational wellbeing and environmental protection.
Following the COVID-19 pandemic, OneLife is continuing to offer flexible working conditions to its employees. In late 2021, the company was awarded "Great Place to Work®" for the very first time, in recognition of ongoing efforts to establish trustful relationships, commitment and collective pride in the workplace.