Cardif Lux Vie Turnover Falls 21% to €2.7bn

On Friday 14 April 2023, Luxembourg insurance company Cardif Lux Vie, which is a subsidiary of BNP Paribas Group, published its financial results for 2022.

Following a record year in 2021, Cardif Lux Vie posted a 2022 net turnover of €2.7 billion- a decrease of 20.7% compared to €3.4 billion the previous year.

By 31 December 2022, the company's net result had reached €47.1 million (down 5.8%) and assets under management amounted to €29.2 billion (down 8.3%). According to Cardif Lux Vie, this decline was due to "adverse developments in financial markets".

Cardif Lux Vie's Wealth Management business generated €2.6 billion in turnover. 2022 was an important year in terms of digitalisation, with the delivery of fully virtual processes for France and Belgium. According to the company, business was also driven by the following developments in units of account: expanded distribution of the "Specialised Insurance Fund" and inclusion of private equity funds in the offering. The company also confirmed its compliance with new regulatory obligations on sustainable finance (IDD2, SFDR) and its positioning as a facilitator for the integration of its partners' environment, social and governance (ESG) strategies.

Business in the Luxembourg resident and Greater Region retail client market amounted to €100.5 million. Inflows from investment savings rose by 34%, with retirement savings totalling €12 million and planned savings "remaining stable".

On 29 September 2022, Cardif Lux Vie obtained the LuxFLAG ESG Insurance Product certification for its OptiPension+ and MyPension+ policies, making it, according to the company, the first insurer to be awarded this label for a pension savings product. Regarding distribution, business generated via brokerage networks grew by 25% while collaboration with the BGL BNP Paribas network was further strengthened. Digitalisation of the Cardif Lux Vie platform is ongoing, as is the delivery of a fully virtual outstanding balance insurance (ASRD) process.

"These solid annual results support our development strategy. We are now going to step up our transformation by prioritising the industrialisation of our businesses. Committed, now more than ever, to our partnership culture, we will further increase our initiatives and position ourselves as a facilitator of growth," commented Alexandre Draznieks, CEO of Cardif Lux Vie. "I believe that our collective intelligence, know-how, commitment to a more responsible economy and the solidity of our group are all strengths that allow us to look to the future with confidence."