Luxembourg life assurance company OneLife Company SA recently published its financial results for 2022.
As of December 2022, the company confirmed its financial stability with a 144% measure of capital adequacy (solvency II ratio). The reported net result of all the initiatives implemented by the company and its employees generated record profitability, with net earnings of €16.9 million, an increase of nearly 20% compared to 2021.
Despite the market turbulence caused by the war in Ukraine, the energy crisis and rising inflation, the company confirmed a record year both in terms of premiums and financial results.
OneLife reported that its inflows increased by over 30% compared to the prior year, standing at €1.4 billion. Onelife operates beyond Luxembourg in Belgium, France, Spain and Denmark. The new solutions offered in the Swedish and Portuguese markets reportedly stimulated demand, which is expected to grow again in 2023.
The business reported progress among the mobile clientele of British expatriates seeking dedicated solutions. It also reported a stable level of assets.
“These results are the fruit of the H24 strategic plan deployed over the past two years, designed to stimulate and diversify our distribution activities in Europe by concentrating our efforts on efficiency, client support and innovation”, said Elio Fratini, CEO of OneLife.
In 2022, OneLife continued to expand its range of wealth and financial solutions, notably in non-traditional assets. The company described the digital field as a pivotal factor with the deployment of SWIFT and the launch of major projects, such as the future fully-digitalised application process based on the tried-and-tested system of Groupe APICIL, already operational at the French branch office of OneLife.
Regulatory issues occurred during the year, which led OneLife to enhance its KYC and periodic review systems in the context of anti-money laundering and counter-financing of terrorism. It also reported making available certain tools for its partners to collate the environmental, social and governance (ESG) client preferences.
OneLife reported having conducted exhaustive analysis and introducing working groups with a focus on two main areas: employee wellbeing in the workplace and the fight against climate change via low-carbon transition and a responsible investment policy. OneLife also received a “Great Place to Work” certification and Luxembourg’s national institute for sustainable development and corporate social responsibility awarded the company the ESR label in 2022.