Cardif Lux Vie Reports €37.9m Net Profit for 2024

On Tuesday 1 April 2025, Luxembourg insurance company Cardif Lux Vie, a subsidiary of BGL BNP Paribas, published its 2024 financial results.

The insurer ended 2024 with assets under management of €33.2 billion (up 10% compared to 2023), a turnover of €3.2 billion (up 29% compared to 2023), of which 58% was in unit-linked products, and a net result (profit) of €37.9 million.

In a press release, Cardif Lux Vie stated that the results reflected the strength and diversity of its business model. The company noted its position as “a key player in the Luxembourg life insurance sector”.

Wealth Management

Cardif Lux Vie reported that its Wealth Management business generated €3.1 billion of turnover, 59% of which was unit-linked. The company said that 2024 was punctuated by a sustained sales drive to consolidate existing partnerships and diversify inflows. It added that it took concrete actions to develop the product range, both in the General Fund and in Units of Account (commercial offers at boosted rates on the General Fund, accelerated integration of Private Equity funds into the External Funds range, specialised single-line insurance funds, buy & hold Structured Products or Alternative Products, etc.).

In terms of distribution, Cardif Lux Vie has extended its geographical coverage and its range of products, for example in Portugal with the new "Capital Gain Home Sale" policy and in the United Kingdom with the new Luxembourg-law policy for UK residents, providing a solution to the end of the "Non-Dom" fiscal regime.

The company added that, in 2024, it continued its digitisation and automation work. These topics are expected to remain a priority in 2025, with the delivery of various interfaces meeting the expectations of its insurance intermediary partners (improvement of digital journeys, development of consultation and transactional APIs, including metadata and documentation). Cardif Lux Vie also noted that it continues to pursue its actions in favour of positive impact, with the aim of increasing the proportion of Articles 8 and 9 Units of Account under Sustainable Finance Disclosure Regulation (SFDR) in its life insurance offering, while assisting financial managers in integrating their environmental, social and governance (ESG) strategies within the Dedicated Internal Funds.

Local Market

Retail and Private Banking business in Luxembourg and the Greater Region amounted to €91.5 million, up 19% compared to 2023. Inflows to the Investment Savings segment of the local market rose by 28%, while inflows to the Programmed Savings segment remained stable. Provident insurance was up 13% as the property market began to recover.

Moreover, Cardif Lux Vie said it continued to place sustainability at the heart of its value proposition. In addition to renewing the LuxFLAG ESG Insurance Product label for its pension insurance and programmed savings policies, the company simplified the medical formalities for the OptiSave+ programmed savings policy to make it more inclusive and reduced the pricing of death cover for the Outstanding Balance and Term Life Policies.

Alexandre Draznieks, CEO of Cardif Lux Vie, commented: "Buoyed by renewed growth in the Luxembourg life insurance market since the end of 2023, Cardif Lux Vie has had a good year in 2024. The company has seized the opportunities offered by this favourable ecosystem, demonstrating a great commercial dynamism while remaining attentive to its long-term positioning. In 2025, Cardif Lux vie intends to pursue its strategic plan, which is fully focused on a clear value proposition for its customers: to be a trusted partner today and tomorrow. To achieve this, we are going to continue to invest in improving our operational efficiency and enhancing the customer experience, in particular through digital innovation".

HOM