FINANCE - INSURANCE

Annual results

Cardif Lux Vie reports record turnover for 2021



BGL BNP Paribas' life insurance subsidiary, Cardif Lux Vie, reported a record turnover of €3.4bn in 2021. Photo: Matic Zorman.

BGL BNP Paribas' life insurance subsidiary, Cardif Lux Vie, reported a record turnover of €3.4bn in 2021. Photo: Matic Zorman.

Cardif Lux Vie, a subsidiary of BGL BNP Paribas has recorded a turnover of €3.4bn in 2021, resulting in an increase well above pre-crisis levels.

The Luxembourg life insurance company highlighted its record performance in a press release announcing its 2021 results.  Its turnover has almost doubled from €1.8bn in 2020 to €3.4bn which is more than a post-crisis catch-up, in 2019 turnover was €2.1 billion and in 2018--€2.8 billion.

The company's net result is back to its pre-covid levels with €50m in 2021 compared to €39.1m in 2020 and €50.8m in 2019. Assets under management continued to grow and have now reached €31.9bn, compared to €28bn in 2020 and €27.9bn in 2019.

€169.3m in the local market

Net inflows amounted to €1.6bn, of which 82.4% was the result of unit-linked products. The Luxembourg. residents’ market was evaluated at €169.3m of which €74.8m amount to money for retail customers. In terms of overall wealth management activity, Cardif Lux Vie recorded a turnover of €3.3bn, up 98% compared to 2020, 71% of which was generated in units of account.

To explain its growth, the company highlights the acceleration of its digitalisation and the implementation of major projects in 2021. For the future, it intends to “rely on levers such as the use of data or the deployment of the APIs of the information system in order to strengthen its leading position and make Luxembourg life insurance more accessible in all markets,” adds its CEO, Christian Gibot.

The company employs 318 people, six less than in 2020.

This story was first published in French on Paperjam. It has been translated and edited for Delano.