After a record year in 2021, the Luxembourg life insurance company Cardif Lux Vie posted a decline of over one-fifth of its revenue in 2022, of which 67% was in unit-linked products. Net income after taxes also dropped by 5.8% to €47.1m. Assets under management was also down by 8.3% to €29.3bn, compared to €31.9bn in 2021, but still higher than €28bn in 2020 and €27.9bn in 2019.
The company stated in a press release that the decline was “a result of adverse developments in financial markets.”
€100.5m in the local market
Business in the Luxembourg residents and greater Luxembourg region retail clients market totalled €100.5m. Inflows from investment savings rose by 34%, with retirement savings totalling €12m and planned savings remaining stable. For Cardif Lux Vie, one of the highlights for the year was to gain the Luxflag ESG Insurance Product certification for its OptiPension+ and MyPension+ policies.
Reflecting on future developments, Alexandre Draznieks, CEO of Cardif Lux Vie, commented: “We are now going to step up our transformation by prioritising the industrialisation of our businesses.”