COMPANIES & STRATEGIES - SERVICES & ADVISORY

Insurance

Insurance sector on an upward trajectory



One Life’s gross premiums attributed to Luxembourg amounted to €14,714 down from €111,968. Photo: Shutterstock.

One Life’s gross premiums attributed to Luxembourg amounted to €14,714 down from €111,968. Photo: Shutterstock.

Although Luxembourg-headquartered company One Life posted record profitability on a global level, its profits from the grand duchy went down tenfold.

Despite the tremors of the pandemic shaking virtually all sectors, insurance seems to be on an upward trajectory. Some companies have managed to come out on top in the aftermath of the health crisis. One Life, which offers life insurance, pensions and retirement benefits as well as reinsurance, has seen its assets under management reach record global earnings of €14.1m compared to €5m in 2020, marking a strong recovery from the pandemic. Its assets under management also went up by 16% reaching €9bn. However, One Life’s gross premiums attributed to Luxembourg amounted to €14,714 down from €111,968. Revenue from other EU countries rose from €697m to €1bn with its strongest markets being Belgium and France.

The company’s niche is cross-border financial planning solutions for wealthy clients across Europe and beyond and with firms facing slightly different challenges.

The insurance sector was fragmented by the health crisis as Marc Hengen, Managing Director of the Association of Insurance and Reinsurance Companies pointed out in an interview with Delano’s sister publication Paperjam. Insurers have had to adapt their model to take into consideration climate risk with the July 2021 floods heavily impacting Luxembourg, Belgium and Germany.