“2023 was a pivotal year for Onelife, characterised by increasing regulatory pressure and economic factors, notably high inflation and interest rates, that have fuelled competition from non-insurance products”, said Bruno Valersteinas, CEO of Onelife, announcing the 2023 annual results on Tuesday. Photo: Onelife

“2023 was a pivotal year for Onelife, characterised by increasing regulatory pressure and economic factors, notably high inflation and interest rates, that have fuelled competition from non-insurance products”, said Bruno Valersteinas, CEO of Onelife, announcing the 2023 annual results on Tuesday. Photo: Onelife

Onelife’s assets soared by 10% to reach €9.654bn in 2023, although the company faced a notable 20% decline in net profit, reporting €13.62m compared to €16.87m the previous year.

Onelife, a Luxembourg-based life assurance specialist, its annual financial report for 2023 on Tuesday 23 April, marked by challenging market conditions. Onelife stated that diversification across eight European markets, including leading positions in Belgium and France, drove assets under management to exceed €9bn, reaching €9.654bn by 2023’s conclusion. Alongside stringent cost management practices, the company reported a net a Solvency II ratio of 147%.

However, net premium proceeds declined 28% to €1.026bn, compared to €1.429bn in 2022, reflecting market trends and regulatory pressures. Net profit for the financial year also dropped by 20% to reach €13.620m in 2023, compared to €16.870m in 2022.

Claims incurred, net of reinsurance, rose to €831m in 2023 from €676m in 2022. Conversely, investment income increased to €178m from €166m, while investment charges decreased to €59m from €61m. Net operating expenses also declined to €77m from €78m in 2022.

During the 2023 annual general meeting, a dividend of €7.7m was distributed to the sole shareholder.

on the performance in a statement, CEO highlighted resilient inflows amidst regulatory pressures and economic challenges. He attributed success to strong partnerships and commitment to tailored solutions.

Additionally, Onelife highlighted that throughout 2023, it enhanced digital services, joined the Swift community and introduced tools for partner compliance. The company also reinforced its anti-money laundering and counter financing of terrorism system. Onelife was €580,000 in May 2023 by the Luxembourg’s insurance commission CAA in relation to AML/CFT failures.

Looking ahead to 2024, Onelife said it plans to enhance partner and client experiences, meet regulatory requirements, and improve digital capabilities while maintaining human-centric practices, stated the press release. Initiatives include launching a new digital application functionality and expanding presence in Belgium with a new branch.

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