2024 was a good year for Cardif Lux Vie, with results reflecting the strength and diversity of its business model. The company confirms its position as a key player in the Luxembourg life insurance sector.
- Assets under management totalled 33.2 billion euros,
- Turnover totalled 3.2 billion euros,
- The net result1 was EUR 37.9 million.
1 – Net result after tax under Luxembourg accounting standards.
Cardif Lux Vie posted premium income of EUR 3.2 billion in 2024 (+29% compared to 2023), of which 58% was in unit-linked products. The Company achieved a net result1 of 37.9 million euros. Assets under management amount to EUR 33.2 billion, up 10% on 2023.
Wealth Management
In Wealth Management, Cardif Lux Vie recorded turnover of €3.1 billion, 59% of which was unit-linked.
The year was punctuated by a sustained sales drive to consolidate existing partnerships and diversify inflows. Concrete actions have been taken 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.
In 2024, the Company continued its digitisation and automation work. Theses topics remain a priority in 2025, with the delivery of various interfaces meeting the expectations of our insurance intermediary partners (improvement of digital journeys, development of consultation and transactional APIs, including metadata and documentation).
Lastly, Cardif Lux Vie is pursuing its actions in favour of positive impact, with the aim of increasing the proportion of Articles 8 and 9 Units of Account under SFDR regulations in its life insurance offering, while assisting financial managers in integrating their ESG strategies within the Dedicated Internal Fund.
Marché local
Retail and Private Banking business in Luxembourg and the Greater Region amounted to €91.5 million, up 19% on 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.
Finally, the Company has 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 has 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.
“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
Alexandre Draznieks, CEO of Cardif Lux Vie.
ecosystem, demonstrating a sgreat 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”
Cardif Lux Vie recorded solid results for 2021. Thanks to a diversified business model in terms of geography, solutions and distribution networks, the company continues to ramp up development of its activities and to invest on behalf of its clients and partners.
- Assets under management of EUR 31.9 billion at end-2021 (+13.9%)
- Revenue of EUR 3.4 billion in 2021 (+92.9%)
- Net income1 of EUR 50 million (+27.7%)
Cardif Lux Vie collected EUR 3.4 billion in premiums, representing a very substantial increase of 92.9% vs. 2020. Net inflows rose to over EUR 1.6 billion (of which 82.4% in units of account). The company generated net income1 of EUR 50.0 million (+27.7% vs. 2020). Assets under management increased and totalled EUR 31.9 billion (+13.9%).
In response to changing market requirements, Cardif Lux Vie has stepped up its transformation and is implementing major plans aimed at offering a new experience to clients and partners as well as speeding up the digitalisation process and enhancing operational efficiency.
Cardif Lux Vie has developed a responsible institutional investor policy in parallel, specifically by offering SRI-labelled units of account within its asset catalogues and by incorporating environmental, social and governance criteria into its strategies and investment processes within the General Fund.
Wealth Management
Cardif Lux Vie’s Wealth Management business posted a 98% year-on-year rise in revenue to EUR 3.3 billion, 71% of which is in units of account (UC).
In addition to a new service offering, 2021 was characterised in particular by an increased marketing effort; this was supported by concrete action on the digitalisation front, with fully virtual processes for partners in the e-Club platform. Business was also driven by the following developments in units of account: expanded distribution of the Specialised Insurance Fund and the External Funds range, creation of thematic Collective Internal Funds, and greater access to private equity.
Marché local
Business in the Luxembourg residents market totalled EUR 169.3 million, which included EUR 74.8 million in inflows from retail clients.
In terms of distribution, business generated via brokerage networks grew 13%2 while collaboration with the BGL BNP Paribas network was strengthened. Ongoing digitalisation of the distribution platform, as well as the full benefits of an automated, integrated operational model, should enable the company to develop new partnership-based opportunities going forward.
The results achieved by Cardif Lux Vie against a challenging backdrop in 2021 confirm the soundness of its business model. We achieved a successful transformation by developing a rejuvenated, enhanced proposition aimed at our partners and clients. Today we are fully committed to pursuing this approach of ongoing improvement, creating value for our stakeholders and generating lasting growth. The company will be able to count on drivers such as data utilisation and deployment of the API-sation of the IT system, with a view to strengthening our leading position and making Luxembourg life insurance more accessible across all markets.
Christian Gibot, CEO og Cardif Lux Vie