Cardif Lux Vie, a life insurance company operating in Luxembourg and the Greater Region, has announced that it ended 2023 with a net profit of €41.6m. This is down , when the figure was €47.1m. In a press release, the company attributed this to “a complex market environment.” Cardif Lux Vie, however, said that it had “achieved a very good performance in 2023, reflecting the strength and diversity of its business model.” As of 31 December 2023, its assets under management amounted to €30.2bn, up compared to the previous year (€29.2bn), with sales of €2.46bn, down slightly compared to 2022 (€2.7bn).

“2023 was a challenging year for us,” commented CEO  in the communiqué. “Our ability to weather an unfavourable environment demonstrates, once again, that our business model is very robust and that we can innovate and seize new opportunities with a great deal of agility. The momentum seen in the last quarter of 2023 means that we can look to the future with confidence. We will continue to pursue our path of growth by investing to transform our production chain and strengthening our competitiveness. Broad geographical coverage, a tailor-made offering and a unique culture of partnership are invaluable assets in our bid to reach these aspiring goals.”

Wealth management: sales of €2.4bn

In its wealth management business, Cardif Lux Vie recorded premium income of €2.4bn, 58% of which was in unit-linked products (unit-linked life insurance is a contract under which savings are invested in different financial instruments). In this segment, the company offers “open architecture” products through a network of partners to wealthy customers. According to the company, the result is due to “a sustained sales drive and concrete actions to develop the product range, both in general and unit-linked funds.” The company has also extended its geographical distribution coverage in 2023 and is continuing to develop 100% digital channels and APIs. Cardif Lux Vie offers policies for residents of six European countries and around ten outside the European Economic Area.

Business in the local market, where Cardif Lux Vie provides savings, pension and provident life insurance solutions totalled €77m, up 8% on the previous year. “New money invested in protection amounted to €7.6m (down 36%), while the savings remained stable, with €41m invested in investment savings and almost €28m in programmed savings,” said the press release.

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