Luxembourg life insurance company Cardif Lux Vie, a subsidiary of BGL BNP Paribas, has reported strong financial results for 2024. Assets under management reached €33.2bn, a 10% increase from 2023. The company stated in its annual report on 1 April 2025 that turnover totalled €3.2bn, marking a 29% rise compared to the previous year, while the net result stood at €37.9m.
The insurance company attributed the growth primarily to its wealth management activities, which generated a turnover of €3.1bn, with 59% of this coming from unit-linked products. It highlighted efforts to strengthen existing partnerships and diversify inflows, including the expansion of its product range within the general fund and units of account. Additionally, the company noted the accelerated integration of private equity funds into its external funds portfolio, alongside the introduction of specialised single-line insurance funds, structured products and alternative investments.
Cardif Lux Vie stated that it extended its geographical coverage in 2024, introducing a new ‘Capital Gain Home Sale’ policy in Portugal and launching a Luxembourg-law policy in the United Kingdom to address the end of the ‘non-dom’ fiscal regime.
The company reported that it continued its digitalisation and automation efforts throughout the year, with plans to prioritise these initiatives in 2025. It developed new digital interfaces for insurance intermediaries, including improved consultation and transactional APIs. Cardif Lux Vie stated that it also worked on increasing the proportion of article 8 and 9 units of account under the Sustainable Finance Disclosure Regulation (SFDR) whilst assisting financial managers in integrating ESG strategies into dedicated internal funds.
Cardif Lux Vie added that the retail and private banking business in Luxembourg and the greater region generated €91.5m in revenue, a 19% increase from 2023. Inflows into the investment savings segment grew by 28%, whilst inflows into the programmed savings segment remained stable. Provident insurance increased by 13%, coinciding with a recovery in the property market.
, CEO of Cardif Lux Vie, stated that the company benefited from renewed growth in the Luxembourg life insurance market since the end of 2023. He added that the company planned to continue its strategic plan in 2025, with a focus on operational efficiency, digital innovation and enhancing the customer experience.