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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.
Thus, by 31 December 2024:
Assets under management totalled 33.2 billion euros,
Turnover totalled 3.2 billion euros,
The net result[1] was EUR 37.9 million.
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[2] in its life insurance offering, while assisting financial managers in integrating their ESG strategies within the Dedicated Internal Funds.
Local market
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 ecosystem, demonstrating a great 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" comments Alexandre Draznieks, CEO of Cardif Lux Vie.
Key figures at 31/12/2024 | |
Turnover | EUR 3.2 billion |
Assets under management | EUR 33.2 billion |
Net result1 | EUR 37.9 million |