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- Delivered resilient performance with €3.2 billion of new business premiums, despite challenging market conditions
- Increased Assets Under Administration (AUA) to €49.4 billion (as at 31 December 2023)
- Solid financial strength ratings reflect the Group’s profitability and balance sheet strength
- Continued investment in talent, technology and operational excellence, with a clear focus on growing and serving core European markets
Lombard International Group, the leading European provider of Luxembourg unit-linked life insurance, announced its financial results for 2023.
The Group delivered a resilient performance in 2023 across the markets it serves, delivering €3.2 billion of new business premiums, with AUA increasing to €49.4 billion (as at 31 December 2023), driven by strong contributions from a number of core markets, including France, Sweden, Italy, Portugal and the UK.
Lombard International Group is well-positioned to capitalise on future opportunities, with continued investment in talent, technology and operational excellence, with a strategic focus on serving and growing its core European markets. In this regard, Lombard International Group is set to launch its new distribution business, LIA Patrimonio Iberia, in Q2 2024 (pending regulatory approval) to support its ambitious growth plans in the region.
Lombard International Assurance S.A., the Group’s insurance carrier headquartered in Luxembourg, is in robust health and financially strong, with reaffirmed ratings of A-(Excellent) from AM Best and an insurance strength rating of A with stable outlook from KBRA.
Commenting on the results, Stuart Parkinson, Group Chief Executive Officer, said: “In 2023, Lombard International Group secured a leading share of new business premium volumes, delivering another resilient performance. This underscores the relevance of our value propositions and dedication to service excellence.
We are committed to investing in the sustainable growth of our business, further solidifying our presence and service standards across our core European markets, where we have shown leadership and identified future potential.”
Florent Albert, Managing Director Europe, added: “These resilient results illustrate the trust that our growing network of local partners and intermediaries place in us. Our reaffirmed financial strength ratings reflect our Group’s profitability, balance sheet strength and liquidity position, and will further support our long-term sustainable growth strategy.
“Our commitment to maintaining our position as the European leader in Luxembourg unit-linked life insurance remains steadfast, and in 2024 we will continue to invest in technology, digital solutions, and in our in-house talent’.