BNP Paribas Group in Luxembourg News and Press
April 27, 2016 -

Cardif Lux Vie publishes strong 2015 results

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Cardif Lux Vie published turnover of EUR 2.2 billion at 31 December 2015 (down 22.7% on 2014, which remains a record year for life insurance in Luxembourg) and EUR 18.8 billion in assets under management (up 7.4%). Net income was EUR 57 million[1], more than 29% higher than in 2014. In a constantly changing economic and regulatory environment, Cardif Lux Vie pursued its policy of carefully managed development. For the fourth year running, it published robust results for all three business lines – Wealth Management, Employee Benefits and Retail – on the back of comprehensive, high value-added solutions for clients and partners.

Wealth Management: unit-linked products account for 67% of inflows

Cardif Lux Vie is moving ahead with its international diversification based on a selective approach to markets. The aim is to propose bespoke life insurance solutions complemented by a comprehensive range of wealth engineering tools. The highlights of 2015 included the development of several new markets, including Portugal, and a total overhaul of the offering originally designed for Belgium, in response to a number of regulatory changes.

The Wealth Management business reported substantial gross inflows, 67% of which were attributed to unit-linked investments – a share that was 23.8% higher than in 2014. Inflows were geographically diverse due to closer cooperation between Cardif Lux Vie and its prestigious international partners. Regarding unit-linked investments, the company’s portfolio contains more than 4,000 dedicated internal funds deposited with some 100 banks and managed by over 200 asset managers.

Employee Benefits: gross inflows up by 87%

The Employee Benefits (or Group Insurance) business reported an 87% increase in gross inflows, reinforcing Cardif Lux Vie’s status as a major player in the Luxembourg market. The company’s recognised expertise in producing bespoke plans combining savings and protection solutions generated impressive growth in 2015, with results for the protection activity rising 14%. Cardif Lux Vie plans to leverage its local experience in order to expand internationally and meet the needs of multinationals, while taking full advantage of Europe’s freedom to provide services regime.

Retail: EUR 106 million in savings product inflows in Luxembourg and the Greater Region

For Savings, Cardif Lux Vie reported EUR 106 million in inflows in the local market. Owing to its ability to provide integrated global solutions for retail clients of bancassurance networks, combined with the success of a new pension provision insurance offer and a surge in sales stemming from service digitisation, Cardif Lux Vie once again ranked as the leading insurer in terms of local market inflows in 2015. For Protection, it published turnover of EUR 15 million on the strength of its highly competitive Outstanding Balance Insurance solution.

Commenting on the results, Cardif Lux Vie CEO Jacques Faveyrol said: “Cardif Lux Vie published strong results once again this year and confirmed its position as a key player in the Luxembourg insurance industry. Taking advantage of its robust shareholder structure and strong local and international presence, the company pursued its policy of carefully managed growth combining transaction security and high-quality solutions and services tailored to the needs of clients and partners. The year was marked by sustained international development as the company moved into new markets in order to diversify.

Our strategy and ambitions for the coming years are perfectly clear: we need to forge ahead with efforts to selectively diversify our markets and distribution networks, adapt our information systems, pursue our digital transformation and improve operational efficiency in order to focus more strongly than ever on our clients and partners”.  

Key figures at 31/12/2015 
230 employees  
Turnover EUR 2.2 billion
Assets under management EUR 18.8 billion
Net income before taxes EUR 57 million[1]


[1] Net income before taxes and amortization of goodwill under local Lux GAAP standards, or a pre-tax profit of EUR 60 million under group IFRS standards.


Press contacts – Cardif Lux Vie

Emilie Sansonetti       (+352) 26 214 5521     

Press contacts – BGL BNP Paribas

Eliane Thines            (+352) 42 42-62 64      

Valérie Michiels          (+352) 42 42-65 34