Lombard International posts €4.5bn record new business sales
Lombard International, the global high net worth life provider, has announced its financial results for 2016 with a record €4.5bn in new business sales written during a 12 month period of ‘strategic acquisitions’ and opening of a number of new global outposts.
The Luxembourg-based, privately-owned insurer grew its assets under administration (AUA), to €77.5bn (as of 31 Dec 2016), increased by €5.5bn (a rise of 8%) on the previous year, the company said in a statement announcing the figures.
The last 12 months saw the company, which is owned by funds managed by Blackstone, expand into a number of new locations including Brussels, Paris, Bermuda, Miami, New York, Hong Kong and Singapore.
It also saw an increase in high net worth AUA which grew to €40.5bn (as of 31 Dec 2016), an increase of €5.0bn or 14% from €35.5bn in the prior year. This was partially due to the acquisition of Zurich Eurolife’s Private Banking Solutions business in Luxembourg, it said.
In its statement, the company also pointed to senior management hires that were made in the period, notably Axel Hörger, Michael Gordon and Tammy Lu Tsui to head operations in Europe, the US and Asia respectively and the success of ‘Connect’ its online digital servicing platform, in Europe and an online investment platform in the US, as other drivers behind it’s record year.
John Hillman, executive chairman of Lombard International, said that he is confident that the company’s “impressive geographical and financial growth” in 2016 will provide a strong platform for the future.