OneLife Company S.A. (OneLife) and its parent company The OneLife Holding Sàrl have published their annual report and accounts, confirming 2017 as a year of significant progress.
In terms of financial performance, OneLife collected €506 million in new business premiums (+40% compared to 2016), which brought the overall Company Assets under Management to €5.2 billion. The Company reported a profit of €5.9 million in 2017 (+34% compared to 2016).
Moreover, the Company maintained its capital level throughout 2017 in accordance with the capital management policy and well above regulatory requirements. As at 31 December 2017, the Company’s solvency II ratio was 163%.
Cédric Lootvoet, Chief Financial Officer, said: “We are extremely pleased to see 2017 experiencing positive evolution on all financial indicators with higher premiums, higher net profit, a consolidated solvency position, further investment diversification of the Company and a return above the Luxembourg benchmarks."
This performance results from a strategy rolled out in 2016 and built around product enhancement, talent acquisition, geographical diversification and digital transformation. For instance, OneLife considerably enhanced its existing range of products to cater to the needs of its partners and their clients. To that extent, the Wealth (life assurance), Capitalisation and Pension contracts were made available across almost all core markets.
Furthermore, conscious of constant changes in regulation and sophistication of wealthy clients looking for customised and robust solutions, OneLife strengthened its team by recruiting for a number of key positions in Sales, Wealth Structuring, Non-traditional Assets and Customer Services.
In addition to reaffirming its leadership position in the Belgian market - and thanks to new products and a team of experts - the Group also grew its reach in other core markets, including France, Luxembourg and the Nordics, with development well underway for the UK, as well as for its most recent regions – Iberia and Latin America.
Finally, while completing the consolidation of its IT platform, OneLife deployed a number of key digital initiatives to improve the customer experience, including the OneLife OneApp for all partners and clients across its core markets, as well as the introduction for the French and Belgian markets of B2B data exchange and aggregation services.