29.04.2014

Strong growth, substantial increase in profit, encouraging combined ratio

Strong growth and substantial increase in profit

The international life insurance company elipsLife posted an excellent result for 2013 in a difficult economic environment. Gross premiums earned rose sharply to more than CHF 545 million and net profit improved to CHF 5.2 million. The reporting year was not only dominated by successful business operations, but also by major investments in the professionalisation of its processes and the strengthening of its organisation.

In 2013, elipsLife once again enjoyed strong growth: consolidated gross premiums earned rose from CHF 139.8 million in 2012 to CHF 545.7 million, while the profit improved appreciably from CHF 3.6 million in 2012 to CHF 5.2 million. The pronounced increase in gross premiums earned was driven by the enormous growth in core business experienced in the markets in Liechtenstein, Switzerland and Benelux, which posted a net improvement of CHF 44.1 million from CHF 52.2 million to CHF 96.3 million. The health insurance business in Ireland referred by Swiss Re, where elipsLife acts as underwriter for the Irish life insurance company Laya, also contributed to the substantial increase in premiums earned.

In spite of this growth and increased investments in the establishment and development of internal processes and IT infrastructure, the combined ratio (without the Irish business) could be reduced from 97% in 2012 to 91% in the reporting year, mostly because of a lower administration cost ratio and a strong improvement in the loss ratio for the life insurance business.

elipsLife's CEO Reto Toscan makes it clear that the company was not only successful in 2013, but also took important decisions regarding its future: "elipsLife is well on its way to becoming a leading life insurance company with regard to operational excellence, knowledge, customer service and partnership. To this end we started investing in the automation of processes and further improvement of efficiency in 2013 so that we can keep our administration costs low and sustainably position ourselves in the market."

As a Liechtenstein company with two central branch offices in Switzerland and the Netherlands, elipsLife will continue to focus on its core markets in Europe. The spotlight falls on strengthening its market position as a leading provider of total personal insurance solutions from a single source. Since 2011, the company has mostly focused on growth. In the next few years, the focus will shift to include not only steady growth, but also consolidation, the enhancement of efficiency and an improved return on equity.

New CFO for elipsLife

Alberto Franceschetti has been appointed as the new Chief Financial Officer and member of the Executive Board of elipsLife. He will take up his position on 1 June 2014, replacing Benno Büeler who will pursue a new career outside of elipsLife.

Alberto Franceschetti is an Italian citizen who was born and grew up in Switzerland. During his student years he already established his own company. After obtaining his doctorate in economics from the University of St. Gallen (HSG) he joined the consulting firm McKinsey, where he made partner after just a short while. He left McKinsey after ten years and joined Bain & Company as partner and vice-president, where for five years he managed the Swiss Financial Group and was a member of the European Financial Service Group. His clients included many global financial institutions. In 2008, Alberto Franceschetti moved to Credit Suisse where he held various positions in Private Banking and Wealth Management, most recently as Head of Strategy & Projects with the rank of managing director.

Thanks to his diverse experience as entrepreneur, consultant to international insurance and financial companies and manager in different positions with a major international bank, Alberto Franceschetti is destined for success as CFO of elipsLife.

elipsLife Media Office

Tel. +41 44 215 45 36

zrqvrafgryyr@ryvcfyvsr.pbz

Note for the editorial offices:

elipsLife is an international life insurance company headquartered in Triesen/Liechtenstein with branch offices in Switzerland and the Netherlands. The company focuses on group life business for corporate customers and reinsurance solutions for pension funds. In the daily sickness benefits and accident insurance segments, elipsLife offers its corporate customers total solutions from a single provider. elipsLife is a subsidiary of Swiss Re.

Disclaimer

This document contains forward-looking statements that are based on current assumptions and reflect opinions on the developments targeted by the company as well as interpretations of the general state of the economy and the development of the markets. Such statements should be approached with the necessary care, as they depend on a number of fast-changing factors and therefore harbour much uncertainty. Actual results can deviate substantially from these forward-looking statements. elipsLife is not obliged to update forward-looking statements to take account of changed circumstances. This document does not constitute an offer or solicitation to buy or sell products or securities. It does not serve as the basis for any agreement and may not be used in any such context.

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