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07.05.2015

Premium growth and record profit – new appointments to BoD and EB

Premium growth and record profit

The international life insurance company elipsLife can look back on a successful 2014 financial year. In an economically challenging environment the company posted an excellent result and improved its premium volume by CHF 101.2 million to CHF 665.2 million and its net profit by CHF 4.4 million to CHF 9.6 million.

Luc Albert from Swiss Re was elected the new Chairman of the Board of Directors by the Annual General Meeting from 1 May 2015. Mario Lampert joined the Executive Board at the beginning of May as Chief Sales Officer.

In 2014, elipsLife once again enjoyed strong growth: consolidated gross premiums earned rose from CHF 545.7 million in 2013 to CHF 655.9 million, while the profit improved appreciably from CHF 5.2 million in 2013 to CHF 9.6 million. The pronounced increase in gross premiums earned was driven by the core business in the markets in Liechtenstein, Switzerland and Benelux, which posted a net improvement of CHF 52.0 million from CHF 96.3 million to CHF 148.3 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.

Investments in process automation and electronic data warehousing and data processing also increased noticeably again. The consolidated profit nevertheless grew to CHF 9.6 million while the cost ratio of 4% was mostly on a par with the previous year. The combined ratio improved slightly from 97% in 2013 to 96% in the reporting year.

Reto Toscan, CEO of elipsLife, focuses on the encouraging performance of the company in the reporting year: "The year 2014 was a proving ground for elipsLife. The strong growth in the core business, the realisation of large and challenging IT projects and the improvement in the net profit in spite of several large claims showed that elipsLife is strong enough to absorb unexpected events and meets all the conditions for sustainable growth."

elipsLife will continue to focus on its core markets in Europe, putting the spotlight on strengthening its market position as a leading provider of total personal insurance solutions from a single source. The governance processes will also be strengthened further, starting with the split of the former "Sales" division into two divisions, "Products" and "Sales" at the beginning of May 2015. The Products division is now responsible for product development, product management and pricing and is headed by the former Chief Sales Officer, Christian Jaggy, member of the Executive Board and new Chief Product Manager.

The Sales division is responsible for selling the full range of products and is headed by Mario Lampert, the new Chief Sales Officer. Mario Lampert, who has more than 15 years' sales experience in elipsLife's core markets, transferred to elipsLife from Swiss Re on 1 May. He held several positions at Swiss Re, including Head Client Management Switzerland & Benelux and most recently Divisional Client Executive in the US.


New Chairman for the elipsLife Board of Directors

In mid-April, the Annual General Meeting elected Luc Albert, Managing Director and member of the management team for Europe, Middle East and Africa (EMEA) at Swiss Re, as the new Chairman of elipsLife's Board of Directors. Luc Albert, who has been working for Swiss Re for more than 20 years, assumed the new position on 1 May 2015. He succeeds Jean-Jacques Henchoz as Chairman of the Board of Directors, who will in future focus his energies on his task as CEO of the EMEA Region of Swiss Re.

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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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