For elipsLife, the 2019 financial year was marked by expansion and strong premium growth. In the strategic core business, the company recorded premium growth of 14.6%, up from USD 411.7 million to USD 472.0 million. The core markets of Switzerland/Liechtenstein, with a premium increase of approximately 8.6%, and Benelux, with an increase of approximately 15.5%, contributed in particular to this strong growth. In 2019, the total premium volume rose from USD 1,115.3 million in the prior year to USD 1,157.5 million; total assets rose from USD 1859.2 million to USD 2243.4 million.
However, the strong growth and successful expansion into new markets in 2019 stood in contrast to unfavorable profitability performance and considerable set-up costs in the new markets, which resulted in a total loss of USD 23.4 million in the year under review. As a result, elipsLife will enhance the quality of its contract portfolio and strengthen its underwriting discipline in preparation for a new phase in which it will make the step up from a successful insurance start-up to an established company.