The international life insurer elipsLife can look back on a challenging 2016, caused by the demanding economic and political environment. Nevertheless, its growth targets were achieved: consolidated premiums grew by CHF 116.1 million to a pleasing CHF 786.2 million, and profit was around the same level as the prior year, at CHF 1.2 million. Further strong growth is expected from closer links to its parent company Swiss Re.
The General Meeting of Shareholders elected Thierry Léger from Swiss Re as the new Chairman of the Board of Directors, with effect from 1 January 2017. Bart den Hartog took over as Chief Product Officer in the Executive Board.
2016 was marked as a year of continued growth for elipsLife. Despite difficult market conditions, consolidated gross earned premiums increased by over 17% from CHF 670.1 million in 2015 to CHF 786.2 million. Compared with the prior year, profit remained almost unchanged at CHF 1.2 million. Premiums in the core business rose around 28% from CHF 190.6 million to CHF 243.6 million – spread equally across both the main markets, Switzerland/Liechtenstein and the Netherlands. The health insurance business conducted in Ireland, where elipsLife acts as underwriter for the health insurance company Laya, also gained market share despite increased competition.
Reto Toscan, CEO of elipsLife, views the result as positive: “Despite the extremely challenging market environment, elipsLife succeeded not only in growing substantially and operating profitably, but also in overcoming the effects of events such as low interest rates and Brexit. elipsLife has demonstrated its stability through turbulent times.”
Although elipsLife continues to make significant investments in growth, it was successful in maintaining the 5% consolidated cost ratio. This was achieved despite entry into the two new markets Germany and Italy and further major investments in business process digitisation. Equity also strengthened from the prior-year figure of CHF 138.4 million to CHF 158.6 million.
With elipsLife being part of Swiss Re’s Life Capital business unit, the parent company’s reinforced commitment should lead directly to further significant growth. In line with its long-term target of expanding its market position in Europe, elipsLife will continue to focus on sustainable expansion in 2017, concentrating its efforts on strengthening its market position in its core markets and on target-oriented development and expansion of its German and Italian markets. All the signs are positive that the growth targets for the core business will be achieved.
New Chairman of the Board of Directors and change in the Executive Board
At the Extraordinary General Meeting of shareholders in December 2016, Thierry Léger was voted the new Chairman of the elipsLife Board of Directors. He assumed the role from Luc Albert, who resigned with effect from the end of 2016. Thierry Léger, Swiss Re Executive Board member responsible for its Life Capital business unit, took over his new position on 1 January 2017.
Bart den Hartog was appointed Chief Product Officer and member of the Executive Board with effect from 1 April 2017, subject to regulatory approval. Previously, this role was filled by Christian Jaggy, who has chosen to pursue a new challenge outside elipsLife. Bart den Hartog is able to look back on 25 years of experience in the life insurance sector and previously worked for Willis Towers Watson in Amsterdam as Head Benelux.
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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, the Netherlands, Germany and Italy. The company focuses on group life business for corporate clients and reinsurance solutions for pension funds. With the daily sickness benefit and accident insurance segments, elipsLife offers its corporate clients total solutions from a single provider. elipsLife is a wholly owned subsidiary of Swiss Re.
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 uncertainty. Actual results can deviate substantially from these forward-looking statements. elipsLife is not obliged to update forward-looking statements in order 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.