Liechtenstein Life remains on growth path
Liechtenstein Life Assurance AG more than doubled profits in the first half of 2020 in comparison with the same period of the prior year. The company attributes this growth to increased demand for pension products triggered by the coronavirus pandemic.
According to a press release issued by Liechtenstein Life Assurance AG, the insurance firm headquartered in Rugell generated a total of 501 million Swiss francs in the first half of 2020 from premiums for policies concluded in the half-year under review. Compared to the same period of the previous year, this corresponds to growth of 15 percent. At the same time, the sum total of one-off payments came in three times higher, at 24.53 million Swiss francs, Liechtenstein Life writes. A total of 2.7 million Swiss francs was posted as profit, up from 1.3 million Swiss francs in the first half of 2019.
CEO Gordon Diehr attributed the positive business development to the increased need for security and provisions as a result of the coronavirus pandemic. Moreover, the press release explains that Liechtenstein Life was able to continue advising and serving its customers even during lockdown, as the brokers had the necessary digital tools at their disposal.
Diehr was quoted in the press release, explaining how the exceptional circumstances that arose due to the coronavirus pandemic have shown that the company is on the right track with its comprehensive digitization strategy. Customers and brokers are benefitting from this approach to the same extent even beyond the pandemic, the CEO explains further. For example, in this way the majority of applications are processed into formal policies within a single day.