Liechtenstein Life posts record profit
Liechtenstein Life Assurance AG recorded a profit of 4.9 million Swiss francs in financial year 2019. This represents an increase of 59 percent versus the previous year. Customer assets under management and gross contributions also rose to new record values.
Having posted a post-tax profit of 4.9 million Swiss francs, Liechtenstein Life Assurance AG has now recorded double-digit profit growth for the fourth year in a row, as detailed by the Rugell-based insurance group in an accompanying press release. In this context, increased demand for capital market-based pension provisions and the discussion surrounding a potential provision cap in Germany were cited as growth drivers.
The customer assets under management at the insurance group amounted to more than 386 million Swiss francs as at year-end 2019. This equates to growth of 27 percent year on year. The gross contributions recorded also increased by 12 percent across the same timeframe to reach a total of 113 million Swiss francs. New record values were therefore also set for both these key metrics, Liechtenstein Life writes in the press release.
“The 2019 financial year has shown that the consistent digitalization of our core processes has been received very positively by our partners and customers”, comments Gordon Diehr, COO of Liechtenstein Life Assurance AG, in the press release. For the current year, Diehr expects that the coronavirus pandemic will also impact his own company’s results. Nevertheless, he is convinced that suppliers offering an end-to-end consultancy service covering the offer stage through to closing a transaction right up to ongoing support on a fully digital basis can emerge stronger from the crisis.