PrismaLife doubles profit
In the first half of 2019, PrismaLife AG more than doubled its result on the previous year’s figure. The Liechtenstein life insurance company puts this success down to cost discipline and a good return on investment. New business also grew significantly.
According to a press release from PrismaLife AG, the life insurance company from Ruggell achieved a result of €5.7 million for the first half of 2019. When compared with same period of 2018, PrismaLife has therefore more than doubled its profit. What’s more, the half-year result in fact exceeded the profit recorded for the full 2018 financial year of €5.3 million.
“Our strategic reorientation and an even greater concentration on changed market conditions and customer needs are beginning to bear fruit,” commented PrismaLife Chairman of the Board of Directors, Helmut Posch, in the press release. “For the financial year as a whole, we are also expecting our result to be considerably higher than in the previous year.” PrismaLife plans to use the half-year profit to invest in its own portfolio.
Premium income in the reporting half-year amounted to €62.4 million and was therefore slightly below the €65.1 million raised in the same period of the previous year. With year-on-year growth of 32 percent, new business improved markedly. Three-quarters of this was attributable to business with net rates. “As a specialist for net rate insurance products”, the Liechtenstein insurer “already finds itself in a great position today given the current discussions about commission caps” explained PrismaLife CEO Holger Beitz in the press release.