When I joined AILO as CEO in September 2026, I was particularly pleased with the timing.
It coincided – by chance rather than design in all honesty – with the release of AILO’s latest market study. And this year’s study does more than report another strong year. In my view, it captures a sector moving into a new phase of relevance.
In 2025, global cross-border life new business reached an estimated £68.4bn, up 21.3% from £56.3bn in 2024 and the highest annual total recorded since AILO began its annual global analysis in 2018.
That record should not be read as a simple rebound or as a short-term sales story. I think it reflects something more important: renewed confidence in unit-linked solutions as investment markets have become more stable, alongside a growing focus on personal and family tax planning. As tax rules change and clients think carefully about how to structure their wealth, cross-border life is becoming an increasingly key part of that conversation.
Europe remains the centre of gravity
Europe excluding the UK remained the largest region, with an estimated €48.4bn (£41.1bn) of new premiums in 2025, up from €41.2bn (£35bn) in 2024. This represented growth of 18% and 60.1% of total global cross-border life new business. The result is the second highest in the past six years and exceeds the pre-pandemic total of €43.3bn (£36.8bn) recorded in 2019.
France became Europe’s largest host market in 2025, after new premiums rose 34% to €16.8bn (£14.4bn), moving ahead of Italy. France, Italy and Germany together accounted for 78% of European cross-border premiums, while Sweden and Belgium completed a top five, responsible for 87% of regional new business.
The UK’s rapid rebound shows how responsive demand can be
The UK moved ahead of North America to become the second-largest global region in 2025. New business increased by 68.6% – the strongest growth of any region – and its share of the global market rose from 12.1% to 16.8%.
The increase continued the recovery that began in 2024 and was supported by changes to UK personal taxation. The reports note a particularly strong period ahead of the tax year-end, followed by a moderation in activity during the second half of 2025.
A market shaped by investment confidence, tax planning and complexity
More stable investment markets and easing inflation supported demand for investment-linked solutions. At the same time, personal and family tax planning became an increasingly important driver of cross-border life business. Global cross-border premiums grew faster than the wider global life market, which expanded by an estimated 6.9% in 2025.
Luxembourg and Ireland remained the principal jurisdictions supplying the European market, accounting for 54.4% and 42.9% of European cross-border new business, respectively. The results also show continued concentration among major host markets and providers.
The opportunity is significant, but the sector should resist the temptation to be complacent. Stronger investment conditions have clearly helped. So too has renewed interest in personal and family tax planning. But beneath the growth figures is a market that remains concentrated, technically demanding and increasingly scrutinised.
The winners will be those firms that combine specialist expertise with clear governance, link to high-quality advice and have a willingness and ability to explain the value of cross-border solutions in plain language.
With this initial context established, I feel I can now look forward to the year(s) ahead and this next phase.
Guy Vanner is CEO at AILO
