New business premiums
The life insurance-based wealth management firm, which merged its Luxembourg-headquartered Lombard International Assurance with US-headquartered Philadelphia Financial in September last year, released figures based on regional performance for the US and Europe yesterday.
These show that income from new business premiums in the US rose to $766m (£541, €685) by the end of 2015 – an increase of $461m or 66% compared to the year before.
International Adviser contacted Lombard International for a breakdown of the figures behind such a colossal growth, but a spokesperson for the firm stated instead that it was down to “increased focus in particular channels and overall momentum in our US sales effort.”
Meanwhile, income from new business premiums in Europe rose by 13% to $3.9bn by the end of last year compared to 2014 – with the best performing markets for premiums being Sweden, Italy, Spain, and France.
Assets under administration
Lombard International’s financial results, also reported that the company’s assets under administration (AuA) in Europe grew by 12% and stood at $33.2bn, while in the US AuA grew by 10%, taking the figure to just $5.3bn at the end of 2015.
Commenting on the results, the firm described it as a ‘record year’ for both its entities in terms of new business premiums as well as for asset growth in its European base.
John Hillman, executive chairman of Lombard International, said: “In 2015, Lombard International put a significant stake in the ground as a leader in providing best-in-class, holistic wealth planning solutions for high-net-worth individuals and institutions across the globe.
“We have strengthened our product capabilities, upgraded systems, appointed several senior leaders in new and existing channels, improved the efficiency of our combined operations and moved into new territories.”
Zurich acquisition
In January, Lombard International Assurance announced it will acquire Zurich’s wholly owned subsidiary in Luxembourg, Zurich Eurolife, with the deal expected to complete in the first quarter of 2016.
