Robust financial performance with growing Assets Under Administration: 2020 Financial Results
- Resilient performance delivered €4.3 billion of new premium income in 2020
- Record Assets Under Administration (AUA) of €49.3 billion1 / $60.6 billion2
- Global capabilities continued to grow across Asia, Europe, Latin America and the US
- Investment in technology further strengthened operational excellence and the development of market leading solutions
- Strong momentum building in Q1 2021
Lombard International Group, a global leader in insurance-based wealth, estate and succession planning solutions for high net worth (HNW) individuals, families and institutions, today announces its financial results for 2020.
Lombard International Group delivered a robust financial performance in 2020, against the backdrop of the global pandemic which caused significant market volatility and disruption. The results demonstrate the strength of the Group’s business model, balance sheet, its market leading expertise and the relevance of its value proposition in supporting the ever-evolving wealth planning needs of upper affluent, HNW and UHNW clients and institutions across all the geographies the Group serves. The results are further testament to the Group’s ability to maintain its best-in-class service through the adoption of enhanced ways of working and implementing change quickly to ensure seamless business continuity.
In 2020, the Group delivered:
- €4.3 billion of new premium income
- €49.3 billion AUA, a record high for the Group
Commenting on the results, Stuart Parkinson, Chief Executive Officer of Lombard International Group, said: “The past year has been one like no other. Despite the unprecedented environment, we have continued to support our partners and clients across the globe with tailored wealth structuring and planning solutions, digitally-enabled services and our industry-leading expertise to help them navigate these challenging times.
“Our solid 2020 financial results are testament to these endeavours and mark another positive year for Lombard International Group. I am particularly proud of what our teams have achieved in such unparalleled circumstances.
“As we progress through 2021, which marks our 30th anniversary, our strategy is focused on the continued and sustainable growth of Lombard International Group. Across both our Private Client Business and Global Institutional Solutions Practice, our strategic intent is to further bolster our technology investments, strengthen and leverage our global footprint and connectivity of the Group and continue building differentiated product offerings, whilst also broadening our strategic partnerships, ensuring that we remain best in class across all the geographies in which we serve.”
Florent Albert, Group Chief Financial Officer and Managing Director Europe, commented: “Our robust 2020 financial performance is a confirmation of the continued positive growth in our Group’s AUA, with solid new business generation and a positive outlook. This is particularly meaningful amidst the unpredictable global economy in which we have been operating and it further affirms the strength of our balance sheet, relevance of our value proposition and long-term growth strategy, as well as our ability to navigate an increasingly complex and uncertain world.
“These results echo our ‘Excellent’ financial strength ratings just recently reaffirmed by AM Best for the third consecutive year, further underlining the resilience of our business model powered by our growth engines in Asia, Europe, Latin America and the US. We have had an excellent start to 2021, building great momentum and I’m confident in our ability to deliver another strong year.”
Global footprint
- Europe delivered €3.1 billion of new premium income and continued to grow AUA. This resilient performance, given the context of the pandemic, was delivered with key contributions from a number of core markets including France, Italy, Spain and Sweden.
- The United States delivered €1.1 billion ($1.3 billion3) of new premium income and also continued to grow AUA. Despite the backdrop of a challenging socio-economic climate last year, the Private Client Business delivered strongly, with a solid performance from the Global Institutional Solutions Practice.
1. As at 31 December 2020
2. EUR has been converted to USD using the spot rate at 31 December 2020 of 1.23
3. EUR has been converted to USD using the spot rate at 31 December 2020 of 1.23
About Lombard International Group
Lombard International Group (the ‘Group’) is a leading provider of global wealth and succession planning solutions with 30 years’ experience. We have the strength and expertise to help high net worth and ultra-high net worth individuals, their families and institutions protect, preserve and pass on their legacy to future generations.
The Group serves over 20 markets across Asia, Europe, Latin America and the United States, providing multi-jurisdictional private-placement / unit-linked life insurance and annuities on a global basis, with a deep understanding of local regulations, cultures and attitudes.
Group assets under administration are €49.3 billion as at 31 December 2020. The Group’s global team of over 500 people includes more than 60 technical experts and over 100 client services professionals delivering an excellent level of service across multiple jurisdictions.
Funds managed by Blackstone own Lombard International Group. Blackstone is one of the world’s leading investment firms with $619 billion in assets under management as of 31 December 2020.
For further information about Lombard International Group visit: www.lombardinternational.com
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