LUXEMBOURG, 20 June 2019 – The OneLife Company S.A. (OneLife) and its parent company, The OneLife Holding Sàrl, have released their annual accounts which confirm 2018 as a year of strong performance with increased revenue generation and market diversification.
In terms of financial performance, OneLife collected EUR 563 million in new business premiums (+11% compared to 2017), with a profit of EUR 5.2 million reported in 2018.
In addition, assets under administration remain steady at around EUR 5 billion, and the Company confirms its financial stability with a solvency II ratio of 154% at the end of the year.
OneLife has delivered strong results in 2018, confirming its strategy initiated in 2015 to grow its market share through a combination of investment in new market development and technology, together with improved cost control and use of capital. The main 2018 highlights are:
- Market expansion: Belgium, historically the company’s primary market, performed well, supported strongly by significant contributions from new markets like Nordics, France and Spain where OneLife ranked 2nd among Luxembourg life assurance companies in terms of new premiums. In addition, OneLife confirmed new relationships with significant global institutional partners seeking innovative cross-border solutions.
- Corporate development: On 1st August 2018, OneLife announced the acquisition of the company by APICIL Group, fourth largest social protection group in France. The deal was completed on 2nd January 2019 and OneLife is now part of the APICIL Group. The Group’s intention is to continue to grow OneLife’s core expertise as a life assurance company specialised in international wealth solutions for HNW clients and their families.
- Sustained investment in technology and innovation: OneLife completed the consolidation of its IT systems in 2018, migrating to a single policy administration platform to deliver an enhanced and consistent experience to its partners and clients across markets. In addition, investment in digital tools such as the electronic signature, upgrades to its secure online platforms and App, and the availability of policy statements on-line were all introduced.
- Talent acquisition: OneLife significantly invested in the recruitment of talent in multiple areas such as Wealth Structuring, Customer Services and Investments to support its global ambitions of servicing increasingly demanding international wealthy clients.
OneLife’s CEO, Antonio Corpas, said: “2018 proved to be another year of strong achievements for OneLife. The company’s acquisition by APICIL Group is testimony to our business model and strong trajectory of growth. In 2019, we are committed to strengthen further our market positions, increase our operational efficiency and bring innovation to our services for an enhanced client and partner experience.”
Renaud Célié, Deputy General Director, endorsed this view: “OneLife is a strong cross-border player which brings an international perspective to APICIL Group. OneLife’s expertise in global wealth and estate planning using life assurance is a key area of development and growth for our Group, a major pillar of our 2020 strategic plan”.
OneLife exists to overturn conventional attitudes to life assurance. As a specialist in this area with over 25 years’ experience, we develop cross-border financial planning solutions for wealthy clients across Europe and beyond. Together with a solid network of select partners — including private banks, family offices and independent financial advisers — our dynamic team of international experts offers a fresh approach that helps understand and anticipate the needs of wealthy clients in a world of change. With close to EUR 5 bn in assets under management, OneLife is a member of APICIL Group, the fourth largest social protection group in France, engaged in health and life insurance, pensions, savings products and related financial services.