Lombard International: 2015 Financial Results
March 23, 2016
- Successful integration of Luxembourg-headquartered Lombard International Assurance S.A. with US-headquartered Philadelphia Financial Inc.
- Record year for both entities in new business premiums and record asset growth for Lombard International Assurance S.A. in Europe
- Group well positioned for expansion as industry leader in the provision of multi-jurisdictional wealth planning solutions
Lombard International, a global leader in wealth structuring solutions for high net worth investors and with headquarters in Luxembourg and Philadelphia, today announced its unaudited Financial Results for 2015 revealing its highest premium income figures in the company’s history.
Europe financial highlights were:
- Assets under administration (AuA) at 12.31.2015 is USD 33.2bn*.
- AuA growth represents an increase of USD 3.6bn or 12% at constant FX rate vs. 12.31.2014.
- New business premium income rose to USD 3.9bn*; an increase of 13% compared to 2014 at constant FX rate.
- The best performing markets in terms of premium were Sweden, Italy, Spain, and France.
United States financial highlights were:
- Lombard International AuA at 12.31.2015 is USD 5.3bn**; an increase from USD 4.8bn compared to 2014 (+10%).
- Lombard International Administration Services AuA at 12.31.2015 is USD 38.4bn**; an increase from USD 37.9bn (+1%).
- New business premium income rose to USD 766mm**; an increase of USD 461mm compared to 2014 (+66%).
The strong financial performance underscores Lombard International’s continued growth during the year in which the company formally launched its global life insurance-based wealth management business, following the successful integration of Luxembourg-headquartered Lombard International Assurance S.A. with US-headquartered Philadelphia Financial Inc. in September 2015.
John Hillman, Executive Chairman of Lombard International, has welcomed the positive performance and commented: “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.”
Hillman added: “It is very rewarding to see these strong results, which will allow us to continue to better service our partners and clients as well as seize opportunities for growth in the year ahead. We are already pushing forward with our expansion strategy into Asia and have launched an innovative dual compliant solution to meet the needs of our international clients.”
*Provisional results as at December 31, 2015
EUR/ USD at 1.088.
Combined figures for Lombard International Assurance S.A. and Lombard International PCC Ltd.
About Lombard International
Lombard International is a leading global life insurance-based wealth solutions provider, combining the strength and expertise of two specialist life insurance companies with over 20 years’ experience and market leadership in their respective fields. Lombard International provides wealth structuring solutions using private placement life insurance and annuity products to high net worth individuals, their families and institutions around the globe.
The global group, branded as Lombard International, launched to market in September 2015. With head offices located in Luxembourg and Philadelphia, a combined global presence enables Lombard International to serve clients’ complex needs on a global basis while being sensitive to local cultures and attitudes. The firm is an industry leader in providing multi-jurisdictional wealth planning solutions through its partner networks across the United States, Europe and Latin America, issuing life insurance policies and annuities from the United States, Luxembourg, Guernsey and Bermuda.
Global assets under administration are in excess of USD 75 billion with a global staff number of over 500, including more than 60 technical experts specializing in 20+ jurisdictions.
Funds managed by Blackstone own Lombard International. Blackstone is one of the world’s leading investment firms with assets under management of over USD 330 billion.
For further information about Lombard International visit: www.lombardinternational.com
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