2021 was a success for elipsLife. We accomplished the turnaround faster than planned and a generated a break-even result with a small profit.
The earned premium volume increased by 14.3% to USD 1 564.8 millions. Scale driven and targeted efficiency gains lead to a combined ratio of 99.3%. In the Group Life & Health business the premium volume was increased by 15.4% to USD 717.4 million. The Medical business in Ireland (Medex) contributed substantially to the positive result with an increase in premium volume of 13.4% to USD 847.4 million.
2021 was once again characterised by transformation, initiated within the framework of the new strategy. By achieving the turnaround ahead of schedule we exceeded our own expectations. The announced transition to Swiss Life International is a testimony to the healthy condition of elipsLife's business today. The successful conclusion of 2021 is the basis to be optimistic about the future. We will remain a reliable partner for our customers.