Strong growth, solidly in the black
The international life insurance company elipsLife can look back on a very successful 2012 financial year. The reporting year was shaped by the explosive growth of the gross premiums earned to almost CHF 140 million, a first-time net profit of around CHF 3.6 million in just its fourth year of operations, and the creation of a viable foundation for the sustainable growth of the insurance business. The company will continue to focus on its European core markets in 2013, while also striving to open up new markets in the European Economic Area.
2012 was a year of strong growth for elipsLife: the consolidated gross premiums earned rose from CHF 10.8 million in 2011 to CHF 139.8 million in the reporting year. At the same time the company operated in the black in just its fourth business year and posted a profit of around CHF 3.6 million. The strong growth was driven by three factors. The life insurance business as the actual core business of the company more than quadrupled from CHF 10.8 million in gross premiums earned in 2011 to CHF 43.8 million in 2012 thanks to the selective expansion of sales in its core markets Switzerland, Liechtenstein and Benelux. elipsLife also for the first time offered daily sickness benefits insurance and accident insurance as new products in the reporting year and already earned CHF 8.5 million in gross premiums for these lines. And thirdly, in the health insurance business in Ireland generated by Swiss Re and managed together with elipsLife, the gross premiums earned amounted to CHF 87.5 million. The overall combined ratio was 97.2%. If the Irish business is excluded (combined ratio of around 97.4%), the combined ratio is 97.0%.
elipsLife is performing very well, confirms CEO Reto Toscan: "2012 can be summarised as an eventful but very successful year. We not only achieved turnaround far ahead of plan, but also managed to lay important groundwork for sustainably successful business operations." In addition to striking growth, its new membership of the Swiss Re Group and its development from a small company with 25 employees to an SME with currently more than 75 employees, elipslife also introduced two new lines of business with its daily sickness benefits and accident insurance products. The company also expanded its market area and started underwriting business in Ireland and the UK in collaboration with its parent company Swiss Re.
As a Liechtenstein company with a central foothold in Switzerland, elipsLife will continue to focus on its
core markets in Europe while striving to expand its target markets in the European Economic Area. The company's rapid growth in Switzerland, Liechtenstein and the Benelux countries, where contract terms mostly start in January, seems set to continue. "The already improved premium volumes in these markets will allow us to create many more jobs in Liechtenstein and Switzerland," CEO Reto Toscan sums up the expectations.
Note for the editorial offices:
elipsLife is an international life insurance company headquartered in Triesen/Liechtenstein with regional offices in Switzerland and the Netherlands. The company focuses on group life business for corporate customers and reinsurance solutions for pension funds. In the daily sickness benefits and accident insurance segments, elipsLife offers its corporate customers comprehensive solutions from a single provider. elipsLife is a subsidiary of Swiss Re.
elipsLife Media Office
Tel. +41 44 215 45 12
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Disclaimer
This document contains forward-looking statements that are based on current assumptions and reflect opinions on the developments targeted by the company as well as interpretations of the general state of the economy and the development of the markets. Such statements should be approached with the necessary care, as they depend on a number of fast-changing factors and therefore harbour much uncertainty. Actual results can deviate substantially from these forward-looking statements. elipsLife is not obliged to update forward-looking statements to take account of changed circumstances.
This document does not constitute an offer or solicitation to buy or sell products or securities. It does not serve as the basis for any agreement and may not be used in any such context.
