In the black after just a few years:
With a premium volume of around CHF 140 million, the life insurance company elipsLife established at the end of 2008 is expecting a very good business year in 2012. This excellent performance will take elipsLife into positive territory, as it expects to close in the black much ahead of plan. Against this background the company has increased its equity in order to meet the solvency requirements and strengthened its Board of Directors.
The international life insurance company elipsLife is on course: with an increase in premiums earned from CHF 10.3 million in 2011 to around CHF 140 million in 2012, the company expects to end a successful 2012 by closing in the black. CEO Reto Toscan sees this success in the fourth year of the company’s existence as a clear sign of profitable and sustainable growth: "Our success is based on a combination of factors: the competence and hard work of our employees, the satisfaction of our customers, the exploitation of market opportunities, and certainly also some luck in taking important decisions." elipsLife is reacting to this growth with two structural measures:
To ensure its compliance with solvency requirements, the company has increased its equity step by step from CHF 15.3 million at the beginning of 2012 to CHF 57.8 million in July 2012. With this measure elipsLife meets the solvency requirements. The rating agency A.M. Best, which specialises in insurance companies, rated elipsLife Aa+ with stable outlook at the end of 2011.
Aiming to further professionalise its management and supervisory activities, in particular in risk management, elipsLife has appointed two new members to its Board of Directors: Réjean S. Besner, Zurich, Head of Solvency II Implementaton at Swiss Re’s Risk Management department, and David Muiry, London, Swiss Re’s Head of Global Health.
Successful market entry in Benelux countries and Ireland
The Swiss and Liechtenstein market is by far the largest and most important market for elipsLife, and more than 80% of its employees work in this region. In 2011 the company successfully expanded its business operations to the Benelux countries. On 1 May 2012, it took advantage of an excellent business opportunity and expanded into the Irish market, where elipsLife underwrites the insurance business for Laya Healthcare in Cork under a third-party administration agreement (TPA). Laya handles sales, administration and claims management, while elipsLife offers its products under the name "laya healthcare" and is responsible for rates, risk management and controlling. The combination of the local know-how of the well-established company Laya Healthcare with the health insurance expertise of elipsLife resulted in a successful collaboration, which will be expanded further with cross-selling initiatives encompassing mutually complementary products and services.
Similar business models for the UK are under investigation, as elipsLife has received a number of enquiries for collaboration based on TPAs from this region.
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
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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.