GB Life Luxembourg publishes its 2017 Solvency and Financial Condition Report (SFCR).
Pieter Coopmans, Chief Executive Officer, declares: “I am delighted to make available to our clients, business partners and other stakeholders our Solvency and Financial Condition Report for the year 2017, which was a pivot year for our Company, with the acquisition by an affiliate of Global Bankers Insurance Group and the rebranding into GB Life Luxembourg. The Report highlights the changes that occurred subsequently to the change of ownership, in particular the appointment of a new Board of Directors and the strengthening of our Management Team and internal organization. While the shareholder and the name of the Company have changed, the Report shows that the fundamentals of the Company – such as the robustness of the System of Governance, the Risk Profile and the Risk Appetite – have not. Keeping in place the fundamentals that we inherited from our previous shareholders – ING Group and NN Group – and ensuring full compliance with the Solvency II regulation are the basis of our solvency and financial condition.”
Christophe Hucque, Chief Financial Officer, comments: “In addition, I am also pleased to share with our clients, business partners and other stakeholders that our solvency and financial condition improved in 2017. This improvement is the result of a continuous, consistent and rigorous application of our financial and risk management best practices as well as a direct consequence of the change of ownership. Our solvency ratio improved from 141% to 201% in 2017, thanks in particular to an injection of capital from the new shareholder. Profitability was also restored in 2017, in spite of the operational and financial burden related to the change of ownership. The 2016 financial performance was indeed materially impacted by de-risking measures taken on our long-term guarantee portfolio and I am pleased to see that our financials now benefit from these management actions.”
The Report has been prepared as required by Articles 51 to 56 of the Solvency II Directive (2009/138/EC) as amended by the Directive 2014/14/EU (the “Directive”) and Articles 290 to 302 of the Delegated Regulation 2015/35 (the “Delegated Regulation” or “DR”). It has been developed in accordance with the Solvency II Regulations governing insurance group reporting, and is solely intended to fulfill the requirements thereof.