Corporate News

The GDPR – the Europe’s General Data Protection Regulation – has entered into force on May 25th 2018. You have probably already heard about it.

What is it?

The GDPR is a European regulation that aims to give citizens more control over their personal data, to make companies more responsible and to reinforce the role of local data protection authorities. The GDPR will apply directly in all member states to any organisation processing personal data, whether from its customers, its employees or even its service providers. It will update and modernise the previous rules in force dating back to 1995, as a result of globalisation and the emergence of new technologies over the last 20 years.

What does it mean for you?

Your privacy is very important to us. Our aim is to process your personal data in a manner that is lawful, appropriate and transparent. In our Privacy Notice, we explain which of your personal details we collect from you as a natural person, how they are processed and the purposes for which GB Life Luxembourg uses those data. The Privacy Notice also contains more information about your privacy rights and how you can exercise them. To know more about the Luxembourgish privacy legislation on the website of the Luxembourgish Data Protection Authority (CNPD), please visit www.cnpd.public.lu.

GB Life Luxembourg publishes its 2017 Solvency and Financial Condition Report (SFCR).

Read 2017 Solvency and Financial Condition Report

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.

GB Life Luxembourg’s CFO, Christophe Hucque, is delighted to announce the appointment of Juan Carlos Otero as Head of Strategic Finance.

In line with the company’s growth strategy that includes also attracting new talents, Mr. Otero will contribute to achieving the company objectives thanks to his long-standing international experience in the insurance industry. He has held different Finance positions in Barcelona, London, Paris and Munich, in particular for Allianz Group.

CFO Christophe Hucque said: “I am proud that Juan Carlos Otero joins GB Life Luxembourg. With his track-record in Financial Accounting, Management Accounting and Reinsurance, Juan Carlos will play an important role in supporting GB Life Luxembourg in both its organic growth strategy and M&A activities.”

Mr. Otero (Spanish, 44 years old) graduated with a Master degree in Law in Spain, complemented with a Chartered Accounting qualification in the United Kingdom. He is currently completing an MBA in Finance.