In terms of inflows, direct insurance figures for the 4th quarter of 2019 confirmed the exceptional development of the sector since the start of the year: inflows from non-life branches continued to grow by 142.86% compared to the fourth quarter of 2018 and life insurance premiums increased by 7.02% compared to the inflows for the corresponding quarter of the previous year. Taking into account the performance of the first three quarters, the whole year saw an increase in premiums of 44.51%: the non-life branches grew by 186.41%, while those in life insurance grew by 18, 61%.
Pension savings also continued to grow in 2019, increasing by almost 15% compared to the previous year.
The figures for the last quarter of 2019 also showed a significant rebound in the results of the direct insurance sector, despite the significant costs of relocating newly established businesses following Brexit: with €452.74 million profits have increased by 36.59% compared to €331.46 million in 2018.
After the virtual stagnation recorded in 2018, the inflow of life insurance recovered in 2019 with an increase of 18.61%, or €4.43 billion, broken down into growth of 35.58 % of inflows relating to guaranteed return products and a 9.72% increase in that of unit-linked life products. It should be noted that these figures include a portfolio transfer to Luxembourg of an amount greater than €2 billion impacting, above all, conventional insurance with guaranteed returns.
With an after-tax surplus estimated at €79.20 million, the result of Luxembourg non-life insurance companies, excluding maritime insurance for the 4th quarter, increased by 3.80% compared to that of 2018 while remaining historically at a very low level. This poor performance is mainly attributable to the establishment costs of the British companies having joined Luxembourg in the framework of Brexit.
The figures relating to premiums, taxes and results relate only to the direct insurance companies controlled by the Commissariat aux assurances; reinsurance companies as well as Luxembourg branches of insurance companies from other countries of the European Union are therefore excluded, all of the data for 2019 will only be known later.
