- Record New Business Premiums and Assets under Administration
- Expansion of global footprint, opening offices in Brussels, Paris, Bermuda, Miami, New York, Hong Kong and Singapore
- Strengthened foundations from which to consolidate the group’s position as an industry leader in the provision of multi-jurisdictional wealth structuring solutions
- Ongoing investment in the company’s future, including new sophisticated technology platforms and several senior management hires
Lombard International, one of the global leaders in wealth structuring solutions for high net worth investors, today announced its Financial Results for 2016*. This was a year in which the business focused on expanding its global footprint and continued to invest in new initiatives, technology and people with the stated aim of driving further growth over the longer term.
New Business Premium:
Total new business premium was strong at €4.5 billion, which was a new record in the company’s history.
Assets under Administration (AUA):
Total AUA grew to €77.5 billion (as of 31 Dec 2016), an increase of €5.5 billion or 8% from €72.0 billion in the prior year:
- The High Net Worth AUA totalled €40.5 billion (as of 31 Dec 2016), an increase of €5.0 billion or 14% from €35.5 billion in the prior year.
- The Corporate Administration AUA totalled €37.0 billion (as of 31 Dec 2016), an increase of €0.5 billion or 2% from €36.5 billion in the prior year.
The 2016 financial performance underscores Lombard International’s success in combining geographical expansion with non-organic growth via strategic acquisitions. The increase in High Net Worth AUA includes the acquisition of Zurich Eurolife S.A.’s Private Banking Solutions business in Luxembourg. This was complemented by the firm’s organic global expansion into key locations including Brussels, Paris, Bermuda, Miami, New York, Hong Kong and Singapore.
Several senior management hires were made in the period to reflect this growth, notably Axel Hörger, Michael Gordon and Tammy Lu Tsui to lead the businesses in Europe, the US and Asia respectively. These appointments are in addition to a number of senior appointments in sales, technology, marketing and communications roles, all of which combine to boost the group’s capabilities and total headcount to approximately 600 employees worldwide.
The company also invested significantly in digital innovation and transformation throughout 2016, introducing ‘Connect’ (an online digital servicing platform in Europe) and an online investment platform in the US. The development and launch of these new technology solutions positions Lombard International at the forefront of the industry, creating value for clients and partners alike.
John Hillman, Executive Chairman of Lombard International, said: “Over the last 25 years, we have been delivering against our stated aim of being the leading wealth structuring provider across Europe, the US, Asia and Latin America. The group’s impressive geographical and financial growth in 2016 gives me confidence that we are now even better placed to deliver on this strategy and to provide best in class solutions to high net worth clients around the globe.
Our investment into expanding our management team, to boosting product capabilities and to launching new technology platforms has meant that the business is now even more closely aligned to our clients’ interests and is well positioned to deliver comprehensive services that most proficiently meet their needs for the years ahead.”
*Presented at constant Euro rates as of 31 December 2016.
About Lombard International
Lombard International is a leading global life insurance-based wealth solutions provider, combining the strength and expertise of two specialist life insurance companies with over 25 years’ experience and market leadership in their respective fields. Lombard International provides wealth structuring solutions using private placement life insurance and annuity products to high net worth individuals, their families and institutions around the globe.
The global group, branded as Lombard International, launched to market in September 2015. With head offices located in Luxembourg and Philadelphia, a combined global presence enables Lombard International to serve clients’ complex needs on a global basis while being sensitive to local cultures and attitudes. The firm is an industry leader in providing multi-jurisdictional wealth planning solutions through its partner networks across the United States, Europe Asia and Latin America.
Global assets under administration are in excess of €77 billion with a global staff number of over 600, including more than 60 technical experts specializing in 15 jurisdictions.
Funds managed by Blackstone own Lombard International. Blackstone is one of the world’s leading investment firms with assets under management of over USD 367 billion.