Lombard International Group, a firm focusing on insurance-based wealth, estate and succession planning solutions for HNWIs, saw $60.6bn in assets under administration (AuA) in 2020.
This was a record for the firm and it also reported €4.3bn ($5.1bn) in new premium income.
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Europe gave €3.1bn of new premium income and continued to grow in AuA. There was key contributions from France, Italy, Spain, and Sweden.
Furthermore, the US delivered €1.1bn of new premium income and continued to grow its AuA. The Private Client Business also reported strong results and a solid performance from the Global Institutional Solutions Practice.
The results were attributed to the group’s business model, balance sheet, expertise, and relevancy of its proposition.
Comments from Lombard on 2020
Stuart Parkinson, chief executive of Lombard International Group, said: “The past year has been one like no other. Despite the unprecedented environment, we have continued to support our partners and clients across the globe with tailored wealth structuring and planning solutions, digitally-enabled services and our industry-leading expertise to help them navigate these challenging times.
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By GlobalData“Our solid 2020 financial results are testament to these endeavours and mark another positive year for Lombard International Group. I am particularly proud of what our teams have achieved in such unparalleled circumstances.
“As we progress through 2021, which marks our 30th anniversary, our strategy is focused on the continued and sustainable growth of Lombard International Group. Across both our Private Client Business and Global Institutional Solutions Practice, our strategic intent is to further bolster our technology investments, strengthen and leverage our global footprint and connectivity of the Group and continue building differentiated product offerings, whilst also broadening our strategic partnerships, ensuring that we remain best in class across all the geographies in which we serve.”
Florent Albert, group chief financial officer and managing director Europe, commented: “Our robust 2020 financial performance is a confirmation of the continued positive growth in our Group’s AUA, with solid new business generation and a positive outlook. This is particularly meaningful amidst the unpredictable global economy in which we have been operating and it further affirms the strength of our balance sheet, relevance of our value proposition and long-term growth strategy, as well as our ability to navigate an increasingly complex and uncertain world.
“These results echo our ‘Excellent’ financial strength ratings just recently reaffirmed by AM Best for the third consecutive year, further underlining the resilience of our business model powered by our growth engines in Asia, Europe, Latin America and the US. We have had an excellent start to 2021, building great momentum and I’m confident in our ability to deliver another strong year.”
